Sears rejecting Ohio’s $400 million offer was the best thing to ever happen to the State of Ohio.

Remember, Kasich claims that using JobsOhio “secret” math, Ohio was guaranteed to get a return on its investment within a year.  So, what kind of headlines would Governor Kasich had seen if Sears had accepted his offer?

First, we learned on December 30th that Sears was closing hundreds of stores including six K-mart stores in Ohio this year.  Ohio is tied for second with only Florida have more planned store closings.  The result is hundreds of jobs lost.  Kasich would have committed $400 million of State tax dollars to bring a company on the verge of cutting hundreds of jobs in Ohio.

But, hey at least Wall Street would react positively to a company downsizing to becoming leaner in order to compete, right?

Oh, wait, that’s right, last week Standard & Poor’s downgraded Sears’ credit rating to two notches lower into junk bond territory, after Moody’s already had done the same.  With Moody’s, Sears is rated B3, which is six levels into junk bond status.  Fitch beat them all to the punch and downgraded Sears’ credit rating on the 29th of December, to CCC (non-investment grade risk with vulnerability of default) from B, making it the only rating company not rating it as junk bond status.  All rate the company’s outlook as negative.

On December 9th, Sears Holding stock was trading at nearly $57 a share, but now is trading at $29.65.  Last week, a CNN report named Sears as a likely company to file for bankruptcy this year.

So either every credit rating agency and financial reporter is wrong about Sears, or…..

Kasich Idiot

John Kasich and Mark Kvamme have no freakin’ clue what they’re doing.

 
  • And the most amazing thing of all is that around 1 in 6 Ohioans who could legally vote thought that this guy was just swell. Any cursory look at his history would have convinced even the dullest-witted simpleton that a dead man would do a better job as Governor.

  • stryx

    A $400 million of subsidy for a corporation swirling the drain?

    That’s the kind of math that made Lehman Bros. what it is today.

  • No – you don’t understand. Kasich and Kvamme sent a team of secret finance ninjas out to destroy Sears in retaliation for spurning their offer. Now JobsOhio can go out and say to companies: “Hey, nice credit rating… be a shame if something were to happen to it, know what I mean? By the way, there’s some nice office space available in Butler County…” It’s all part of the plan.

  • Thank you for making this site very interesting! Keep going! You’re doing very well!

  • Anonymous

    Now there you go again! Just because he looks, acts and smells like a baboon in a pinstriped suit with white spats and a fedora with a turned down brim and carries a violin case you think he is a gangster – oh, wait – now I get it!  He IS a gangster!

  • Anonymous

    Sears/Kmart needed a deep-pocketed sucker to help pay for its unfunded executive pension plan and to stabilize its falling market value. Kasich wanted  to drain the public treasury and rebrand his image.

    Double fail: Sears/Kmart will soon join  Montgomery Ward and Woolworth into bankruptcy. Kasich will (not soon enough) rejoin the private sector he so idolizes.

     

  • Demydo

    Three more years of this idiot and his cronies.  He will not stop his shenanigans because that’s who he is.

  • Dmoore2222

    I would take the latter. This is no suprise. A page from the George W. Bush Iraq war plan-shoot first and ask questions later. Kasich is so self-delusional he couldn’t possibly think he had to do any homework. A good example of “operating at the speed of business” I’d say. Most 5th graders know from the condition of their parking lots that Sears has been in trouble for a long time. And we have to put up with this amateurism for three more years!

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