The federal government purchased a 10% stake in Intel. The purchase was described as costing the government nothing and valued at approximately $11 billion, with claims that it would enrich the United States, boost stock prices, and create more jobs. The transaction provoked criticism from conservatives who labeled it a step toward socialism and editorial rebuke in the Wall Street Journal calling it politicization. The Associated Press noted precedent for government stakes in private firms, citing the nearly $50 billion infusion into General Motors for a nearly 60% stake during the 2008 recession when GM faced bankruptcy.
I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA. Why are stupid people unhappy with that? I will make deals like that for our Country all day long. I will also help those companies that make such lucrative deals with the United States States. I love seeing their stock price go up, making the USA RICHER, AND RICHER. More jobs for America!!! Who would not want to make deals like that?
The move was also the subject of a Wall Street Journal editorial, which slammed the president for turning Washington, D.C., into Chinatown. While it doesn't happen often, the government's purchase of Intel is not unprecedented, according to the Associated Press, which notes that the government pumped nearly $50 billion into General Motors in return for a nearly 60% stake during the 2008 Great Recession, when the automaker was on the verge of bankruptcy.
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