Ups and downs

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Downs to TRW. After years of trying to softshoe its way out of town to North Carolina, the aerospace and automotive giant may go kicking and screaming to California as part of Northrop Grumman’s hostile takeover bid.

Ups to LTV Steel. W.L. Ross & Co. has pumped new life into the left-for-dead steel maker. This, combined with the recent tariff on foreign steel, could be the kick in the pants needed to jumpstart steelmaking in Northeast Ohio if new management takes the opportunity to restructure its labor costs.

Downs to the Bush Administration. The revelation of a shadow government and the administration’s refusal to inform the Senate Majority Leader of its existence while informing Congressional members in the President’s political party smacks of partisan politics. Consider bi-partisan lawmaking dead until after the November elections.

Ups to Lubrizol. Its donation of more than $22 million in patents to CAMP Inc. helps strengthen the manufacturing base in Northeast Ohio and further enables CAMP to succeed in its mission of promoting manufacturing excellence.

Downs to Arthur Andersen. Shredding, lawsuits and other Enron-tainted problems have left the Big Five accounting firm’s future in serious doubt. Criminal charges brought by the Justice Department on the heels of spotty sale rumors could send clients fleeing and make the Andersen name disappear into the annals of accounting history.