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Report: Corporate Greed Destroys Ohio Jobs

A new coalition claims Wall Street hedge fund managers are profiting off the loss of Ohio jobs. (htmvalerio/Flickr)
A new coalition claims Wall Street hedge fund managers are profiting off the loss of Ohio jobs.
September 9, 2016

COLUMBUS, Ohio – A new anti-hedge-fund group is claiming corporate greed has destroyed jobs and hurt Ohio's economy. "Ohio Hedge Clippers," a coalition of community groups and labor unions, released a report on Thursday showing how Wall Street hedge-fund managers spearheaded the elimination and outsourcing of thousands of jobs in the state.

Report author Molly Gott contends it's an important issue to examine.

"Job loss, layoffs, globalization of all the trades are talked about a lot and the impact that they're having on working Ohioans," she said. "But very rarely do we get to go up the chain and see really, who are the pretty small handful of people who are orchestrating those deals and profiting off of them."

She said one example is the 2007 takeover of Delphi Automotive in Dayton. The report said thousands of jobs were outsourced and hundreds of jobs lost while fund managers made a 3000-percent profit.

And while Ohio's median income is about 20 percent lower than in 2000, Gott said the top 25 highest-earning hedge-fund managers made a combined $12 billion last year.

The report also looked at money flowing into Ohio's U.S. Senate race between Democrat Ted Strickland and Republican incumbent Rob Portman. Gott said hedge-fund managers and their allies are some of the biggest donors, mostly favoring Portman.

"So, they're not only influencing companies, but they're also using money to create tight relationships with elected officials, who are then kind of forwarding their policy agenda."

Ohio Hedge Clippers is part of the national Hedge Clippers campaign, which is working to expose what it claims is the harmful influence of billionaires in states throughout the U.S.

Th full report can be read here.

Mary Kuhlman, Public News Service - OH