Squawk Pod Commerce Sec. Lutnick on Capitalism & Lisa Cook 8/26/25
Aug 26, 2025
Howard Lutnick, former Commerce Secretary under Trump, offers insights into the government’s stake in Intel and the controversial firing of Fed Governor Lisa Cook amid mortgage fraud allegations. He discusses the implications of the government's role in capitalism and the tech industry, highlighting the impacts of the CHIPS Act. Broadcast partner Steve Liesman emphasizes the growing politicization of the Federal Reserve and what this means for the U.S. economy, sparking a lively debate on economic policy and market independence.
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Taxpayer Equity Over Grants
- The administration converted an $11 billion CHIPS grant to a 10% equity stake in Intel, arguing taxpayers should receive value back.
- Howard Lutnick framed this as correcting a giveaway and securing American leverage in strategic industries.
Demand Better Terms For Subsidies
- Push companies to deliver more investment when you give public funds and renegotiate poor deals.
- Lutnick said he reclaimed terms from TSMC and secured a bigger U.S. investment commitment.
Value-Add Is The Stake Test
- The key test for taking stakes: is the U.S. adding fundamental value to the business.
- Lutnick argued equity is fair when taxpayer money materially enables projects or patents.