There’s been a multi-million dollar holdup and the police are doing nothing about it. The bandit – Alcoa - world’s leading producer of aluminum and aluminum products. Hard to believe. Or not.
Alcoa, with assets of $37.8 billion and sales in 2008 of $26.9 billion is holding up the State of Ohio and other local governments for more than $100 million for a broken press.
Alcoa is holding hostage the jobs of 1,000 employees in Cuyahoga Heights.
No press, no jobs, Alcoa says.
Here’s the story, according to a Plain Dealer report: Alcoa has a 50,000 ton hydraulic press that needs repair. So it goes to the taxpayer, not its owners, for a fix.
Alcoa is laying its hands on the State of Ohio for a $3 million loan (starting at 1 percent and rising to 3 percent over 10 years) loan. Adding to this will be the need for public funding of $111 million to get the large press up and running. A $111-million!
At the same time, $3.2 million will go to Cleveland to help clean-up the Flats for the proposed Wolstein development. If you can’t give money to the rich, why run for office?
Does the government give you money when your car breaks down or your house gets damaged, or even destroyed by fire? I don’t think so.
But a multi-billion company can pressure your government to open its pockets to hundreds of millions of dollars. Alcoa is throwing its weight around and holding people’s jobs as detainees.
Alcoa in 2008 had a profit of $229,000,000. Why doesn’t it use its own money to fix its own machinery?
Well, because our governments have become easy marks for our corporate community to use. They have one state trying to outcompete with another state for business and jobs. Nobody gets hurt more than taxpayers.
Alcoa’s top executive, Klaus Kleinfeld was paid $10,396,164 last year and $27,066,977 the year before. Why don’t Alcoa executives begin to pay their own costs of doing business?
With charitable governors, mayors and county officials they don’t have to use their money. So you have pick up the slack and pay more taxes while taking less pay.
Does this country need a revolution or what?