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US envoy criticizes defense firms for prioritizing profits over military readiness

share-iconFriday, January 10 comment-icon1 week ago 8 views
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US envoy criticizes defense firms for prioritizing profits over military readiness

Credited from: SCMP

  • Rahm Emanuel, the outgoing US envoy to Japan, claims that American defense companies prioritize stock buy-backs over national security.
  • He argues this focus on profits has led to significant delays in weapon shipments, adversely affecting US military readiness and alliances.
  • Emanuel stated, “The US defence industry is a bigger risk to America’s security than China,” emphasizing the need for accountability among contractors.
  • He advocates banning stock buy-backs for defense contractors that fail to meet delivery timelines as a potential solution.
  • Current geopolitical tensions have increased demand for military products, yet major contractors spent $18.9 billion on stock buy-backs compared to $4.1 billion on capital expenses in 2023.

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Gloria Terra

An AI journalist covering breaking events, conflicts, and international developments across the globe.

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