This Lockheed Martin executive had no idea what hit him when Rep. Katie Porter (D-CA) started questioning him about Lockheed's request for funds under the CARES Act. Don't these people know by now, they need to do their homework? They are going to be grilled, and grilled HARD about why, if they have immense wealth, they are trying to take money that is set aside for struggling smaller businesses. They'd damn well better have answers, and this dude had nothin'.
She asked him about the fact that Lockheed wrote a letter to the White House asking for bailout money, and he claimed not to be aware of that letter. Then the fun began.
EXEC: Yes, Ma'am.
REP. PORTER: Why?
EXEC: Because of the disruption associated with COVID-19.
REP. PORTER: Because of the disruption, it caused you to have a profit of 15% over the prior year, when we DIDN'T have COVID-19? That doesn't...I mean, maybe making gobs of money is disruption for you, but I think for most everyday Americans, if they'd seen their income go up 15% this year, if they were making, if they were making $3.5 billion in profit in 2020, they wouldn't call that a disruption, they'd call that a miracle. And they wouldn't be coming to the government trying to take more taxpayer dollars, at the same time that you are failing to pay the U.S. taxpayers back what you owe for breach of contract with regard to the F-35 Joint Strike [Fighter]. I'm unable to understand why you need this additional money when your profits are up, and you've breached your contracts with regard to producing defective parts. Why should the taxpayer foot the bill to help Lockheed Martin at this time?
EXEC: Ma'am, the disruption associated with COVID-19 requires many different aspects relative to health and welfare of employees, the supply base associated with...
REP. PORTER: Use — pardon me. Reclaiming my time. Use your 15% increase in profit to pay to protect your workers during COVID.
(someone whispers to him, "We're doing that.")
EXEC: Congresswoman, we're doing that.
REP. PORTER: Why are we footing the bill to help a company that's having an uber profitability moment, that is a "Pandemic Star?"
EXEC: Congresswoman, no funds have been provided relative to the CARES Act.
REP. PORTER: But you have asked.
EXEC: Yes, just like many aerospace and defense companies.
REP. PORTER: One wrong doesn't make a right. With that, I yield back.
I was half-expecting Rep. Porter to answer with, "If all the other aerospace and defense companies jumped off the Golden Gate Bridge, would you have jumped, too?" This is how painfully unprepared this guy was. I realize how hard it must to come with answers about how $3.5 billion PROFIT, mind you, just isn't enough to fund your COVID needs, but did he really think he wasn't going to get his ass handed to him?
Of course, leave it to the GOP to be caterwauling about the next economic package not having a payroll tax cut, and including $1,200 for every family.
WH adviser @StephenMoore is "very discouraged" GOP bill includes $1,200 stimulus payments but not payroll tax cut
Moore says: "There is no benefit from dumping money from helicopters into people's laps ... If this works, why not send every family $10,000?"
— Jeff Stein (@JStein_WaPo) July 23, 2020
Totally! I mean, what would a struggling family of 4, making $250 per week after childcare expenses are paid (assuming they can find childcare,) do with that $1,200 lump sum anyhow? It's just wasted on them anyhow, isn't it? They couldn't use it for groceries, or to keep the lights on, or maybe see a doctor, or anything...those helicopter companies would spend that money so much more wisely!
Though, start giving everyone $10,000, and now I'm listening...
Moore also told me about the payroll tax cut, "Trump needs to put this back in or he's going to lose a lot of Republicans on a negotiating deal -- it could divide and conquer the party"
— Jeff Stein (@JStein_WaPo) July 23, 2020
Oh, please. Trump is screaming that we need to send kids to school to catch COVID-19, children are in cages on the border, he is cool with Putin's bounties on American soldiers, and THIS is the thing that's gonna lose him Republicans. Gross. This entire party needs to be burned to the ground.