Reports: Trump had little to do with Softbank deal
Once again, Trump is taking credit for something he had little, if nothing, to do with.
WSJ: SoftBank CEO Confirms Investments Will Come From Existing Fund That Predates Trump. In an article outlining details of the deal Trump supposedly struck, The Wall Street Journal reported that Son confirmed to them in an interview that the $50 billion would come from an existing $100 billion investment consortium set up “earlier this year with Saudi Arabia’s sovereign-wealth fund and other potential partners.” …
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CNBC: “The Reality Is That SoftBank Has Been All-In On The U.S. For Years.” According to an article from CNBC, which built on the Journal’s reporting, despite Trump’s claim to have spurred investment, “SoftBank has been all-in on the U.S. for years” and actually announced the $100 billion joint venture with Saudi Arabia in October. CNBC detailed numerous SoftBank investments in the United States, including the company’s hope to lead a telecommunications merger of Sprint and T-Mobile, which “fell apart in 2014 amid regulatory opposition.”…
CNN’s New Day: “Are We Being Bamboozled By These Announcements?” On the December 7 edition of CNN’s New Day, international business correspondent Richard Quest asked, “Are we being bamboozled?” — referring to Trump’s announcements in the last day, including the supposed SoftBank deal. Global economic analyst Rana Foroohar also questioned Trump’s claims, noting that he “will often take a nugget of truth and embed it in something that is murkier” and saying that it’s “worrisome” to see Trump’s commingling of private industry and the executive branch. Co-host Chris Cuomo remarked that SoftBank “didn’t actually announce” the deal, adding that “a lot of this came from Trump” and “the details are very soft.” From the December 7 edition of CNN’s New Day:
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