Below is section 4003 of the CARES act.
It very clearly requires “for the avoidance of doubt” that any use of CARES funds must adhere to 13(3), “including requirements relating to loan collateralization, taxpayer protection, and borrower solvency”. To be very clear – using leverage to purchase commercial bonds is wholly illegal, as they are by definition unsecured.
Once you put taxpayer money at actual risk, you are performing an illegal action.
The media refuses to pick up this story by major outlets. I’m not sure why. It’s unequivocally true. At least one senator asked Powell about it, but he danced around it.
Credit to John P. Hussman for illuminating this fact first.