>> LEIGH ANN, THANK YOU.
>>> DEMOCRATIC CONGRESSMAN FROM
NEW JERSEY, JOSH GOTTHEIMER.
YOU’VE GOT UNTIL TOMORROW.
DO YOU THINK A DEAL IS GOING TO
COME?
>> IT HAS TO.
THE FACT WE’VE PASSED
LEGISLATION IN THE HOUSE 2 1/2
MONTHS AGO AND WE’RE STILL
WAITING HERE WHILE YOU’VE GOT
PEOPLE, YOU SAW THE UNEMPLOYMENT
NUMBERS.
16% IN NEW JERSEY UNEMPLOYED.
FAMILIES ARE HURTING.
SMALL BUSINESSES ARE HURTING.
GOT TO GET THIS DONE, STEPHANIE.
>> WHAT’S THE NUMBER ONE THING
THAT NEEDS TO BE IN THIS RELIEF
BILL.
>> WELL, FOR ME, IT’S THE STATE
AND LOCAL DOLLARS ARE KEY
BECAUSE WE’VE GOT A $20 BILLION
HOLE AND OUR LOT OF OUR LOCAL
COMMUNITIES CAN’T AFFORD TO PAY
TEACHERS AND FIREFIGHTERS.
THE UNEMPLOYMENT INSURANCE IS A
VERY BIG CHALLENGE.
YOU’VE GOT PEOPLE NOW WITH NO
ADDITIONAL SUPPORT.
FAMILIES THAT ARE STRUGGLING --
I’M GETTING CALLS.
THEY DON’T KNOW HOW THEY’LL PAY
THEIR BILLS, THEIR RENT, PUT
FOOD ON THEIR TABLE.
AND A LOT OF SMALL BUSINESSES
CALLED YESTERDAY AND SAID, I
NEED HELP.
I’M GOING TO HAVE TO CLOSE THE
DOORS.
AND RESTAURANTS ARE SAYING, WHAT
HAPPENS WHEN IT GETS COLD,
BEGINNING OF SEPTEMBER, END OF
SEPTEMBER, AND WE CAN’T HAVE
ANYBODY COME TO OUR RESTAURANTS?
WHAT ARE WE GOING TO DO THEN?
WE’VE GOT TO SOLVE THIS PROBLEM
NOW AND IT’S ABSURD THAT WE
HAVEN’T GOTTEN THIS DONE.
>> CONGRESSMAN, STAY WITH ME
BECAUSE I WANT TO TALK ABOUT
ANOTHER THING THAT HAS YOU AND A
NUMBER OF YOUR COLLEAGUES
CONCERNED AT THE VERY LEAST THIS
MORNING.
LISTEN UP.
LAST WEEK THE TRUMP
ADMINISTRATION ANNOUNCED A $765
MILLION LOAN TO KEEP KODAK --
REMEMBER THAT COMPANY, KODAK,
THE PHOTOGRAPHY COMPANY, TO HELP
THEM PIVOT TO MAKING CHEMICALS
FOR PHARMACEUTICALS.
SOMETHING THEY HAVE ABSOLUTELY
NO EXPERTISE IN.
WELL, THE NEWS OF THIS DEAL,
GUESS WHAT HAPPENED?
KODAK’S STOCK PRICE SHOT UP FROM
$2 A SHARE TO $60 A SHARE WITH
THE COMPANY’S CEO AND A GROUP OF
INSIDERS MAKING HUNDREDS OF
MILLIONS OF DOLLARS.
I WANT TO BRING IN NBC’S
JONATHAN SWAN.
HE’S BEEN DIGGING INTO COVERING
THIS STORY, ALONG WITH ME.
JONATHAN ALLEN, EXCUSE ME.
WALK US THROUGH EXACTLY WHAT
HAPPENED HERE AND WHY PEOPLE ARE
SO CONCERNED.
>> THERE’S REALLY THIS UNCANNY
SERIES OF EVENTS, STEPH, AS YOU
KNOW BECAUSE YOU’VE BEEN DIGGING
INTO THIS WITH ME.
BASICALLY IN DECEMBER YOU SAW A
LOT OF PEOPLE, A VERY SMALL, I
SHOULD SAY, A VERY SMALL SET OF
PEOPLE GATHER A LOT OF KODAK
STOCKS, SOME INSIDERS, MEMBER OF
THE BOARD.
A FEW OF THEM ARE FAMILY
MEMBERS.
THEN IN MAY, YOU SAW PRESIDENT
TRUMP EMPOWER A FOREIGN
DEVELOPMENT AID AGENCY CALLED
THE U.S. AGENCY FOR DEVELOPMENT
FINANCE CORPORATION.
BASICALLY SAY, YOU DON’T HAVE TO
DO AID IN FOREIGN COUNTRIES
ANYMORE.
YOU CAN DO AID TO U.S. DOMESTIC
COMPANIES, AND THEY ARE MAKING
THIS -- THEY ANNOUNCE THIS $765
MILLION LOAN, OR INTENT FOR THAT
LOAN, TO KODAK.
THAT BOOSTS THE STOCK AND THEN
YOU SEE SOME OF THOSE FOLKS WHO
HAVE BOUGHT ALL THESE SHARES
STARTING TO DUMP THEIR SHARES AS
THE STOCK GOES THROUGH THE ROOF.
AND THEN IN THE MIDDLE OF THAT,
AND THIS IS COMPLICATED
FINANCIAL STUFF, BUT THERE’S A
CONVERTIBLE BOND THAT GOES INTO
PLAY, FLOODING THE MARKET WITH
KODAK STOCK AND MAKING IT MUCH
LESS VALUABLE FOR SOME OF THE
OTHER PEOPLE THAT WERE BUYING
WHILE IT WAS ON ITS RUN.
AND SO WHAT YOU SEE HERE IS A
VERY, VERY SMALL GROUP OF PEOPLE
MAKING A TON OF MONEY OFF A
TRUMP ADMINISTRATION
ANNOUNCEMENT THAT WAS ONLY MADE
POSSIBLE BY AN EXECUTIVE ORDER
FROM THE PRESIDENT ALLOWING THIS
TINY AGENCY TO START MAKING
LOANS IN THIS COUNTRY RATHER
THAN TO DO CLEAN WATER PROJECTS
IN DEVELOPING COUNTRIES.
>> CONGRESSMAN, TO THE NAKED
EYE, THIS LOOKS LIKE A PUMP AND
DUMP STOCK SCHEME CREATED BY THE
U.S. GOVERNMENT.
WE HAVE ALL SORTS OF
PHARMACEUTICAL COMPANIES HERE.
WHY WOULDN’T THE GOVERNMENT
OFFER A DEAL LIKE THIS TO ONE OF
THEM.
KODAK IS A WEAPON WHERE THE
INSIDERS, THE WEAPON WAS GUIDING
INVESTORS SAYING THEY DIDN’T
THINK THEY WERE GOING TO BE
DOING SO WELL AND THEN, BOOM,
THEY GET A DEAL LIKE THIS.
>> YOU’RE RIGHT.
THIS COMPANY IS SUPPOSED TO MAKE
POLAROIDS.
WHAT I DON’T GET IS THE 25% POP
IN THE STOCK THE DAY BEFORE THIS
ANNOUNCEMENT, THIS LOAN IS MADE.
THE CEO AND CHAIRMAN GET A
SWEETHEART DEAL ON ALL THESE
OPTIONS AND THEN THE STOCK RUNS.
YOU ARE GIVING IT TO A COMPANY
WITH ALL THESE COMPANIES THAT
MAKE -- THAT ARE LIFE SCIENCES
COMPANIES THAT MAKE GENERIC
DRUGS AND CHEMICALS FOR THEM
EVERY DAY AND THEN WE GIVE IT TO
THE POLAROID COMPANY THAT MAKES
CHEMICALS FOR PHOTOGRAPHY AND
THEY’RE BANKRUPT?
NOTHING ABOUT THIS IS RIGHT.
WE’VE GOT TO GET TO THE BOTTOM
OF IT.
NOT ONLY SHOULD PEOPLE GET -- BE
HELD ACCOUNTABLE FOR THIS, BUT
FRANKLY, WE HAVE TO GET THE
MONEY BACK, AND WE SHOULD --
GIVE THOSE RESOURCES TO A