Democratic candidate for the 73rd House District held by Republican John O’Bannon, MD sent out a flier this week to residents of the 73rd House District.
A few weeks ago, I attended a Town Hall meeting held by Shields to correct his false claims that Delegate O’Bannon was somehow responsible for the Qimonda failure and the loss of 2100 jobs. The fact is, nothing could have saved Qimonda. The owner of the company was not interested in saving it. From a Reuters Report:
“Nobody can save a company whose owner does not want to save it,” he told Saechsische Zeitung, a daily published in the Saxony state capital Dresden, where Qimonda’s main European site is located.
The German owners of Qimonda had begun selling assets of the Henrico County based plant and all that money went to Germany. $289 million to be precise. The grant was just $5.4 million. That would have ended up in Germany, too.
The points made in the Shields Ad were:
False Claim #1:
Last year, the House of Delegates debated on whether to give chip manufacturer Qimonda a grant to protect jobs.
The “grant” was part of a contract deal signed when Qimonda agreed to locate in Virginia. Deligate Morrissey wanted to give Qimonda the installment due to be paid in 2011 earlier, in 2009. The argument against this was presented by GOP Whip Kirk Cox who correctly said to give Qumonda this money early would signal that all contracts in Virginia were open to renegotiation. Meny Democrats voted against the Morrissey amendment including Democratic Attorney General candidate Steve Shannon.
False Claim #2
During the debate, John O’Bannon is told that a no vote means Qimonda jobs could be lost in Henrico County.
Give me a break! Joe “Chicken Little” Morrissey thinks the sky is falling on every bill. Morrissey is well know for his hyperbole. If the House of Delegates spent money on Morrissey’s say so, we would be far more than $6 Billion in the hole. Qimonda needed $418 Million to stay in business and the EU refused to give it to an owner that wanted his business to fail.
False Claim #3
O’Bannon votes against the grant anyway.
Because the financial genius Joe Morrissey said so? Qimonda Henrico had told Republicans they would be there for the long haul. Morrissey failed to offer evidence, or bring in someone from Qimonda to substantiate his claims.
False Claim #4
After O’Bannon’s vote Qimonda shuts down it’s plant and Henrico County loses 2700 jobs.
Qimonda remained in business for a year. And the fact is, the plant shut down long before the payment would have been made even if the amendment had passed. An article in today’s Times Dispatch shows just how bad the financial trouble was at Qimonda: Claims against Qimonda total more than $2.5 billion. They were over $2.5 BILLION in debt. What does Tom Shields think would have happened to taxpayer money if we had given them the $5.4 million – a drop in the bucket. It would have gone to line the German owner’s pockets.
False Claim #5
O’Bannon refuses to own up to his actions, claims he didn’t know his vote could cost local jobs.
O’Bannon saved the state $5.4 million dollars by voting with Democrats Shannon, BaCote, Bowling, Brink, Bulova, Dance, Mathieson, Miller, Howell, Phillips, Spruill, and Toscano. One can only assume Shields holds his fellow Democrats responsible as well. To not hold their feet to the same fire would be intellectually dishonest.
Tom Shields has spent his entire career hiding in the ivory towers of academia. This attack is simply proof that Shields is totally incapable of understanding complex financial problems. He has always asked for what he wants and the University has to worry about the money.
This is nothing more than a desperate attack from a campaign so lost in space that they will never find their way back.
At both Shields town hall meetings, his followers asked for expensive program after expensive program. I gave him the nick name Santa Shields. He doesn’t have a clue when it comes to money.