Take the Money...
Boeing Co. Chairman and CEO Philip M. Condit said no single factor prompted the aerospace giant to choose Chicago as its new corporate home, but generous state and city incentives couldn't have hurt.
Combined, the total incentive package is valued at up to $64 million over 20 years, according to state and city officials. Up to $41 million will come from the state in the form of tax incentives, relocation assistance, job training and development grants; while the city will contribute $23 million, including money to fund a hangar to house Boeing's corporate jet fleet at Midway Airport, at least temporarily.
State officials said Boeing's relocation will bring $4.5 billion in economic benefit to the region over 20 years.
$4.5 billion in economic benefit over 20 years! Wow! Fast forward a mere 8 years later:
- Boeing (BA) CEO Jim McNerney is eager to move the company to China. Whether moving Boeing to China means shifting its headquarters from Chicago to Beijing is up in the air. But Boeing already has $600 million in supplier partnerships with China -- such as a deal with Shenyang Aircraft Corporation to build an assembly for the 787's vertical fin. And Stan Sorscher, who spent 20 years at Boeing before taking a post at the Society of Professional Engineers in Aerospace (SPEEA) in 2000, told me that McNerney is hooked on the idea of shifting Boeing to China.
Anyone want to bet Boeing is gone long before the Olympics land here? And how long until United takes their $25 million and runs?
Labels: we got nothing
posted by SCC at 12:01 AM
32 Comments:
Did it ever occur to the city to make these corporations pay a deposit. A large amount of money that they must leave in an escrow account until they fulfill the promised obligations of their tax-free existances. All too often (always) they hightail it out of town just when it's time for them to return some kind of financial tit-for-tat. Leaving them free to fleece a new city's tax base.
"Boeing (BA) CEO Jim McNerney is eager to move the company to China. Whether moving Boeing to China means shifting its headquarters from Chicago to Beijing is up in the air. But Boeing already has $600 million in supplier partnerships with China..."
"Blake fought a mental fight against Newton:
I will not cease from Mental Fight
Nor shall my Sword sleep in my hand
Till we have built Jerusalem
In England's green and pleasant land."
"The warrior ideals have a place in business as well. Since the time of the shoguns, the Japanese have studied the self-sacrificial acts the warrior ideal requires, and that study seems to have strengthened the responsibility or duty they accept toward the employees of their companies...
"These days, the chief executives in America move from company to company lightly, vote themselves bonuses just before bankruptcy, sell out the retirement fund, and so on.
"These men are certainly not building Jerusalem."
-- Robert Bly, Iron John
Daley could give a shit about the City, ya know he got his end "up front" !!!
Anyone who moves their operations to China for anything more substantial than rubber dog shit is a traitor and their product should be banned, period.
Wow. I'm not a Yale / Harvard grad like McNerney, but moving Boeing's HQ to Communist China seems like very ballsy move. Maybe he's getting even at the U.S. for this snub:
http://www.csmonitor.com/2008/0307/p02s01-usmi.html
This won’t happen if we flex our economic muscles a little on Boeing. Consider a boycott of any airline that flies the new 787 and stripping Boeing of all their defense contracts. They would quickly change their tune and be whistling “Yankee Doodle Dandy” real fast.
ILLINOIS/CHICAGO TAXPAYERS CONTINUE TO BE MADE FOOLS OF.
HAHAHAHAHAHAHAHAHAHA!!!!
My wife works in building 401 on michigan ave, right to the side of where the stage will be set up. She is not happy having to leave for work an hour early just to wade through the masses of bored house wives...
How many jobs have been lost in Chicago under DicKtator Daley's reign of terror???
All these corporations are enticed to relocate to Chicago with tax incentives and their empty promises of job creation to us. Where are the jobs?
In essence the Chicago/Illinois taxpayers end up subsidizing BIG Business with little to no, veritable return.
SCC,
There are no budget shortfalls, only unanticipated revenue declines. LMAO
Raise taxes higher you fools!
When will Bill Daley become CEO of Boeing???
How can the legitimate business community sit idle?
again and always daley gives "OUR" money away and then gets his pat-off then the companies leave! the criminal conduct of daley and the 50 spineless is unending! and the feds are silent! But when BILL COZZI came up they made sure to put him in prison, yea boss why did YOU do this? Could you at least have him sent to oxford wisconsin?
Its not gonna happen...The union leaders are afraid the next production line is going to a non-union state like South Carolina. The article of Boeing moving to China is total bullshit. It may move from Chicago but never out of the US. Boeing is involved in too many government programs to be based out of the US.
Remember also that Boeing is a major defense contractor and works on some of the most sensitive defense initiatives this country has. Move THAT to China? Might as well call this the Peoples Republic of United States. We can't keep Chinese from getting our secrets now. And Boeing is moving to China? Doesn't our national interest and national security mean any goddamn thing any more?
In 50 years when the standard of living in this country has dropped to what it is in China now we will start getting jobs back. By then people will be glad to get a job paying $2.00 a day and a bag of rice.
America is done for. Americans want cheap toasters so they are now made in China and sold at Walmart as is just about any other consumer product. Cash for clunkers spends tax dollars, almost all those dollars went to Japanese companies not American. Now Boeing went to move operations to not just a foreign country but a communist one. Just as 2:30 AM said, these people are traitors. As America loses her manufacturing base, so will we all lose the standard of living we have enjoyed for generations. Future generations are screwed. How many generations will be saddled with the debt that first Bush 43 began and now BHO is snowballing like an avalanch? Welcome to the new world order, brought to you by RINO's, democRats, Walmart shoppers and foreign car buying traitors.
Just for the record. China has been asking Boeing for several years to start up aircraft production there. This would be a joint China Air and Boeing venture ( much like both GM and Jeep has in China ). Thes aircraft would be made for the asian/indian market,
and would not affect the US plants, it would however give us a better platform to sell US made electronics, frames and engines and capuure a better share of the market that we are now loosing to airbus ( the government run european aircraft maker ). In the long run it would make Chicago Based Boeing a stronger player in the world market.
If everyone is so concerned about labor costs, then why don't we turn Detroit into our own little domestic China? Move all the jobs there at minimum wage. With a 28.9% unemployment rate, I'm sure a few people would be more than happy to have this work. It would be a bit exploitative but, at least the jobs would be here for Americans. Besides, what's a house in Detroit cost? 8-10K? You could buy that on minimum wage.
Anonymous said...
This won’t happen if we flex our economic muscles a little on Boeing. Consider a boycott of any airline that flies the new 787 and stripping Boeing of all their defense contracts. They would quickly change their tune and be whistling “Yankee Doodle Dandy” real fast.
9/02/2009 03:38:00 AM
**********************************
This would be a great idea, except for one thing. Boeing is pretty much the only game in town, other than Airbus, but that money would go to Europe, plus it is a shitty airliner.
Why the hell is China building major parts of the 787?
Talk about a slap in the face to all American aircraft builders.
Contact the nitwits in DC and ask them to vote for Airbus to build the new airforce tanker. I'd rather have the French comunists' built airplane then the Chinnese comunists' built parts.
What's next, Russian built M-16's for the US military?
Getting major US corporations to move their HQ's here under the Daley/Burke Thiefdom is no different than the banks moving their operations offshore and under foreign flags, out from under the jurisdiction of federal regulators.
They are guaranteed no one in City, County or State law enforcement will look too closely at them, and there is probably a nod and a wink that the Feds won't either, (unless Fed Fraud offers to help out, that is). In exchange, the Stuttering Prick gets to tell the IOC that all these MAJOR corporations call Chicago home, while really only 'the suits' are here and their workforce remains elsewhere.
No smoke and mirrors here. It's all legit!
What does this move say about Boeing's estimation of future prosperity for the U.S.?
Perhaps the majority of future airplane sales will be outside the U.S.A. while we pay off our trillions in debt.
Well for as much as this Obamanation administration is into the chinese for, well we have a president that will bend over and do anything to keep them buying more and more debt, what’s next, dismantling Mt Rushmore to move it over their.
What a piece of shit
This speaks volumes about our country as well as city......
We're fucked.
remember all the state money that went for Motorola's cell phone factory in McHenry county? Or the modem!! (lol) factory for US Robotics and money for 3Com?
f$($*@ voters remember squat.
Just for the record. China has been asking Boeing for several years to start up aircraft production there. This would be a joint China Air and Boeing venture ( much like both GM and Jeep has in China ). Thes aircraft would be made for the asian/indian market,
and would not affect the US plants, it would however give us a better platform to sell US made electronics, frames and engines and capuure a better share of the market that we are now loosing to airbus ( the government run european aircraft maker ). In the long run it would make Chicago Based Boeing a stronger player in the world market.
Nice try, you fucking corporate hack. The Chinese are well known for "helping" to build factories and then replicating them right down to the brick. They then reverse engineer the product and produce it for a fraction of the original cost. Boeing will be the direct competitor of the Chinese company who will be able to employ prisoners at a fraction of the cost. They'll be on the ropes in 10 years and gone in 20. Don't think so, Zenith used to be the leader in TV's.
"Boeing (BA) CEO Jim McNerney is eager to move the company to China. Whether moving Boeing to China means shifting its headquarters from Chicago to Beijing is up in the air. But Boeing already has $600 million in supplier partnerships with China..."
"Blake fought a mental fight against Newton:
I will not cease from Mental Fight
Nor shall my Sword sleep in my hand
Till we have built Jerusalem
In England's green and pleasant land."
"The warrior ideals have a place in business as well. Since the time of the shoguns, the Japanese have studied the self-sacrificial acts the warrior ideal requires, and that study seems to have strengthened the responsibility or duty they accept toward the employees of their companies...
"These days, the chief executives in America move from company to company lightly, vote themselves bonuses just before bankruptcy, sell out the retirement fund, and so on.
"These men are certainly not building Jerusalem."
-- Robert Bly, Iron John
9/02/2009 12:30:00 AM
I like the way your mind works!
GOOD!
I love it!
Screw these Democrats, take their money, and run!
Serves them right, now they know how it feels!
Cheers to Boeing.
Anonymous said...
If everyone is so concerned about labor costs, then why don't we turn Detroit into our own little domestic China? Move all the jobs there at minimum wage. With a 28.9% unemployment rate, I'm sure a few people would be more than happy to have this work. It would be a bit exploitative but, at least the jobs would be here for Americans. Besides, what's a house in Detroit cost? 8-10K? You could buy that on minimum wage.
9/02/2009 10:21:00 AM
Because there is no one in Detroit who wants to work!
As far as jobs Boeing only has corporate offices in Chicago. Their manufacturing base is in Seattle. If their hinting at a move to China, It's probably a warning to their factory workers and engineers who they have been having labor disputes with. It's all about the botton line $$$. They don't give a damn about national security or reverse engineering, it's all about how much money they can make. Boeing doesn't give a damn where it comes from. Since the 80's this country has been sold out from under us. the privitization of our public resources is a prime example. Skyway, parking meters ect. Hell, even the wars we fight. Halliburton, Blackwater and other corporate entities that were doing jobs that we had trained military and civilian government employees that could've done alot of the work far cheaper. Corps of Engineers, and the Diplomatic Security Service to name a few. Many people are afraid of the total socialization of this country. It's the total capitalization you should fear.(unless you're a multimillionaire bussiness owner.) If they have their way, We'll all be corporate drones working for slave wages. Big bussiness already has a more powerful voice on capital hill than the average voter. The healthcare debate is a prime example. They will do or say anything to protect their profit margin including spreading lies and half truths. Wake up America!!
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