Washington — President Barack Obama announced the formation today of a Photo Task Force to bail out Kodak and save it from Chapter 11 bankruptcy.
Like the Detroit auto industry, the president said Kodak is a victim of “cutthroat competition from Japanese firms and a seismic shift to the digital technology it pioneered but couldn’t capitalize on.” He criticized Mitt Romney for his New York Times op-ed titled, “Let Kodak Go Bankrupt.” Obama says bailing out the 132-year old America business icon is crucial to American manufacturing and saving jobs. He said in return for federal assistance Kodak has agreed to invest in new green print and ink technologies.
Obama is letting Kodak go bankrupt. The company’s workers aren’t represented by the UAW.