ROCHESTER, N.Y. (WROC) — Peter Navarro, an advisor to President Donald Trump, was highly candid Monday when describing his thoughts on Kodak’s executives as a guest on CNBC.
“Based on what I’m seeing, what happened at Kodak was probably the dumbest decisions made by executives in corporate history,” said Navarro.
“You can’t fix stupid,” Navarro added, “you can’t even anticipate that degree of stupidity.”
Navarro, an advisor to President Trump, made an appearance in Rochester weeks ago for the announcement of a $765 million loan to Rochester-based Kodak to develop drug ingredients.
The deal is on hold as the Securities and Exchange Commission investigates Kodak, which is also conducting an internal investigation, as controversy arose over stock which was bought and promised prior to the announcement of the potential lucrative government loan.
“It’s hard to see how they will then reverse themselves, and say, we’re going to hand $700 million to some people who are stupid,” said George Conboy, chairman of Brighton Securities and local financial expert.
“When you get a federal official calling a company ‘stupid,’ the likelihood they turn around and lend nine figures to that company, I’ve got to believe is pretty slim,” Conboy added.
If the deal falls through, according to Conboy, it would be a missed opportunity not just for Kodak, but for Rochester.
“If these investigations show that no one at Kodak broke any rules but our area lost that economic development potential, that would be a real shame,” said Conboy.