Friday, October 22, 2004

 

Timken on the take

"These guys preach self-reliance, but they're on the public dole" - U.S. Rep. Sherrod Brown

Hats off to the PD's Washington Bureau chief Stephen Koff. He has an eye-opening article on the Timken Company in Canton where Bush is making a visit today. The entire article is well worth the time to read (plan for a few moments of pissed-off wonderment), but here are few highlights.
- Under Bush, Timken's military contracts, rose $45 million, a 176 percent increase over the last four years of the Clinton administration. "Timken makes parts for the Apache attack helicopter, the CH-47 helicopter and the F-16 fighter jet, among other aircraft."

- the majority of the Timken weapons systems contracts were awarded without competitive bidding.

- "Timken, with $3.8 billion in sales . . . paid no federal income taxes last year and in 2001. It will get more breaks under the corporate tax bill awaiting Bush's signature."

- "In 2002 and 2003, Timken received more than $92 million as a result of anti-dumping penalties on foreign steel makers. Though Congress, not the White House, was responsible for the law that gave Timken those payments, the president's tariffs on foreign steel paved the way and provided the money."

- Despite the tax breaks, contracts and subsidies, Timken is discussing closing three plants in Canton while buiding its fourth plant in China

- "In this election, company chairman W.R. "Tim" Timken Jr. has raised hundreds of thousands of dollars for the Bush campaign."

As one of Kerry's economic advisors noted about Bush's connection to Timken, "It's not free markets, it's government subsidies for his corporate friends."

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