This kind of government-corporate partnership looks for all the world like fascism. A couple of easy predictions: Trump’s fan club will dream up reasons why this kind of creeping fascism is actually good for America, and nothing good will come of it. From Mike “Mish” Shedlock at mishtalk.com:
Trump demanded an equity stake in Intel. Guess who else wanted that. Next up, a tax on patents.
Trump, Intel Agree to 10% U.S. Stake
The Wall Street Journal reports Trump, Intel Agree to 10% U.S. Stake as President Promises More Deals
The U.S. government is taking a 10% stake in Intel, a deal that caps a two-week frenzy for the troubled chip maker and marks the latest in a series of extraordinary private-sector interventions by President Trump.
Under the terms of the agreement, $8.9 billion in grants that had been awarded to Intel from the 2022 Chips Act, but not yet paid, will be converted to equity, the two sides said Friday. The government could get more stock depending on what happens to Intel’s chip manufacturing business.
The deal is a remarkable turnaround. Just over two weeks ago, Trump called for Intel CEO Lip-Bu Tan to be fired for his ties to China. After meeting Tan and talking about the business last week, Trump became a fan and saw an opportunity to deepen their partnership, he said Friday.
“I said, ‘I think you should pay us 10% of the company,’ and they said yes,” Trump said in the Oval Office.
My favorite episode of CHIPS is where Paunch humps the bumper of a stuck vehicle to disco soundtrack!
Comrades Warren and Sanders of the CPUSA (D)?
They never redistribute even after by any means necessary.