SC

Li Shufu To South Carolina: “You Pay Now!”

CHINESE BILLIONAIRE WOULD REAP WINDFALL … USING YOUR INVESTMENT || By FITSNEWS || Meet Li Shufu.  He’s a businessman from China with a net worth of $3.3 billion. His company – Chinese carmaker Zhejiang Geely Holding Group – bought Volvo for a song back in 2010.  The Swedish carmaker was purchased…

CHINESE BILLIONAIRE WOULD REAP WINDFALL … USING YOUR INVESTMENT

|| By FITSNEWS || Meet Li Shufu.  He’s a businessman from China with a net worth of $3.3 billion. His company – Chinese carmaker Zhejiang Geely Holding Group – bought Volvo for a song back in 2010.  The Swedish carmaker was purchased from Ford, which was in the throes of the Great Recession at the time – and desperate for cash.

Ford’s loss was Shufu’s gain: His company paid $1.8 billion for an asset the U.S. automaker spent $6.4 billion on more than a decade earlier.

Now Shufu wants you to pay.  Well, assuming South Carolina “wins” its battle with Georgia for a new Volvo automotive facility … he wants you to help subsidize the construction of a new $500 million Volvo automotive facility in Berkeley County.

How much money does he want?  It’s not immediately clear, although Palmetto State taxpayers have shelled out more than $1 billion in economic development incentives to aircraft manufacturer Boeing.

Anyway, based on the latest data Shufu’s net worth is equal to the median annual income of 74,723 South Carolina families.

Crazy, huh?  Of course every single one of those families – and tens of thousands of other families just like them – will be on the hook for South Carolina’s crony capitalist handout to Shufu.

And sure … Shufu’s plant may create 4,000 jobs (God only knows how many of which will have to be imported due to our dumb-as-dirt workforce).  And it may have an economic impact of eleventy kabillion dollars or whatever magical figure the crony capitalists pull out of their yin yangs.

South Carolina has been doing this for decades – yet all we have to show for it is one of the nation’s smallestdumbest and poorest workforces.

Isn’t it time … past time, actually … to try something different?

Look: We have nothing against Shufu.  Or Volvo.  We want them to come to the Palmetto State and create lots of jobs.  Our beef?  When a guy with $3.3 billion asks tens of thousands of people who are struggling to get by to chip in with the cost of building his plant.

And when the politicians who trip over themselves to hand him the cash – your cash – take credit for “creating jobs.”

They did nothing, people.  Nothing but stroke a check to a billionaire … from your account.

Of course South Carolinians don’t get that because their legacy media outlets are in the tank for the recipients of the largesse.  Which means our fourth estate is every bit as complicit in the “dumbing down” of our citizens as the government-run schools they also shill for.

***

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53 comments

The Colonel April 30, 2015 at 1:04 pm

“…Meet Li Shufu. He’s a businessman from China with a net worth of $3.3 billion…”

Nothing like a billionaire communist!

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Jack April 30, 2015 at 1:27 pm

China is not a Communist country any more. It is thinly veiled Oligarchy. Just like Russia, and like the US will soon become if we don’t do something about the rapidly expanding disparity between the Mega-wealthy and everyone else.

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The Colonel April 30, 2015 at 1:29 pm

$orry, I failed to u$e the $arca$m font…

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Rocky April 30, 2015 at 1:40 pm

Ah so!!! Ancient Chinese secret – you build, we buy.

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Cracker April 30, 2015 at 2:58 pm

You work for me now, Cracker!

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Krazy Kat April 30, 2015 at 4:09 pm

The last Communist died long ago–now they are something 10X worse–Totalitarian Capitalists.

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Bible Thumper April 30, 2015 at 4:30 pm

“The last Communist died long ago”
Bernie Sanders is still alive.

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SCBlues April 30, 2015 at 11:59 pm

Uh-huh. The last idiot certainly has not died.

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The Colonel April 30, 2015 at 1:10 pm

“…They did nothing, people. Nothing but stroke a check to a billionaire … from your account…”

So let me get this straight, are we actually writing them a check or giving them tax credits?

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Rocky WokNWoll April 30, 2015 at 1:43 pm

In the words of the great Monty Python –

I like Chinese, I like Chinese
They only come up to your knees
Yet they’re always friendly, and they’re ready to please

I like Chinese, I like Chinese
There’s nine hundred million of them in the world today
You’d better learn to like them, that’s what I say

I like Chinese, I like Chinese
They come from a long way overseas
But they’re cute and they’re cuddly, and they’re ready to please

I like Chinese food, the waiters never are rude
Think of the many things they’ve done to impress
There’s Maoism, Taoism, I Ching, and chess

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CNSYD April 30, 2015 at 1:44 pm

Its typical Folks hyperbole. Based on his Goebbels training, repeat a lie enough times and people will think it is truth.

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TroubleBaby April 30, 2015 at 3:15 pm

It’ll probably be as hard to unwind the mix of tax credits and actual taxpayer money as it is/was for Boeing.

It’ll be a mix if it happens just so everyone’s confused and can’t argue anything specific…it’ll be in Shifty/army speak “Charlie Foxtrot” all the way with the vagueness providing cover for scurrying cockroaches.

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GrandTango April 30, 2015 at 1:17 pm

SC to FITS: STFU…LMAO…

I don’t know if FITS has a point or not. I’ve read enough of his tripe to know who, and what, he is….FITS’ loathing for South Carolina and our people is so evident…I don’t trust anything he posts…

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Rocky April 30, 2015 at 1:47 pm

I don’t care if FITS or anyone in the world has a point or not – there I fixed it for you.

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Rocky April 30, 2015 at 1:50 pm

It’s not STFU – It’s Li SHUFU – get it right.

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GrandTango April 30, 2015 at 1:53 pm

SWOOSH….

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Cracker April 30, 2015 at 2:59 pm

Good one! Like!

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Grrr_Native April 30, 2015 at 1:20 pm

The investment in BMW has paid off in the Upcountry…maybe Volvo could do the same in the Lowcountry? You have to pay to play in todays world, so either pay or get left out.

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a face in the crowd April 30, 2015 at 1:32 pm

Out of curiosity, how has BMW paid off? Isn’t Spartanburg usually named among the most undesirable places to live in the nation? I believe the roads in that area are also among the worst in the state. I suppose the company did create jobs, but I’m not sure what else is going on in that area.

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CNSYD April 30, 2015 at 1:42 pm

News flash for dumb face. BMW is in Spartanburg County not the city of Spartanburg. In fact it is technically in Greer which sits on the Greenville/Spartanburg county line. AFTER you get your facts straight, come back with hard facts on locale desirability.

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a face in the crowd April 30, 2015 at 1:45 pm

Big difference, moron!

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CNSYD April 30, 2015 at 3:32 pm

Yes it is. Still waiting for your hard facts on your allegations but as usual all I hear are crickets.

Photo Finish April 30, 2015 at 2:33 pm

BMW is not in Greer. It does have a Greer address, but it is not located within the municipal boundaries of the City of Greer. The boundaries of the city limits of Greer are either in Greenville County or in Spartanburg County, not on the county line (of either). The entire Upstate is proud (as should all of SC) to claim BMW, it is huge economic engine and well worth every single penny taxpayers put in to the deal to get them here.

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Grrr_Native April 30, 2015 at 2:46 pm

BMW may not be in the Greer City limits, but it is surrounded by areas that are. Kind of like GSP airport. So most say BMW is in Greer, like the airport.
Yeah, the county line runs right through Greer…about 2 blocks from my house. The city limits are so convoluted that most people don’t even know which parts are/are not in the city “officially”.

Rocky April 30, 2015 at 4:05 pm

Why the women of the Charleston Urban League wear leather skirts? So they smell like a BMW.

Grrr_Native April 30, 2015 at 1:53 pm

Just the sheer number of people they employ, feeder companies that have come to the area, the inland port, etc. They pay well and a lot of people in the area are thriving because of them. Without the influence of BMW in the area, I don’t think we would have as much growth or general updates that we have had. A $12Billion impact to the economy of SC isn’t bad either…
The roads ARE becoming an issue, since the DOT can’t seem to do anything up here…seems they are only interested in the Lowcountry. Doesn’t help the inland port that trucks can’t hardly drive on the roads…

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Rocky April 30, 2015 at 2:02 pm

Trust me, low country roads are pretty damned low on their list. Gotta be near Charlotte and Lexington County so little Haley doesn’t get a sore butt driving home.

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a face in the crowd April 30, 2015 at 2:09 pm

Thanks for the response on that. It has always struck me as ironic to see a leading car manufacturer in an area with terrible roads.

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SCBlues May 1, 2015 at 12:08 am

Cheap labor.

Grrr_Native April 30, 2015 at 2:55 pm

Any yes, Spartanburg blows.

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Nölff April 30, 2015 at 1:51 pm

Me play joke. Me put pee pee in your coke.

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Photo Finish April 30, 2015 at 1:56 pm

Koch Brothers check cleared the bank today I notice.

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CNSYD April 30, 2015 at 5:17 pm

With the 1st being tomorrow, Folks is busy “developing” his next government-run schools rant so he can get a voucher scam check to apply against his house mortgage.

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SCBlues May 1, 2015 at 12:05 am

My guess is Folks rents.

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Halfvast Conspirator April 30, 2015 at 2:23 pm

We need to tap Li Shufu to make a bailout donation to SCSU, they can rename the school to SCSUSHUFU U

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shifty henry April 30, 2015 at 4:50 pm

— the JACKPOT..!!

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Bible Thumper April 30, 2015 at 4:05 pm

A lot of ignorant comments posted as well as the article. Not one member of the Volvo board of Directors or Executive team is Chinese or Asian.

http://www.volvogroup.com/group/global/en-gb/investors/corporate_governance/board_of_directors/Pages/board_general.aspx

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SCBlues May 1, 2015 at 12:05 am

Jesus may have found red and yellow and black and white to be precious but we only like the last one around here – the more non-white persons that Fits features in the photographs the more clicks he gets and the more yelps from the usual suspects . . .

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Bible Thumper April 30, 2015 at 4:24 pm

South Carolina has been doing this for decades – yet all we have to show for it is one of the nation’s smallest, dumbest and poorest workforces.

Facts:
South Carolina has hardly had any declines in it’s Labor force and in the last year is in one of the steepest increases ever in it’s history of record keeping.
South Carolina has had 64 consecutive months of job growth.
See the top two charts at the link. Change the start year a click “GO” to see earlier years.
http://data.bls.gov/timeseries/LASST450000000000005?data_tool=XGtable

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CNSYD April 30, 2015 at 5:14 pm

You have been repeatedly warned to stop injecting facts. It screws up Folks’ agenda.

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SCBlues May 1, 2015 at 12:02 am

How much did the jobs pay?South Carolina has had 64 consecutive months of job growth.”
How much did the jobs pay?

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Bible Thumper May 1, 2015 at 12:20 am

There has been little personal income growth, but growth none the less. The new jobs have been evenly distributed among all categories except construction. When the unemployment declines there will be upward pressure on salaries.

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SCBlues May 5, 2015 at 1:53 am

Yes sir!

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ELCID April 30, 2015 at 6:33 pm

SC can’t win a bribing contest with Georgia.

Either Volvo puts the plant here with the incentives we normally give, or just let Volvo go over to Georgia like every body else. I’m sure Haley can use some more kickbacks from Savannah like she did before, for her future Senate Campaign against place holder: Tim Scott.

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Soft Sigh from Hell April 30, 2015 at 7:16 pm

Meet your new masters.

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Todd April 30, 2015 at 9:47 pm

Todd is unconvinced that these incentive boondoggles are a bad thing. Boeing is the best thing to happen to North Charleston since reconstruction. BMW is probably responsible for the growth Greenville and Spartanburg have experienced for the last 2 decades. Huge manufacturing concerns bring hundreds of other businesses to town to service them.
Dont just decry these moves as “too expensive” if you are not prepared to present some numbers.

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SCBlues May 1, 2015 at 12:01 am

Who the fuck is “Todd”?Todd is unconvinced that these incentive boondoggles are a bad thing”
Who the fuck is “Todd”?

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Todd May 1, 2015 at 10:05 am

Perhaps you are more comfortable with full title: “The Todd”

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Slartibartfast April 30, 2015 at 10:46 pm

SC may have Shufu for aquatic launch, but will be hungry, again, too soon.

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E Norma Scok April 30, 2015 at 11:33 pm

“our dumb as dirt workforce”..lulz.

Says the guy who has never had a job that produces anything.

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urbantrout May 1, 2015 at 11:22 am

No tickie, no washie.

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moderate May 5, 2015 at 9:35 pm

You no come back here anymore

Reply

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