WEALTHY EATON CORP. PUTS HANDS IN OHIOAN'S POCKETS

Submitted by Roldo on Thu, 11/20/2008 - 12:29.

When do we stop giving away millions of dollars to profitable corporations and developers who should be supporting themselves?

I see in the Plain Dealer yesterday (why we still need newspapers) that the State of Ohio will give Eaton Corp. $6 million toward building a new headquarters in the Chagrin Highland’s development.

It is another example of public funds being bestowed on profitable businesses.

The $6 million gift is called a Rapid Outreach Grant. I wonder how many families facing foreclosures could be help with that $6 million.

Eaton had sales of $13 billion last year. It had third-quarter sales this year of $4.1 billion. That was a 22 percent increase in profits in the third quarter, according to the company’s reporting.

Now, tell me, why does the revenue-hungry State of Ohio have to subsidize Eaton Corp?

Eaton is taking virgin land in the Chagrin Highland’s development for its new headquarters.

So why also, since the state spent $138 million to provide more than adequate highway (I-271) improvements to enhance the Chagrin Highlands development does the state have to keep giving public funds for a company taking advantage of the road improvements?

Eaton says in its latest annual report, ”Eaton’s integrated diversification strategy is working, helping us to deliver record revenues and earnings for the seventh year in a row. We are tremendously proud of that accomplishment, especially given the challenges of a business environment in which financial and economic volatility have become household works.”

Why the does Eaton Corp. put its hand in our pockets if it is doing so well? It's another example of corporate pick-pocketing.

This $6 million bonus from Gov. Ted Strickland comes despite the fact that Eaton Corp. is deserting downtown Cleveland.

As I’ve written before the Chagrin Highlands land – land owned by the city of Cleveland – “could encourage business to move from downtown” and that “it could hurt development downtown and jobs” for Clevelanders. Eaton did exactly that.

This is only one example, unfortunately, of private companies seeking and getting public handouts.

Viable corporations are being fed millions of dollars of public money while individuals are force into desperation in these economic times.

The state should be taking care of its people. It isn’t.

Tell Gov. Strickland here: http://governor.ohio.gov/Assistance/ContacttheGovernor/tabid/150/Default...

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