I think any of you will find this interesting. Trump has touted his success of stopping the off-shoring of manufacturing jobs. At the end of 2019 we had 164,000 less manufacturing jobs than the end of 2016. Apparently a company must apply to the Commerce Department for permission. Crazy, huh?
One of the companies applying to move production to Mexico and Canada is injection molder International Automotive Components (IAC). Apparently they had to request to close their plants in Ohio, Kentucky Tennessee and Michigan. They were quickly approved allowing the last of the people to be laid off.
The most interesting fact: IAC is now owned by a hedge fund. It changed its name from W. L. Ross and Company. They are maximizing profits by closing plants here and moving the production to other countries. This and most hedge funds do what they can to cut costs, sell off parts, or temporarily max revenue before taking it public. Hasn’t gotten interesting yet? How about the fact the majority investor is the current Secretary of Commerce Wilber Ross, the person who approves the loss of American jobs! Drain the Swamp? Ha, Ha!