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The Department of Veterans Affairs has clawed back billions of dollars that countless veterans were given as incentives to leave the military, including when it needed to downsize, according to new data obtained by NBC News. Disabled veterans have been told in the last 12 fiscal years to return nearly $3 billion in special separation pay — lump-sum incentives that were offered when the U.S. had to reduce its active-duty force or release slightly injured service members, the data shows. The justification of the recoupment rule carried over in the 1990s when other forms of special separation payments — unrelated to disabilities — were authorized. Those payments, including the Special Separation Benefit (SSB), were designed instead to help the Defense Department manage its force size. He was told to pay back the money in 2017 after he filed for VA disability for PTSD and other conditions.

Persons: ”, Damon Bird, “, ” Salahudin Majeed, Bird, Salahudin Majeed, ” Majeed, ‘, ’ ” Majeed, —, ” Marquis Barefield, Marquis Barefield, ” Barefield, John Colage, Terrence Hayes, Hayes, Colage, ” Colage, Domenick Fini, Denis McDonough’s, Majeed, recoupment, Ruben Gallego, Gallego Organizations: of Veterans Affairs, NBC News, Disabled, NBC, Army, ” Army, Congressional Research Service, Defense Department, DAV, American Veterans, ” Navy, U.S ., Appeals, Veterans, Veterans ’ Appeals, RAND Corporation Locations: U.S, —, Haslet , Texas, USS Iowa, Missouri, Texas, Iraq

☆ A little-known law has forced over 120,000 veterans to return the money they got to leave the military, new data shows
▼ + stars: | 2024-08-02 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Melissa Chan | ) www.nbcnews.com time to read: +10 min

He said the VA is legally bound to recover special separation benefits from veterans before those eligible can begin receiving disability payments. The VA had to recoup separation pay from 8,130 veterans in fiscal year 2020 and 8,550 in 2021. In 2021, the Veterans Benefits Administration began scanning all veterans’ service and medical records into electronic files, which “reduces the likelihood of this situation reoccurring,” Hayes said. Unique exceptions to the lawVeterans have a chance to pursue a waiver of their recoupment responsibilities for only certain special separation benefits under the law. In 2023, the Navy authorized reducing the amount of disability pay that is withheld while voluntary separation pay is recouped, Navy spokesperson Charlie Spirtos said.

Persons: “, ”, Vernon Reffitt, recoupments, Terrence Hayes, Shawn Teller, Teller, ” Teller, “ It’s, Reffitt, ‘, Hayes, ” Hayes, Erika Yepsen, Yepsen, recoupment, ” Yepsen, Charlie Spirtos, Marquis Barefield, ” Barefield, Ruben Gallego Organizations: NBC News, Army, U.S . Department of Veterans Affairs, NBC, “, VA, Veterans, Administration, The Air Force, Air Force, Air Force, Navy, Marine Corps, Coast Guard, DAV, American Veterans, ” Veterans, recoupment, RAND Corporation Locations: U.S, Storm, Walnut Creek , California, Twin City , Georgia, United States

It was a one-time, lump-sum special separation benefit offered to service members when the U.S. had to reduce its active-duty force. Courtesy Vernon ReffittThousands have found themselves in Reffitt’s position due to a little-known law that prohibits veterans from receiving both disability and special separation pay. Under the law, the VA has to recoup special separation benefits from veterans before those eligible can begin receiving disability payments. Army veteran Daphne Young said she would not have taken the separation pay had she known. Under the law, veterans have a chance to pursue a waiver of their recoupment responsibilities for voluntary separation pay, but the standards are high.

Persons: Vernon Reffitt, Reffitt, Stephanie Rennane, Rennane, it’s, Daphne Young, Daphne Young Young, Young, Marquis Barefield, Barefield, Shane Collins, Collins, Ruben Gallego, Gallego, I’ve Organizations: Department of Veterans Affairs, RAND Corporation, NBC News, Army, Young, DAV, American Veterans, Veterans, recoupment, RAND, Marine, Marines, Pentagon, Defense Locations: U.S, Twin City , Georgia, Panama, Honduras, Germany, Columbus , Georgia, Iraq, Afghanistan, Twin Falls , Idaho, United States

☆ 3,500 student-loan borrowers got $109 million in debt wiped out after being 'cheated' by their schools. Top Democrats want relief for taxpayers, too.
▼ + stars: | 2023-11-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats want the Education Department to recoup funds from Ashford and University of Phoenix. The department previously accused those schools of fraud, granting thousands of borrowers debt relief. The lawmakers want the schools to pay up so taxpayers don't foot the bill for the relief. The Democrats referenced two recent actions to provide relief for borrowers who went to for-profit schools accused of predatory behavior: $72 million in relief for 2,300 borrowers "cheated" by Ashford University, and $37 million in relief for 1,200 borrowers "deceived" by the University of Phoenix, according to the Education Department. AdvertisementAdvertisement"This would send a strong warning signal to other predatory for-profit colleges that there are substantial financial consequences for defrauding students," the Democrats wrote.

Persons: —, Joe Biden, Sen, Dick Durbin, Rosa DeLauro, — Sen, Elizabeth Warren —, Secretary Miguel Cardona, ike, hoenix, J ames Organizations: Education Department, Ashford and University of Phoenix, Service, Secretary, Ashford University, University of Phoenix Locations: Ashford, Phoenix

☆ Lifted by Lea Michele, ‘Funny Girl’ Recoups on Broadway
▼ + stars: | 2023-08-07 | by ( Michael Paulson | More About Michael Paulson | ) www.nytimes.com time to read: +1 min

The Broadway revival of “Funny Girl” starring Lea Michele is now officially a hit: It has recouped its capitalization costs, completing a remarkable box office turnaround of the sort rarely seen in the commercial theater. The show’s lead producers, Sonia Friedman, Scott Landis and David Babani, announced on Monday that the production had made back the $16.5 million it cost to mount. That milestone not only gives the production bragging rights, but also means that “Funny Girl” can generate a profit during the last few weeks of its run, which ends on Sept. 3. Only a handful of Broadway productions have announced the recoupment of their capitalization costs since the onset of the coronavirus pandemic, as higher expenses and smaller audiences have made the always challenging economics of Broadway even more difficult. Critics were underwhelmed; the show won no Tony Awards (it was only nominated for one); and by summer its sales had drooped.

Persons: Lea Michele, Sonia Friedman, Scott Landis, David Babani, Barbra Streisand —, Beanie Feldstein, Critics Organizations: Wilson Theater

☆ It’s official: Silicon Valley’s entire business model is a scam
▼ + stars: | 2023-07-18 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

The problem is, conservative economists at the University of Chicago have spent the past 50 years insisting that under capitalism, predatory pricing is not a thing. Predatory companies could never recoup their losses, which meant predatory behaviors are irrational. Lots of economists have come up with solid counter-counterarguments to the Chicago School's skepticism about predatory pricing. A company that engages in predatory pricing and its late-stage investors might not recoup, but the venture investors do. "If people in Silicon Valley start thinking about this as a predatory pricing scam, then I think the late-stage investors will start asking questions."

Persons: Matt Wansley, Wansley, we're, Uber, Cardozo, Sam Weinstein, gobs, you've, —, Brooke, Spencer Waller, Matsushita, Weinstein —, Justice Department —, it's, Weinstein, Matt, that's, Will Uber, Waller, David, Maurer, they've, Adam Rogers Organizations: Lyft, Big Tech, Cardozo School of Law, Justice Department, University of Chicago, Chicago School, Supreme, Matsushita Electric Industry Co, Zenith Radio Corp, Brooke Group, Brown & Williamson Tobacco Corp, United, Loyola's School of Law, Venture, Matsushita, VCs, Chicago, Loyola, pharma, aha, Wansley Locations: United States, Chicago, Silicon Valley, Silicon

☆ Taxpayers are paying billions for the renovations and construction of NFL stadiums. Here's how
▼ + stars: | 2022-12-22 | by ( Darren Geeter | ) www.cnbc.com time to read: +4 min

These tax exemptions help lower the burden of high debt through low-interest municipal bonds used by cities and teams to pay for stadiums. Since 1913, municipal bonds have been a popular financing option for airports, roads, hospitals and schools. The loophole works by creating an artificial financing structure through tax-exempt municipal bonds. To gain access to those bonds, private companies must fail one of two tests stipulated by the Tax Reform Bill of 1986. The Las Vegas Stadium Authority financed nearly 40% of the stadium through $750 million in bonds backed by its hotel taxes.

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