[WaPo] Kodak to produce pharmaceutical ingredients with U.S. government loan

It's not sinful like alcohol if you breathe in the fumes.

 

I think that's a cure for Pola Roids.

 

So is cheaper labor the only reason generic medicine supply manufacturers moved to China?

 

That's a Polaroid.

 

Wouldn't be the first time that many many people would be saying something that wasn't true, or said...

KC had it right, it's a cure for Pola Roids.

 

hmmm . . . indeed.

 

Not hardly, @Astrodome. I’m all for taking every bit of business from China that we can move elsewhere. Elsewhere being the United States, Taiwan, Vietnam, the EU, and other countries outside of the EU.

Anything we can do to damage the brutal anti-democratic Xi regime is something I will applaud. I would have added Hong Kong to that list as where we could move businesses that center in the PRC, but dictatorial Xi has chosen to abrogate a solemn treaty undertaken with the United Kingdom that guaranteed democratic rights for Hong Kong for 50 years. “One country, two systems.” Democratic rights that have never been fully given to the citizens of Hong Kong because of the interference of China. Rights that Xi has now made a mockery of.

I would call your comment a bit off base, friend.

 

#plausibledeniability

 

The incompetence and dishonesty of the trump administration is truly massive. And navarro is perhaps the most incompetent of his admin...


Navarro blasts 'stupid' Kodak execs amid insider trading probe into loan
White House trade adviser Peter Navarro ripped Eastman Kodak amid an investigation into whether executives illegally disclosed information about a federal loan to produce pharmaceutical products.

“What happened at Kodak was probably the dumbest decisions made by executives in corporate history,” Navarro said in a Monday interview with CNBC.

“You can’t fix stupid. You can’t even anticipate that degree of stupidity.”


The Securities and Exchange Commission (SEC) is investigating whether Kodak executives violated insider trading laws when disclosing a $765 million loan from the federal government. While the loan was announced on July 28, the company’s stock skyrocketed in price the prior day as the volume of Kodak shares traded increased drastically.

The U.S. International Development Finance Corporation announced on Aug. 7 that it was pausing the loan to Kodak after news of the SEC probe and the announcement of an internal company investigation came out earlier that day.

The Kodak loan was furnished under the Defense Production Act, a 1950 law giving the president broad authority to direct U.S. companies to make specific products during times of national crisis. President Trump invoked the law in April to address shortages of medical products and equipment needed to fight the coronavirus pandemic and tasked Navarro with overseeing its use.

“We loved that project,” said Navarro, who has called for boosting U.S. production of pharmaceuticals to reduce the country’s reliance on imports, particularly from China.

“We don’t know why that happened or what they did. Let the investigation happen,” he continued. “We’re not looking in the rearview mirror.”

Kodak, as a publicly traded U.S. company, is required to carefully disclose information that will materially affect the price of its stock. The Wall Street Journal reported that Kodak shared news of the loan with reporters in Rochester, N.Y., home of its headquarters, the day before the formal government announcement without specifying it could not be published until then.

A Kodak spokeswoman declined to comment on Navarro’s criticism.
https://thehill.com/policy/finance/...ak-execs-amid-insider-trading-probe-into-loan

How the Kodak generic-drug ingredients deal developed, and why it fell apart: a snapshot

Trump trade adviser Peter Navarro called the Kodak project a ‘great win for the American people’ in late July, but two weeks later he was characterizing executives at the legendary photography company as having undertaken ‘probably the dumbest decisions made by executives in corporate history’

On a white board in his office earlier this year, Trump trade adviser Peter Navarro made a list of potential companies that could manufacture pharmaceuticals in the U.S.

He separated them into three columns, one for each stage of the production process. Eastman Kodak Co. stood out, overlapping two of the three columns. The way Navarro saw it, he recalled, Kodak could help produce the ingredients to jump-start generic drug production and ease the country’s reliance on foreign supplies.

When a proposed $765 million contract was made public in late July between Kodak KODK, -3.06% and the federal government, investors and lawmakers had questions, chief among them: Why pick Kodak, a struggling photography company?

Many of the answers point back to Navarro, who spearheaded the idea and then used his sway within the administration to help Kodak navigate the bureaucracy to be first in line for the potential contract, including tapping an obscure government agency to help push the loan through the final stages.
https://www.marketwatch.com/story/w...c-drug-ingredients-deal-a-snapshot-2020-08-20

 

So now you're complaining that Trump is letting law enforcement hold a corporation accountable?

Do you understand the story? Kodak may have potentially violated insider trading rules. Navarro, the Trump guy, is saying let the investigation happen.

Thats from your link. Your second link does say Navarro favored Kodak for some unknown reason but that has nothing to do with the iinvestigation

 

Did you read all of the article?

 

Yet again I'm not surprised by something this Administration has done is rife with corruption.

 

Yes Navarro pushed the Kodak loan through but that has nothing to do with the insider trading investigation. The investigation is because they announced the loan to a few reporters before making an official statement

Nobody knows Navarro's motivation but he isn't in the insider trading investigation

You're welcome

 

The reason was capitalism. Now socialism is bringing it back. Blended economy bro.

 

I have very mixed views on this.

I am still a free trader, and that's something that doesn't make me very popular on both the Left and the Right these days. I still believe that the global structure that allows for the freeer movement of goods and capital is responsible for overall material improvement of humanity but in a crisis like this does show the problems with it and the importance of maintaining the capabilities of countries themselves. I'm also troubled by that calls for doing things in the "national interest" has led to the massive bloated military industrial complex that is a huge burden on the US. Europe in some sense has benefited from the US willingness to handle much of its defense. At the same time protectionism and propping up domestic industries is a very easy recipe for favoritism and corruption and that is something that the US isn't alone in.