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Life & Events > Republic and Bank of America- That's All Folks
 

Republic and Bank of America- That's All Folks



I'm not sure what the situation is in terms of credit with Republic Windows and Doors and Bank of America? However, we do know that with a 3 day notice they decided they were shutting down and not paying their employees?

Well now Illinois Governor Rod Blagojevich said Monday that all Illinois government agencies will suspend business with Bank of America. He pointed out that Bank Of America received a multi-billion dollar bailout from the government (ah tax payers) and should restore credit to the company.

With out details of what kind of credit crisis brought this on between Republic and BOA, it's hard to tell who's zooming who here. However, the workers seem to be the losers. Republic was required to give a 60 day notice? Why didn't they do it two months ago because obviously, there were serious problems already back then? Or did Bank of America just drop them like a bad blind date? If after all this clears and it turns out Bank of America pulled the rug out, it's going to get real ugly. After all, the bail out was to loosen credit and this is taxpayer money that was suppose to help eliminate this type of problem.

"We hope that this kind of leverage and pressure will encourage Bank of America to do the right thing for this business," Blagojevich said standing outside the plant. "Take some of that federal tax money that they've received and invest it by providing the necessary credit to this company so these workers can keep their jobs."

Republic has not made a move to evict workers since they began the sit-in Friday.

The Illinois Atty. Gen. Lisa Madigan and her office is investigating the company.

All the bank has has said it isn't responsible for Republic's financial obligations to its employees. Well no, but if there's a credit worthy reason to work this out, then it is.



posted on Dec 8, 2008 4:33 PM ()

Comments:

Looks like they're ALL crooks! Throw them all out!
Wait! BOA is OUR bank!!
comment by sunlight on Dec 11, 2008 6:12 PM ()
Jondude has the right idea.
comment by elderjane on Dec 10, 2008 3:02 PM ()
Sad situation all around, including Gov. Rod, the Psycho.
comment by solitaire on Dec 10, 2008 6:17 AM ()
The last I heard they were working on negotiations.Dow is laying off 5,000.
No jobs,food,money,homes,etc...It is getting to be a very sad world.Laurie
comment by dogsalot on Dec 9, 2008 7:37 PM ()
Illinois Governor Rod Blagojevich might not be the best one to base a fiscal article about.
comment by grumpy on Dec 9, 2008 4:23 PM ()
jonjude has a good idea there.
comment by fredo on Dec 9, 2008 9:57 AM ()
Mr. Tbend just closed his BOA accounts because after two years of not doing it, all of a sudden they started charging him $20 a month for a checking account he didn't use.
comment by troutbend on Dec 8, 2008 8:14 PM ()
This is what ALL workers should do. Show some chutzpah, like the Republic workers did, and seize the factories when it happens.
comment by jondude on Dec 8, 2008 5:00 PM ()

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