The Blog

Kodak, With CEO on Obama’s Jobs Council, Declares Bankruptcy

1:02 PM, Jan 19, 2012 • By DANIEL HALPER
Widget tooltip
Single Page Print Larger Text Smaller Text Alerts

Photography company Kodak filed chapter 11 bankruptcy protection paperwork today, the Associated Press reported. “[Kodak] seeks to boost its cash position and stay in business. The move comes as the ailing company has failed to find a buyer for its trove of 1,100 digital imaging patents.” 

kodak

It is “a necessary step and the right thing to do for the future of Kodak,” CEO Antonio Perez said, according to the AP.

But what the Associated Press did not report is that Perez sits on the President Obama’s jobs council. “The President's Council on Jobs and Competitiveness (Jobs Council) was created to provide non-partisan advice to the President on continuing to strengthen the Nation's economy and ensure the competitiveness of the United States and on ways to create jobs, opportunity, and prosperity for the American people,” according to the White House’s website.

“The Jobs Council is made up of members appointed by the President from among distinguished citizens outside the Federal Government, including citizens chosen to serve as representatives of the various sectors of the economy to offer the diverse perspectives of the private sector, employers, and workers on how the Federal Government can best foster growth, competitiveness, innovation, and job creation.”

As for Kodak CEO Perez—a man advising the president on job creation—he released a statement today saying that, since 2003, the company has closed “13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000.”

“Kodak is taking a significant step toward enabling our enterprise to complete its transformation,” Perez said in the statement. “At the same time as we have created our digital business, we have also already effectively exited certain traditional operations, closing 13 manufacturing plants and 130 processing labs, and reducing our workforce by 47,000 since 2003. Now we must complete the transformation by further addressing our cost structure and effectively monetizing non-core IP assets. We look forward to working with our stakeholders to emerge a lean, world-class, digital imaging and materials science company.”

Perhaps it is therefore not too surprising that President Obama has failed to create the jobs he’s promised to create, considering who his advisers are. 

Recent Blog Posts