Masco Cut’s 160 Jobs in Spite of “Taxpayer Funded Subsidies”

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The huge “tax cuts” and “taxpayer funded subsidies” Gov. Snyder and the Republican controlled legislature gave to their big businesses buddies isn’t enough to keep companies from eliminating jobs and or leaving the state such as Pulte Homes did with their move to Atlanta last year. As Jobs Cut at Masco Corporation

When you balance those cuts for big business and replace that lost revenue on the backs of Michigan’s taxpaying citizens you take away their disposable income as to spend on these same companies products.
http://www.detroitnews.com/story/business/2014/09/30/masco-spinning-division-layoffs-taylor/16477303/

In Latest Blow To Detroit and Michigan, PulteGroup Heading South To Atlanta
The PulteGroup is one of the nation’s largest home building companies. Pulte reached a point where they must pursue a strategy that better fits with the long-term growth trends for their company and industry that wasn’t here in Michigan.
http://www.forbes.com/sites/michelinemaynard/2013/05/31/in-a-blow-to-detroit-pultegroup-heads-south-to-atlanta/

Masco to spin off division cut corporate staff by 40%
Spin is the key word here goes right along with Snyder’s spin that Michigan is the “Comeback State” when businesses continue to cut jobs and or leave the state!
http://www.freep.com/story/money/business/michigan/2014/09/30/masco-spin-division-cut-hq-staff/16474313/

Michigan Economic Growth Authority Board (MEGA)
Based on the MEDC’s recommendation, the MEGA board today approved two state tax credits to “bribe” Masco to stay in Michigan over a competing site in Ohio with a “taxpayer funded” $7.3 million tax credit over 10 years to encourage the company to create new jobs and a $5.7 million “taxpayer funded” tax credit over 10 years to encourage the company to retain jobs.
http://www.mackinac.org/archives/fpi/mega/Masco_Cabinetry-3-16-10-DM.pdf

Will Masco Corporation follow PulteGroup out of Michigan?
This article was published in The Bain Report on Jun 7, 2013. A close friend does custom glass work for Masco and alerted me to this story last year.
http://bainreport.wordpress.com/2013/06/07/will-masco-corporation-follow-pultegroup-out-of-michigan/

2007 Masco Cut 8,000 Jobs
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/14/AR2007021401319.html

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China Benefits from Michigan Taxpayers with our Lansing Legislator’s Help

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Taxpayers Lose Again, Fisker Automotive Sold to China’s Wanxiang
Wanxiang bought Fisker’s battery supplier, A123 Systems LLC, last year through a similar bankruptcy sale. A123 and Fisker were both recipients of a controversial U.S. Department of Energy loan program meant to support clean energy technology. Michigan taxpayers also suffered dearly when the quasi UN-elected MEDC give away tax dollars to A123 Systems in taxpayer funded subsidies.
http://www.reuters.com/article/2014/02/18/us-fisker-wanxiang-sale-idUSBREA1H1LM20140218Snyder-China_GuvOffice

Michigan‘s A123 Systems Files for Bankruptcy
State Battery-Plant Subsidy was a “Risky Venture” from the onset with several economist warnings. The Michigan and Government-funded battery maker files for bankruptcy after receiving $249.1 million federal grant money (taxpayer dollars). A123 Systems received a $100 million “cash subsidy” (taxpayer dollars) from the state of Michigan for a 75-acre facility the company had leased in Romulus.

The subsidy was in the form of cash because the plant had been granted “renaissance zone” status by the Michigan Economic Development Corp. This is yet another in the long line of failures of the Michigan Economic Development Corp. an entity that should and must be abolished as to cut the size and scope of Michigan Government and save the taxpayers money!
http://www.michigancapitolconfidential.com/13557

A123 Systems won another $125 million in tax credits and incentives from the Michigan Economic Development Corp in spring 2009 and a $10 million cash grant from the state in fall 2008. Just move along nothing to see here Michigan Taxpayers just more of our tax dollars down the drain courtesy of the “failed” Michigan Economic Development Corp. (MEDC).
http://www.annarbor.com/business-review/a123-systems-no-assurance-it-can-continue-to-operate-as-a-business-filing-says/

China’s Wanxiang Corp. Bought A123 Systems now Fisker
http://www.bostonglobe.com/business/2014/02/18/will-purchase-hybrid-car-firm-make-player-auto-industry/PrkLDrmgtN8UJR2mRdEv6J/story.html

Wanxiang Group Buys American Battery Maker
Michigan taxpayers ponied up a plenty in subsidies for this failed battery maker that was purchased by China’s Wanxiang America Corp.through the “failed” MEDC.
http://www.nytimes.com/2013/01/30/business/wanxiang-group-buys-american-battery-maker.html?_r=0

Wanxiang buys A123 systems
https://www.google.com/#q=Wanxiang+buys+A123+systems

Fisker’s assets to go to Wanxiang
Along with the wreckage of A123 and countless other “stimulus”-driven financial black holes the Chinese have acquired, the government in Beijing and citizens of The People’s Republic thank the United States for both borrowing money from China and then using it to buy assets it sells back to them at pennies on the dollar. Well done Michigan Lawmakers and the “failed” MEDC along with our lawmakers in D.C. more government for everyone!
http://www.autonews.com/article/20140218/OEM05/140219858/fisker-wins-approval-to-sell-assets-to-chinas-wanxiang

Bankrupt Fisker’s assets to go to China’s Wanxiang
https://www.google.com/#q=Fisker%27s+assets+to+go+to+Wanxiang

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Is “Team” Snyder tied to Kawme Kilpatrick’s Criminal Enterprise?

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Governor Rick Snyder’s economic “team” was one of several contractors who pumped millions into ex-Mayor Kwame Kilpatrick’s alleged criminal enterprise. Although the government hid the companies’ identities in the indictment, public records and interviews helped put names to aliases. The list of companies includes deep-pocketed donors and powerful executives. Hmmm… maybe that’s why the governor chose to abolish the “Nerd Fund” rather than to expose his donors?Kawme & Snyder

The companies involved are going to be needed by the FBI and the U.S. Attorney’s Office to help prosecute the case. “It’s always hard to say whether the payer of a bribe is culpable or a victim of the crime,” said Peter Henning, a law professor at Wayne State University and former federal prosecutor.

“Sometimes that’s hard to distinguish.” So far, most executives linked to the corruption probe have escaped indictment. Some witnesses were granted immunity and others are victims, U.S. Attorney Barbara McQuade said.

Among the contractors who were allegedly extorted to retain Bobby Ferguson as a subcontractor include Walbridge, a general contractor headed by John Rakolta Jr., a longtime area powerbroker who was recently named to the Michigan Economic Development Corp. (MEDC) by Snyder. Wayne County and its Building Authority has filed a law suit seeking to recover $154 million from 3 jail contractors including John Rakolta’s Walbridge.

John Rakolta’s film studio, Raleigh Film Studios in Pontiac was awarded taxpayer funded subsidies when this studio defaulted on it’s bond payments the taxpayers of Michigan are now on the hook for making those missed payments through the under funded state pension fund. These subsides were awarded through the “failed” MEDC prior to Rakolta being appointed to the MEDC board. Can you say conflict of interest?

As of Sept. 30, 2010, the Michigan Public School Employees’ Retirement System and the Michigan State Employees’ Retirement System were unfunded by $21.7 billion.

The “secrecy” and back-door “deals” are very suspect to say the least surrounding politicians, government, and businessmen and looks to be a scheme (scam) bilking the taxpayers of Michigan out of millions of tax dollars all for political and financial gains. Let’s just hope and pray that U.S. Attorney Barbara McQuade and her “team” continue looking down this rabbit hole of corruption and bring those businessmen and politicians to justice.
http://www.detroitnews.com/article/20101217/METRO/12170403&template=artiphone

Additional Sources:
http://www.crainsdetroit.com/article/20131031/NEWS/131039973/wayne-county-files-suit-seeks-to-recover-154-million-from-3-jail

Bob Ficano, John Rakolta And The Big Jail Problem
http://www.deadlinedetroit.com/articles/5094/bob_ficano_john_rakolta_and_the_big_jail_problem

Feds’ subpoenas target Wayne County business dealings
http://www.freep.com/article/20111117/NEWS02/111170499/Feds-subpoenas-target-Wayne-County-business-dealings

Wayne County Executive Bob Ficano replaces top officials (Romney related)
http://www.freerepublic.com/focus/f-news/2805204/posts

So, what was Schuette’s cut?
http://rightmi.com/old/www.rightmichigan.com/story/2013/11/4/113017/236.html

Suspicions sometimes followed after Kilpatrick, Ficano dealings along with John Rakolta
http://www.crainsdetroit.com/article/20120909/FREE/309099962/suspicions-sometimes-followed-after-kilpatrick-ficano-dealings

John Rakolta allegedly through media reports donated $10,000.00 to Democrat Bob Ficano’s campaign war chest only to receive the contract for the new Wayne County jail project.
http://bainreport.wordpress.com/2013/11/24/welcome-to-michigans-world-of-the-political-illusion/

Public Employee Pension Systems Raided To Pay Film Studio Bills
http://www.michigancapitolconfidential.com/18384

Michigan-Subsidized Film Studio Fails; State Pension Fund Had Guaranteed Loan
http://taxfoundation.org/blog/michigan-subsidized-film-studio-fails-state-pension-fund-had-guaranteed-loan

House Cuts $25M State Film Subsidies in Proposed Budget – Not So Fast Say’s Richardville
https://bainreport.wordpress.com/2013/04/26/house-cuts-25m-state-film-subsidies-in-proposed-budget-not-so-fast-says-richardville/

Report: State pension funds bankroll Pontiac studio; taxpayers lose on films
http://www.theoaklandpress.com/general-news/20130308/report-state-pension-funds-bankroll-pontiac-studio-taxpayers-lose-on-films

Michigan Pensions Cover Missed Bond Payment for Film Studio
http://news.heartland.org/newspaper-article/2012/02/02/michigan-pensions-cover-missed-bond-payment-film-studio

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