I ran across this posting to <•••@••.•••>, which
exemplifies how corporations, as a class, manage to do well for
themselves...
-rkm
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Date: Sun, 23 Jul 1995 14:17:45 -0400
>From: Janice Shields <•••@••.•••>
To: Multiple recipients of list <•••@••.•••>
Subject: The Terrible 10
Greg LeRoy, author of "No More Candy Store: States and Cities Making Job
Subsidies Accountable," has issued a "Terrible 10 'Candy Store' Deals of
1994." According to LeRoy, "This is corporate welfare at its worst."
1. Briggs & Stratton: benefitting from $205,000 in HUD Block Grant money
in Poplar Bluff Missouri shifting 70 jobs from suburban Milwaukee.
2. Schutt Sports Group: getting a low-interest HUD Block Grant loan of
$500,000 from Illinois, relocating 60 jobs from Knoxville to Salem.
3. Exxon: Baton Rouge tax abatements totalling $14,372,600 to create one
new permanent job.
4. Disney: aborted $163 million package from Virginia for Disney's
America, which would have wrecked historical sites, paid poverty wages
and provided no protection for Virginia if the project failed.
5. American Home Products/Davis & Geck: moved 100 jobs from Danbury
CT to Puerto Rico, taking advantage of U.S. tax laws that allow companies
to take tax credits for some Puerto Rican income.
6. Ipsco: a Canadian steelmaker that gave the Iowa legislature 11 days
to decide on a package that would cost $243,000 per job created. The
next month, Ipsco's president said that governments shouldn't promote
development with subsidies.
7. Blue Water Fibre: half-owned by RUST International/WMX, for
accepting $81.1 million in aid from Michigan (to create 34 permanent
jobs, or $2.4 million each), then building its Port Huron recycling mill
with 85 percent out-of-state labor.
8. Pony Exress Courier division of Borg Warner Security Corporation: for
churning drivers to suck up massive federal Targeted Jobs Tax Credits.
9. Methanol One: for piggybacking on Alabama's "Mercedes Law" to get tax
breaks totalling $300,000 per job or $3.3 million per job-- "Either way,"
according to LeRoy, "it's nearly a chart-buster."
10. Pyramid Corporation: for quadruple-dipping on state and local
subsidies, land giveaway, tax abatements and highway money on its
profitable Holyoke MA Mall.
Congratulations Greg on your new job.
In order to continue Greg's work, anyone who has new or additional examples
of federal, state and local corporate welfare: Please send descriptions to
•••@••.•••. The Corporate Welfare Project will publicize the
examples and provide them to grassroots groups working on this issue.
Thanks.
--
Janice Shields
Center for Study of Responsive Law
202-387-8030 | Internet: •••@••.•••
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Posted by Richard K. Moore (•••@••.•••) Wexford, Ireland (USA citizen)
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