This week the Hunter Douglas window blind company announced it was shutting down its Renton manufacturing facility, laying off 166.
This facility in 1997 was the recipient of $7 million in tax exempt economic development funds. The current result is typical of such financing - the business operates for a few years after the subsidy, than closes - either seeking another subsidy from another community or outsourcing offshore. This practice has evolved somewhat, this, for example, was financing, not a direct giveaway. We shall see if they pay it back though.
The bailout deal for the auto industry, now being finalized has some better conditions being bandied about - removal of the CEO for one. Further, speculation as to whether all three firms will continue to exist is continuing. Chrysler, without an engineering staff, has been mentioned as the most likely to disappear.
But still accountability within the very powerful and legally authorative finance industry continues unabated - even with talk of limiting executive pay we are still bailing out a bunch of fraudsters for their crimes and thefts. For a good a detailed explanation of this, see this story (thanks to WashBlog for the heads up)
