Posted on 12/15/2008 6:11:25 AM PST by reaganaut1
The indictment of Gov. Rod Blagojevich wasn't the only thing happening in Illinois last week. Bank of America was the victim of a concerted shake-down operation that could be replicated around the country. Banks apparently now are expected to give money away to failed borrowers. This could become federal policy when Barack Obama, who supported this new example of Chicago blackmail, becomes president.
One of the casualties of the faltering housing market is Chicago's Republic Windows and Doors. Bank of America cut off the company's line of credit in response to falling demand. "If the bank saw some light at the end of the tunnel, maybe the bank would have extended a line of credit," admitted Amy Zimmerman, Republic's vice president of sales and marketing. "Banks are in the business to make money and at some point they have to make a business decision and that's what this is," Zimmerman added.
In the first week of December Republic laid off its workers and closed its doors. Under state law the company was supposed to give two months notice, with continued pay and benefits. So the employees launched a sit-in: "We're going to stay here until we win justice," said one.
Getting laid-off a couple weeks before Christmas isn't any fun -- I know that from personal experience. But no one was obviously to blame for Republic's failure: the company simply disappeared into the vortex of a collapsing housing market. Unfortunately, these days Republic employees aren't alone in their economic distress.
But there was a handy scapegoat: Bank of America. Since the institution collected $15 billion (with perhaps $10 billion more to come) from the taxpayers, Republic's employees argued that BoA had an obligation to bail out Republic.
(Excerpt) Read more at spectator.org ...
“...win justice” — What a dim bulb. In other words, they will use State power to force BofA to make a loan to a failing company that everybody knows will not paid back. The cost of that bad loan will be passed on to all BofA customers in the form of higher interest rates. A few window workers will get their money at the expense of hundreds of other BofA borrowers who will get screwed with higher rates.
Repealing the basic laws of economics — only in the fevered imaginations of liberals. Just like imposing staggering “green” costs on society and claiming that millions of new jobs will be produced to meet those new regulations.
What Republicans?
One Party rule is very firmly entrenched here. I guess you could drive several hours downstate and find yourself an Illinois Republican, but how would you convince him to go anywhere near the bankrupt gutter that is Chicago?
“I guess you could drive several hours downstate and find yourself an Illinois Republican”
There are some in Manteno, south of Chicago. I think they fled there during the great White Flight decades ago.
Jesse Jr. represents a ghetto in south Chicago when he’s not trying to buy a fancier position.
Does sending him count?
THANK YOU!!!! I was wondering how long it would take someone to address this fraud. As a BofA customer, I object to and resent the fraud to which they (and ME!) were subjected!!!
With the precedent established between the government and now private banks bailing out failed enterprises, how much longer ill we continue to be a free nation???
(Inquiring minds . . . . . . )
Where has Chicago’s longtime King of Extortion, the unRev.Jesse Jackson, been lately?
He’s keeping a very low profile since last Tuesday.
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