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Potatobrain to require microchips firms receiving CHIPS Act subsidies to "share" profits
Posted on 3/1/23 at 7:08 am
Posted on 3/1/23 at 7:08 am
quote:Not only can they not buy back stock during construction of manufacturing plants, but restrictions could continue for years. Not only are they required to provide child care for workers after plants open, they are required to fund daycare for construction workers building their plants. SMH.
Biden to require chips companies winning subsidies to share excess profits
By David Shepardson
March 1, 2023
WASHINGTON, Feb 28 (Reuters) - The Biden administration on Tuesday said it will require companies winning funds from its $52-billion U.S. semiconductor manufacturing and research program to share excess profits and explain how they plan to provide affordable childcare.
...
Recipients who receive more than $150 million in direct funding "will be required to share with the U.S. government a portion of any cash flows or returns that exceed the applicant’s projections by an agreed-upon threshold," the department said.
...
Republican House Science Committee Chair Frank Lucas criticized the childcare and revenue-sharing provisions, saying they exceed authority granted by Congress. He says Commerce is "focusing less on the urgent need for chip production and more on attempting to impose their labor agenda on this critical industry."
Companies winning funding are also prohibited from using chips funds for dividends or stock buybacks, and must provide details of any plans to buy back their own shares over five years. The department will consider an "applicant’s commitments to refrain from stock buybacks."
LINK
17
Posted on 3/1/23 at 7:10 am to NC_Tigah
This is one of those "when you dance with the Devil" scenarios.
This is the problem with using corporate welfare (even if it is for a valuable industry) to fund investment and skew the market.
This is the problem with using corporate welfare (even if it is for a valuable industry) to fund investment and skew the market.
Posted on 3/1/23 at 7:10 am to NC_Tigah
These people are nuts. Absolutely nuts.
Posted on 3/1/23 at 7:13 am to NC_Tigah
quote:
share excess profits
First - What exactly is an excess profit?
Second - are these people intending to have a daycare at this factory? Or just pay the employees for daycare.
Furthermore- if the government is giving out the money the damn business isn’t really private. Which makes me very nervous if they’re developing computer chips or anything technical bc they’re already in an unholy union with big tech.
The only thing I’m comfortable with is a government loan.
Posted on 3/1/23 at 7:14 am to NC_Tigah
Can they do that??
Posted on 3/1/23 at 7:15 am to SlowFlowPro
I agree with you.
It’s like my mother used to tell me when I was all teenage badass and ignoring her “if you want to live under my roof, you have to live under my rules.”
It’s like my mother used to tell me when I was all teenage badass and ignoring her “if you want to live under my roof, you have to live under my rules.”
Posted on 3/1/23 at 7:15 am to NC_Tigah
A government big enough to give you everything you want…
Posted on 3/1/23 at 7:15 am to Wednesday
quote:
First - What exactly is an excess profit?
The article clearly says the expected profits would be agreed-upon by both parties. So whatever is above that number.
quote:
Second - are these people intending to have a daycare at this factory? Or just pay the employees for daycare.
It almost has to be the latter.
Posted on 3/1/23 at 7:18 am to NC_Tigah
Is that a classic kickback scheme?
Posted on 3/1/23 at 7:21 am to NC_Tigah
If the government is going to act as an investor, why shouldn’t we the people get a return on that investment?
The bailout money from 08/09 had all sorts of restrictions. They called it a loan, and u til repaid there were all sorts of things companies could not do.
I don’t believe the government should play the role of investor. But if they do then they should get something in return.
The bailout money from 08/09 had all sorts of restrictions. They called it a loan, and u til repaid there were all sorts of things companies could not do.
I don’t believe the government should play the role of investor. But if they do then they should get something in return.
Posted on 3/1/23 at 7:25 am to NC_Tigah
Another "redistribute the wealth" initiative!
These people are not living in the real world...
They will continue to ruin the economy until the greater share of Americans are on the government tit.
POWER GRAB!
These people are not living in the real world...
They will continue to ruin the economy until the greater share of Americans are on the government tit.
POWER GRAB!
Posted on 3/1/23 at 7:28 am to TerryDawg03
quote:
a government big enough to give you everything you want…
If we can afgord to throw away billons and billions and billions away in Ukraine, then we have been shorting our own citizens tremendously.
Posted on 3/1/23 at 7:28 am to NC_Tigah
Hopefully all the companies tell him, “No thanks. We’ll stay in China.”
Posted on 3/1/23 at 7:30 am to NC_Tigah
quote:
Recipients who receive more than $150 million in direct funding "will be required to share with the U.S. government a portion of any cash flows or returns that exceed the applicant’s projections by an agreed-upon threshold," the department said.
Sounds similar to pvt equity.
Posted on 3/1/23 at 7:36 am to SlowFlowPro
quote:
This is one of those "when you dance with the Devil" scenarios. This is the problem with using corporate welfare (even if it is for a valuable industry) to fund investment and skew the market.
It’s unconstitutional.
Posted on 3/1/23 at 7:37 am to moneyg
quote:
It’s unconstitutional.
To attach conditions to government money?
Posted on 3/1/23 at 7:41 am to NC_Tigah
If it walks like a duck, quacks like a duck, and does SOCIALISM like a duck...
Posted on 3/1/23 at 7:47 am to cwill
Well while you guys chase that shiny object, you best go back and look at the chips act.....there is a 200 billion, thats 200 billion dingleberry hanging off the arse end of that bill for ALL sorts of various and sundry funding.
Much of it research funding to Universities and companies, go guess which ones, probably ones used as a pass through to chini so it comes out clean for kickbacks to the chini as a pass through to politicians.
I say again, remember when Pelosi took the famous trip to Taiwan, it was right after the chips act was signed and she took her son with her, ah from father to Pelosi to her kids, the graft never ends, its just in larger amounts.
Much of it research funding to Universities and companies, go guess which ones, probably ones used as a pass through to chini so it comes out clean for kickbacks to the chini as a pass through to politicians.
I say again, remember when Pelosi took the famous trip to Taiwan, it was right after the chips act was signed and she took her son with her, ah from father to Pelosi to her kids, the graft never ends, its just in larger amounts.
Posted on 3/1/23 at 7:49 am to NC_Tigah
The historical definition of "Fascism"
1968 Merriam-Webster: "a system of government characterized by rigid one-party dictatorship, forcible suppression of opposition, private economic enterprises under centralized governmental control, belligerent nationalism, racism, and militarism."
1968 Merriam-Webster: "a system of government characterized by rigid one-party dictatorship, forcible suppression of opposition, private economic enterprises under centralized governmental control, belligerent nationalism, racism, and militarism."
Posted on 3/1/23 at 7:50 am to NC_Tigah
quote:
required to share with the U.S. government a portion of any cash flows or returns that exceed the applicant’s projections
1. Take Government money
2. Make outland ashley high predictions
3. When They Don't Hit Keep All Profits
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