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Former Wall Street rainmaker leads purge of US chips subsidies agency

Digest opened free editor

One of the best former Wall Street bankers and Elon Musk’s best ally for a long time led to the US government office in charge of managing billions of dollars in supporting semiconductors.

The chip programs office, a three -year -old agency in the heart of the United States, has become the re -manufacturing of vital chips to America, the last goal of the Trump administration’s attack on government bureaucracy.

Last week, Michael Grames, a former banker at the Morgan Stanley Investment Bank who helped fund Musk’s Musk value $ 44 billion on Twitter, and a small footnote to a series of interviews with chosen employees in the Chips office, according to many people familiar with the matter.

Graims and his team referred to the employees in the office, which is sitting inside the Ministry of Commerce, that they were looking for a specific profile for the employees who were looking to keep it.

One person said: “They were asking sports questions such as:” What are the four to the fourth force? Another said that questions were asked about their “intellectual ability,” describing the third interviews, which included senior employees, as “insulting.”

The people said that the redemption process at the last minute at the weekend by senior employees against the initial plans to establish all the test staff, except for five employees under observation, eventually resulted in 22.

But dozens of employees in testing contracts for a year or two are still suddenly ended, reflecting a directive from the Personnel Management Office in January and Explained By the administration on Tuesday.

The office previously was about 150 employees. This separation of employees came at the head of the number that has already chosen to accept the deferred resignation.

The people said that those who were terminated included the entire “foreign and government affairs” team, as well as policy consultants in the strategy department. By Tuesday, some employees were already writing to the agency’s leadership, which was asking for a return.

A senior administration official confirmed that Graims met the employees, but said that the decisions related to those who were taken in cooperation with the leadership in the office, and that he had not disposed of one side.

Graims occupied a former pavilion for general advisers on the fifth floor of the Ministry of Commerce, adjacent to the Minister of Trade Howard Lottenic, according to one person familiar with the matter.

They said: “Everyone is very about what Graims will get.” “This is not a psychological healthy place to work.”

GRIMES in the first weeks of a second profession in the government three decades with Morgan Stanley, where he was one of the company’s investment bankers.

He led the stock market lists for many technology companies, the most prominent of which is the victory of the state to lead the public subscription in Uber after working on the side as one of its drivers.

Several musk allies have been installed in agencies throughout the US government, charged with the costs of discount and employees. Similar efforts were underway UsaidThe Ministry of Vetere Affairs, GSA and even the Ministry of Defense, along with thousands of government workers, were demobilized, and contracts have increased by billions of dollars.

In his speech to Congress on Tuesday, Trump described the 2022 chips law, one of the main policies of his predecessor Joe Biden, as “a terrible thing.” He said that he would give the industry “no money”, and called on Parliament Speaker Mike Johnson to cancel the law and redistribute the money that remained.

Displayed American chip maker Intel and Taiwan TSMC They are among the largest beneficiaries of the chips law, and they have already received the financing segments of the main construction projects.

It was allocated $ 7.9 billion and 6.6 billion dollars, respectively, with Intel received an additional $ 3 billion through the Ministry of Defense initiative. Samsung was allocated from South Korea $ 4.8 billion. All three companies refused to comment.

People familiar with the discussions between the Trump and Industry team said they could not only predict what the latest moves can mean to the program, as he did not expect whether they should expect a complete decline in subsidies or a more measured reassessment of each deal.

But they added that, at least, at least, it is still necessary for the main employees to supervise the distribution of subsidies in place.

“President Trump has won an amazing mandate by the American people to restore a healthy sense in the government and stimulate American manufacturing through his first economic policy in America of customs tariffs and abolishing organizational restrictions,” said White House spokesman Kush Disai, in response to the comment request.

“My historical tsmc $ 100 billion investment The advertisement indicates the real and concrete results provided by the Trump administration’s approach to the American people. ”

Participated in additional reports from Dimitri Sevastopolo, Joshua Franklin, Antoine Gara, Joe Miller and Arash Masoti

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2025-03-06 18:10:00

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