Hillary Helped UBS—and Then the Bank Funneled Millions to the Clintons

[Octafish]

64. Carrier got a Tax Abatement from Indianapolis to expand plant in 2011.

http://www.ibj.com/articles/28124-carrier-to-invest-36-5m-in-local-plant-create-276-jobs

Added 276 jobs. All gone.

Do you know the saga of Magnequench?

Outsourcing US Missile Technology to China

The Saga of Magnequench

By JEFFREY ST. CLAIR
Coutnerpunch Weekend Edition April 7 - 9, 2006

Magnequench is an Indianapolis-based company. It specializes in the obscure field of sintered magnetics. Essentially, it makes tiny, high-tech magnets from rare-earth minerals ground down into a fine powder. The magnets are highly prized by electronics and aviation companies. But Magnequench's biggest client has been the Pentagon.

The neodymium-iron-boron magnets made by Magnequench are a crucial component in the guidance system of cruise missiles and the Joint Direct Attack Munition or JDAM bomb, which is made by Boeing and had a starring role in the spring bombing of Baghdad. Indeed, Magnequench enjoys a near monopoly on this market niche, supplying 85 percent of the rare-earth magnets that are used in the servo motors of these guided missiles and bombs.

But the Pentagon may soon be sending its orders for these parts to China, instead of Indiana. On September 15, 2004 Magnequench shuttered its last plant in Indiana, fired its 450 workers and began shipping its machine tools to a new plant in China. "We're handing over to the Chinese both our defense technology and our jobs in the midst of a deep recession," says Rep. Peter Visclosky, a Democrat from northern Indiana.

It gets stranger. Magnequench is not only moving its defense plants to China, it's actually owned by Chinese companies with close ties to the Chinese government.

Magnequench began its corporate life back in 1986 as a subsidiary of General Motors. Using Pentagon grants, GM had developed a new kind of permanent magnet material in the early 1980s. It began manufacturing the magnets in 1987 at the Magnequench factory in Anderson, Indiana.

In 1995, Magnequench was purchased from GM by Sextant Group, an investment company headed by Archibald Cox, Jr-the son of the Watergate prosecutor. After the takeover, Cox was named CEO. What few knew at the time was that Sextant was largely a front for two Chinese companies, San Huan New Material and the China National Non-Ferrous Metals Import and Export Corporation. Both of these companies have close ties to the Chinese government. Indeed, the ties were so intimate that the heads of both companies were in-laws of the late Chinese premier Deng Xiaopeng.

At the time of the takeover, Cox pledged to the workers that Magnequench was in it for the long haul, intending to invest money in the plants and committed to keeping the production line going for at least a decade.

Three years later Cox shut down the Anderson plant and shipped its assembly line to China. Now Cox is presiding over the closure of Magnequench's last factory in the US, the Valparaiso, Indiana plant that manufactures the magnets for the JDAM bomb. Most of the workers have already been fired.

CONTINUED...

http://www.counterpunch.org/stclair04072006.html

Offshoring jobs, technology and national security for capitalism!