The Guardian reported:
Donald Trump on Tuesday announced the opening of a new $6.6bn shipbuilding factory in Baltimore, partly funded by the US government but owned by Anduril Industries, a politically connected defense company.
Trump II wants to build ships faster.
Trump said US taxpayers would “receive a 40% stake” in the shipyard. It is unclear what he meant, and whether the US government is taking an equity share in the company, as it has in some other firms.
Anduril said the operation would not be ready to produce ship parts until 2030.
The Navy Secretary spoke at the event:
In a bizarre warning to adversaries, Cao said: “Piss us off [and] we’ll sneak into your country in the middle of the night and snatch you and your wife while you sleep in your beds.”
That may be the best this group of creeps can do for the next few years, given they are running a pass through entity.
Politicians Red & Blue love PEU (private equity underwriters) and their new TechGod brethren. Increasingly, more are one.
Update: My wise friend wrote:
ANDURIL Industries has $2 billion in revenue with a $61 billion valuation.
We have no idea how profitable they are, yet venture capitalists investment bankers and private equity spreadsheet investors all get to mark up their positions based on some forecast of the future that goes bye bye if the US government doesn't take taxpayer money to create contracts to fit their narrative.
There is our wealth inequality, everybody getting fees they don't deserve for valuations they don't deserve with the country's assets and reserves they don't deserve.
Mom and Pop has to grow from retained earnings and borrowings which they have to cover out of their standard of living or bottom line.
All these TechGods and PEUs get to borrow huge sums on forecasts which presume "numbers only go up" and therefore so does their net worth. There is a pyramid on our currency, one inspired by Charlie Ponzi. As far as management practice today, Charles looks like a founding father.
