AP / Seth Wenig
- Billionaire Mark Cuban called on US officials to channel one of America’s best-known dealmakers ahead of potential bailout talks with Boeing this weekend.
- “We’ll use what Warren Buffett did with Bank of America, when he gave them $5 billion and asked for warrants, and he made $12 billion off the warrants,” the “Shark Tank” star told CNBC on Thursday.
- “If I’m negotiating for the taxpayer,” Cuban added, “I’m asking for everything plus the kitchen sink.”
- “We can’t let anything happen to Boeing,” President Donald Trump said on Friday.
- Visit Business Insider’s homepage for more stories.
Billionaire Mark Cuban called on the Trump administration to emulate a legendary dealmaker if it decides to bail out Boeing, ahead of its talks with the troubled airplane manufacturer this weekend.
“We’ll use what Warren Buffett did with Bank of America, when he gave them $5 billion and asked for warrants, and he made $12 billion off the warrants,” the “Shark Tank” star told CNBC on Thursday. “That’s the exact same type of deal that I would cut.”
“If I’m negotiating for the taxpayer,” Cuban added, “I’m asking for everything plus the kitchen sink.”
The Dallas Mavericks owner highlighted the same transaction by the Berkshire Hathaway CEO on the “Worst Year Ever” podcast earlier this month. Cuban explained that holders of warrants can use them to buy stock at a given price by a certain future date, meaning the US government could take a stake in Boeing or sell the shares for a quick profit.
Cuban offered to play the Buffett role in the talks, citing his own reputation for driving a hard bargain.
“I’d be the volunteer,” he said on the podcast. “I’ll put on my ‘Shark Tank’ hat and you put me in the negotiation with Boeing or whoever and we’re getting a great deal.”
“We’re gonna own a big chunk,” he added.
“We can’t let anything happen to Boeing”
Cuban made his comments ahead of President Donald Trump’s expected meetings with airline-industry executives this weekend.
“We can’t let anything happen to Boeing,” Trump said at a White House press briefing on Friday. He praised the manufacturer as “probably the greatest company in the world” prior to its 737-Max fiasco and the recent industry downturn due to the novel coronavirus.
While Boeing is yet to ask for aid, Trump continued, “I think they probably will.”
“When they see us, making sure that Boeing is strong again is very, very powerful and very important,” he added. “And we’ll do whatever is necessary to do.”
Leave a Reply
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
