The Kodak saga is probably one of the more interesting and strange stories to crop up in 2020 (a year already filled with plenty of this kind of thing).
For those of you that haven’t kept up with this unfolding drama, the Rochester, NY, company was recently awarded a huge loan from the US government to pursue pharmaceutical chemical production.
That was put on hold, however, after it was discovered that huge amounts of Kodak’s stock were being traded prior to the announcement and after. In other words, the SEC thought there was some insider trading at the company going on and thus the investigation was launched. Oh, and it probably didn’t help things for executives that the stock basically skyrocketed in value following the announcement.
Trump administration advisor Pete Navarro was recently on the financial news channel CNBC and he was quite candid in his assessment of the actions of the Kodak executives.
“Based on what I’m seeing, what happened at Kodak was probably the dumbest decisions made by executives in corporate history. We don’t know why that happened or what they did, let the investigation happen […] and Kodak… I mean… it’s hard to be that… you can’t fix stupid Joe. You can’t even anticipate that degree of stupidity,” Navarro said.
Whether or not the loan is going to happen or where this is all going is a question for the fates but, for now, it looks like Kodak has bitten off more than it can chew on several levels. And, as we reported, the company desperately needs a money-making venture given recent financials released by the firm.
What do you think of the whole Kodak saga? Let us know your thoughts on this in the comments section below if you like.
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