GIFT OF $90-MILLION TO COMPANY THAT PROMISES STOCKHOLDERS $165-MILLION JOB CUT IN 2009

Submitted by Roldo on Wed, 03/11/2009 - 16:04.

 You can imagine why this country – and especially this county – IS (and should be) going down the drain. I return to Cleveland to find our wonderfully generous politicians are giving Eaton Corp. more than $90 million in gifts. Or should I say you and I are giving Eaton, which had sales of $15.4 billion and earnings over $1.1 billion last year, the gift.

 
This is a company that on its web pages tells stockholders that it is going to reduce employment by $165-million in 2009. That’s REDUCE, as it CUT or DUMP. HOW MANY PEOPLE DOES THAT MEAN, I WONDER.
 
But what are we told that Eaton Corp. will do for the $90-million?
INCREASE jobs, of course. Would they lie to you?
 
Hypocrisy and lies reign in what we call private-public partnership.
 
This is the kind of crap we get from our Democratic Governor Ted Strickland and his administration. Why bother to vote?
 
The state – Strickland - has pledged $53 million in tax breaks and grants, according to the Plain Dealer. There are other goodies piled on to reach the $90 million figure.
 
And this is for Eaton to move to virgin land – owned by the City of Cleveland from whence Eaton is fleeing – at the Chagrin-Highlands project, given by former Cleveland pols – Council President George Forbes and Mayor George Voinovich so speculators could draw business from the city. George and George are the two worse things that happened to Cleveland and the two best things that ever happened to Dick Jacobs. Jacobs secretly was given reign over Chagrin Highlands by this duo in 1989.
 
We wonder if this deal will mean a bonus for Alexander Cutler, Eaton chairman and CEO. He certainly needs it. His calculated total compensation last year was $15,703,261. (See: http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=175267&symbol=ETN). Don’t you think he’s underpaid?
 
And there are people – and editorials – that say we don’t do enough for business.
What do you think?
 
ADDENDUM: Having seen McShane's comments, I'd add a rather extensive report on the entire Chagrin Highland's issue from a column I wrote some time ago: http://www.lakewoodbuzz.com/RoldoBartimole/RB-071906-DickJacobs-ChagrinHighlands-LakewoodOhio-RoldoBartimole.html
 
 
( categories: )

Irony

 

Soon Cleveland and Cuyahoga County will be mandated to proactively protect water quality by enforcing storm water regulations. Until that day, developers will squeeze every raw development project on wetlands and devalued land, so we as citizens will have to undo the damage.

It never ends...SEE Cityview.

City View Center of Garfield Heights in receivership after owner defaults on $81 million loan

Posted by Michelle Jarboe/Plain Dealer Reporter March 10, 2009 13:00PM

Eaton is really an

Eaton is really an automotive supply chain, they are being pinched. They are for sure attempting to look rosy…when they are not.

The thing is this, if they develop the highlands fully then they have to take something else away. Because we are already beyond capacity, we have excess. This move abandons a high rise.

If something moves, and it gets funded to move then that funding should go to the wake of damage it leaves behind. I would rather see that $90M go to a corporation that takes Eaton space in the city. If they truly need more space then they have the right to move, but funding them seems counter productive. If theyare shrinking then why move now?  Its like rewarding the increased vacancy in the city center. That funding is it being abused? Funding development in the highland was not intended to benefit the corporations that are already in the city, it was supposed to benefit new developments that new create jobs. Its cheating.  

It’s one thing to bribe them to come here, but this is just bribing them to stay and inter regionally destruction is a product of that. Everyone hates this except Eaton’s CEO’s they love it. How does the taxes shift on them moving, who gets the taxes on income after the move? Is it Beachwood? Who get the money stream off them?

It’s odd because whats important is that we have commerce and industry, but are we a drain on them? Not that handing away things is so good but something is not right. Are intelligent pragmatic people behind this or is it all just greed that only serves special interests?