The Financial Guys Podcast – May 7, 2025
In this episode of The Financial Guys Podcast, Mike Lomas, Glenn Wiggle, and Mike Sperrazza tackle one of their most jaw-dropping topics yet: massive fraud, COVID-era waste, phantom government employees, and taxpayer dollars funding everything from empty stadiums to alpaca farms in Peru.
It’s bold, brutal, and packed with real numbers and stories you won’t hear on the nightly news.
COVID Money: No Receipts, No Oversight
The hosts reveal how $7 trillion in COVID relief spending helped push the national debt to over $34 trillion—with little to no accountability.
- Treasury payments had no budget codes attached, meaning officials couldn’t even track what money was for.
- $4 billion in the Department of Education’s COVID fund required no receipts to draw down cash.
- As soon as Elon Musk’s team asked for receipts? The money requests stopped.
Broken Bureaucracy & Real-World Consequences
From the Tesla solar factory scandal in Buffalo to zip-code-based hiring quotas and DEI-driven loan approvals, the team exposes how:
- Fraud starts small and grows if never punished.
- Subcontractors manipulate diversity contracts, causing real business owners to lose their licenses.
- Loans are handed out with no checks, while real entrepreneurs face endless red tape.
“If you falsify billable hours in the private sector, you go to jail. In government, you get promoted.”
DEI Degrees & Student Debt
A scathing segment on worthless college degrees includes real stories of young people with $200K+ in student debt and no path to pay it off.
“Social work, DEI studies—you’re locking these kids into lives of poverty. And the loan officers should be held accountable, too.”
Common-Sense Solutions
The episode wraps up with clear solutions:
- Move student loans back to private banks.
- Let kids discharge unpayable loans through bankruptcy.
- Cut government bureaucracy in half—and no one would notice.
🎧 Listen to the full episode now on your favorite podcast platform or on The Financial Guys App.