Lawmakers Question Stock Buybacks by BAE, Chips Act Beneficiary
- Warren, Casten ask top executive about buybacks during talks
- US to award BAE $35 million for production of military chips
Elizabeth Warren
Photographer: Al Drago/BloombergThis article is for subscribers only.
Two Democratic lawmakers are raising concerns about a history of stock buybacks at BAE Systems Plc, parent of the first recipient of US subsidies for semiconductor production.
Senator Elizabeth Warren of Massachusetts and Representative Sean Casten of Illinois wrote a letter to Tom Arseneault, the chief executive officer of BAE’s American subsidiary, citing the British aerospace giant’s use of stock buyback programs before and during the period in which it would have been negotiating its $35 million award from the 2022 Chips Act.