White House adviser Peter Navarro on Monday blamed operators at Eastman Kodak for their handling of a government loan to produce pharmaceutical ingredients in the United States.
“Based on what I see, what happened at Kodak was probably the dumbest decision made by executives in the company’s history,” Navarro said on CNBC’s Squawk Box.
“You can not repair stupid,” Navarro added. “You can’t even anticipate that degree of stupidity.”
The government loan of $ 765 million to Kodak has been suspended since the Securities and Exchange Commission investigated the company’s disclosure of the deal, which was officially announced on July 28.
The stock had lost months in advance at about $ 2 a share. It trades as high as $ 60 per share the day after the deal.
Shares of Kodak, best known for producing camera film, skyrocketed on news about the pharmaceutical loan. The stock had lost months in advance at about $ 2 a share. It trades as high as $ 60 per share the day after the deal.
However, it was also noted that the trading activity of Kodak’s share increased significantly the day before the official announcement.
Navarro has highlighted the importance of relocating the pharmaceutical supply chain in the US, particularly in a coronavirus world.
He stressed that the investigation into potential crimes should run through Kodak’s course. ‘We do not know why that happened or what they did. Let the investigation happen. Kodak also does an internal, but we’re moving forward. We are not looking in the rearview mirror. ”
“I have 30 projects on my board across the street,” Navarro added.
