The Obama campaign released a statement accusing Clinton of hypocrisy for her statements on Magnaquench.
"There she was lamenting the loss of Magnaquench jobs to China and promising to bring new jobs to northwest Indiana," Obama spokesman Kevin Griffis said.
"But Clinton supported Permanent Normal Trade Relations with China, legislation responsible for the hemorrhaging of manufacturing jobs from the state, jobs like the ones at Magnaquench. If there's a person 'out of touch' in this election, it's Hillary Clinton and it's with the truth."
http://www.post-trib.com/news/892291,hillarymain.article----------
Well, lets look at the facts shall we..
link:
http://facts.hillaryhub.com/---------
Today, McClatchy published an article with the headline "Clinton blasts Bush for not stopping a project Bill OK'd," implying that the Clinton administration approved the move of a Indiana factory to China. In fact, the Clinton administration specifically prohibited the company, Magnaquench, from moving Indiana jobs overseas.
In 1995, Magnaquench was purchased by a consortium of investors that included two Chinese investors. At the time, the purchase was reviewed by the Committee on Foreign Investment in the United States (CFIUS), and was approved on the condition that the production and the technology to produce neo-magnets would stay in the U.S.
In 2003, the Magnaquench investors announced their intention to move the production facility in Valpariaso, Indiana to China. Senator Bayh and numerous others in Congress raised concerns that the move violated the initial terms of the deal, and introduced new national security problems. They pleaded with President Bush to review and halt the deal. President Bush refused, and the jobs and production were moved to China.
Details below:
1. 1995 agreement was premised on agreement that jobs and production would remain in the United States.
David Cay Johnston: Clinton administration imposed condition 'that the new owners keep magnet production and technology in the United States.'
Evan Bayh: Investors in 1995 'promised to maintain U.S. production of the magnets.' “The U.S. high-performance magnet industry has been hit hard in recent years by China' efforts to dominate the market. Five years ago, the state lost more than 225 jobs when Chinese investors moved the operations of Indiana-based Magnaquench to China. Magnaquench, which had operations in Valparaiso and Anderson, was originally purchased in 1995 by a group of investors that included two Chinese companies. The investors promised to maintain U.S. production of the magnets but in 2003 backed out on that promise."
2. 2003, President Bush failed to use his authority to block the movement of jobs and production overseas.
Bayh and Visclosky sought help from Bush Administration to halt the closing. “In September of 2003, Magnaquench was in the process of closing down their Indiana production plant, with intentions of moving operations to China, and headquarters to Singapore. This move is of particular interest to homeland security because this plant made 80% of the rare-earth magnets used in the construction of U.S. “smart bombs”. Democratic Representative Pete Visclosky and Senator Evan Bayh have been attempting to gain support from President Bush to halt the closing, citing national security concerns.”
Bayh: 2003 decision 'raised new questions' about national security concerns because the jobs would be transferred. “We understand that CFIUS approved both the 1995 purchase of Magnequench by a consortium that included two Chinese companies and Magnequench's acquisition of the Valparaiso facility in 2000. However, the potential transfer of these operations to China raises new questions about maintaining both a significant source of domestic production of rare-earth magnets and U.S. technological leadership for these critical production technologies.”
Bush Administration 'offered no response' to Congressional inquiries in 2003. “Then, when the Chinese owners in 2003 shut down Magnequench's Valparaiso, Ind. production plant and moved equipment to China, CFIUS offered no response when Sen. Evan Bayh (D-Ind.) requested an inquiry. Bayh became concerned that the Chinese might corner the market on a sensitive military technology. Defense Department contacts informed his staff that Magnequench provided 80 percent of the guidance magnets used in smart bombs. Still, CFIUS refused to provide information about its Magnequench review despite requests from Bayh and from two key Senate committees: the Senate Armed Services Committee and the Senate Banking Committee, which oversees CFIUS, according to a former Senate aide who sought to contact CFIUS.”
Source: http://facts.hillaryhub.com/
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