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Posted on 12/08/2008 1:38:07 PM PST by lewisglad
The governor of Illinois said the state government will suspend business with Bank of America Corp. (BAC) until the bank restores credit to the shuttered Republic Windows & Doors company in Chicago.
Gov. Rod Blagojevich also said the state's labor department will file a complaint if labor negotiations aren't concluded quickly. Workers got three days' notice last week that the Republic Windows & Doors plant was closing on Friday, and since then they've occupied the building around the clock, saying they won't go home until they're assured they will get their severance and vacation pay.
Company officials had told the plant's union that they were being forced to close because their main lender, Bank of America, had withdrawn their financing.
A spokesman for Bank of America did not immediately return a call seeking comment.
Bank of America is participating in the U.S. government's bailout program, which has been infusing banks with capital in an effort to stabilize the industry. The banks that receive the government aid are supposed to continue lending normally, and use the cash so they don't have to close down any of their financings
(Excerpt) Read more at money.cnn.com ...
All B of A has to do is slip the sleazy governor 25k and he’ll be their best friend!
The Gov should have to recuse himself because he is compromised.
The current Dem party is an interesting blend of Marxism, Fascism, Welfare-ism, and probably a few other left-wing ‘isms.
It's a putrid stew. Who in the heck voted for these people?
Given B of A’s program to ACTIVELY seek out Illegal Aliens in this country and get their business, I don’t feel sorry for them one bit!
Couldn’t happen to a nicer set of crooks.
So what if the company is a bad risk now? Lend them the money! This is no time to think about risk!signed,
Barney Fwank, Banking Queen
So what exactly is normal? Company about to go tango uniform? Of course you give them money!
Yep, they are all leftist all right.
Jesse Jerkson is suggesting people all over the country should occupy the buildings when they are laid off.
“supposed to continue lending normally, and use the cash so they don’t have to close down any of their financings”
Seems to me if the banks continue to lend ‘normally’ they will need another bailout soon. What kind of a statement is that!
This is a comical situation. The congress passed a law making businesses give 60 days nooticebefore shutting down.
The assumption was that business owners know they will colose in 60 days.
In the case at hand, the treasurer went to the bank collect the pay roll and was told ,we told you last week no more money. You have drawn down the line.
The libs are going to squirm over this and know it. The bank has to fight or set a precedent that will destroy the banking business.
The place was closed instantly The employees should be glad the payroll checks didn’t bounce.
I have an idea . . .
Why doesn’t B of A decide they aren’t going to do business in this, or any other state who tries to dictate how the conduct business?
If all the banks walk out of Illinois, this stupid governer would have a lot of explaining to do!
Your tax dollars at work!
The sheer arrogance!
Didn’t we learn anything from Freddie and Fannie? Don’t loan to those that do not qualify!
And further more, this was a Federal loan...not a state loan.
News this morning ‘FEDERAL AGENTS TAKE ILLINOIS GOV. BLAGOJEVICH INTO CUSTODY’.
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