Another week, another eye-popping comment from Howard Lutnick, the Wall Street broker turned US commerce secretary — and one of President Donald Trump’s favourite henchmen.
On Tuesday, Lutnick was quizzed about the US government’s startling move to pay $8.9bn for a 10 per cent stake in Intel, the chipmaker — which he defended roundly. Then he suggested the government might buy stakes in industrial groups such as Lockheed Martin.
The reason? Lockheed is so reliant on military contracts that it is “basically an arm of the US government”. Free-market evangelists might spin in their graves.
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