White House commerce adviser Peter Navarro on Monday ripped Eastman Kodak over their dealing with of a mortgage from the federal authorities to provide pharmaceutical elements, saying they made one among “the dumbest decisions” in historical past.
“Based on what I’m seeing, what happened at Kodak was probably the dumbest decisions made by executives in corporate history,” Navarro instructed CNBC’s “Squawk Box” on Monday.
Kodak acquired a $765 million mortgage that has been paused whereas the Securities and Exchange Commission conducts a assessment of into allegations of insider buying and selling. Although the corporate introduced the mortgage July 28, an excessive amount of buying and selling on Kodak inventory started the day earlier than the announcement was made, main the inventory to leap in value from $2 a share to $60 per share.
The Wall Street Journal reviews Kodak shared details about the take care of members of the media earlier than the general public announcement, main some media retailers to publish that data earlier than it was alleged to be launched.
“You can’t fix ‘stupid,'” Navarro added. “You can’t even anticipate that degree of stupidity.”
He stated, “We don’t know why that happened or what they did. Let the investigation happen. Kodak’s doing an internal one as well, but we’re moving forward. We’re not looking in the rearview mirror.”
A Kodak consultant declined to remark to CNBC.