Bank of america boycott

Discussion in 'Current Events' started by 705red, Dec 8, 2008.

  1. 705red

    705red Browncafe Steward

    Late last week bank of america cut off its dealings with republic window here in Chicago. Republic in turn closed down and had to fire all of its 240 union employees. Well the employees didn't leave! And they refuse to leave and are gaining support from all unions here. Also Barack Obama was on tv here last night slamming bank of america and now today the governor of illinios is refusing to do business with this bank.

    Other unions are threatening to pull their pension funds away from bank of america. It looks like the working people are finally starting to have a voice again. If this goes into the weekend i plan on going down with food or what ever they need.
  2. brett636

    brett636 Well-Known Member

    If the company wasn't paying its bills why should B of A lend them money? Isn't that what got us in this mess to begin with by lending money to people/companies that can't pay it back?
  3. over9five

    over9five Senior Member Staff Member

    Red, didn't I hear that this company was moving equipment out in the middle of the night weeks ago? Sounds like this was all a company plan?
  4. 705red

    705red Browncafe Steward

    Over not sure about that, however today bank of america has agreed to reopen its credit line to republic windows.

    From my understanding alot of home builders are delinquent in paying republic which put them in this mess, and the bank was more than willing to accept buyout money but yet refuse to pass it on and help the same people that loaned them the money.
  5. brett636

    brett636 Well-Known Member

    It appears B of A is giving into this public outcry despite the fact that this violates the original intent of the bank bailout. The purpose was to keep credit flowing to those who can afford to pay it back, not lend it to those who can't. Its amazing how short some people's memory's are. '
  6. tieguy

    tieguy Banned

    financial investment now being dictated by public pressure? You'll get your temporary victory if you have Obama throwing in support but ultimately you will lose because the instituation will fail. You make money and survive in the business world by investing wisely not by succumbing to public pressure to support jobs you can not afford. Good Rah Rah union victory for you red but expect bad luck in the future. by then you can give them the shrug and oh well we tried routine.
  7. Channahon

    Channahon New Member

    Here's the happily ever after, at least the employees will be able to celebrate the holiday season

    Dec 11, 2008 6:43 am US/Central
    Workers Vote To End Sit-In At Factory

    CHICAGO (AP) ― With cheers and chants that echoed President-elect Barack Obama's campaign of change, jubilant workers have agreed to a $1.75 million settlement that ends their six-day occupation of a shuttered Chicago factory that had attracted national attention.

    Republic Windows & Doors, union leaders and Bank of America forged the agreement Wednesday evening.

    Each former Republic employee will get eight weeks salary, all accrued vacation pay and two months paid health care, said U.S. Rep. Luis Gutierrez, who helped broker the deal. He said it works out to about $7,000 for each worker.

    "We lost the jobs but we got something," said Lalo Munoz, who is the longest- serving Republic employee, with 24 years at the plant.
    Workers carrying sleeping bags left the factory late Wednesday amid cheers of "Yes We Can," a slogan that became part of Obama's campaign.

    Gutierrez, an Illinois Democrat, said $1.75 million will go into an escrow account for the workers, $1.35 million of which came from Bank of America in the form of a loan to Republic.

    "Although we are a lender with no obligation to pay Republic's employees or make additional loans to Republic, we agreed to extend an additional loan to be used exclusively to pay its employees," David Rudis, the bank's Illinois president, said in a statement.

    New York-based JPMorgan Chase & Co. pledged another $400,000 to use strictly for the protesting employees, Gutierrez said.

    About 200 of the 240 laid-off workers began their sit-in last week after Republic gave them just three days notice the plant was closing. They argued Republic had violated federal law, and they vowed to stay until they received assurances they would get severance and accrued vacation pay.

    The workers are "very, very satisfied" with the agreement reached Wednesday, said Mark Meinster, a representative of the United Electrical Workers union, which represents the employees.

    "Hopefully this is an example for workers across the country that when things like this happen, you can step up, you can speak out, and you can win," he said.

    Lawmakers earlier criticized Bank of America for cutting off funds to the plant after it exhausted its credit line even though the Charlotte, N.C.-based bank itself received $25 billion from the government's financial bailout package.

    The bank was given that money so it could provide credit to companies like Republic that employ workers, Meinster said.

    "We're hopeful the banks got that message," he said. "My sense is it's going to take a lot more."

    Around 100 supporters of the workers gathered in downtown Chicago Wednesday where negotiators were meeting, some beating drums and others chanting: "They got bailed out. We got sold out."

    "This money is not, under any circumstance, to be used for corporate bonuses, luxury cars or any other perk for the owners of the plant," Gutierrez said in a statement.

    Republic officials did not return messages on Wednesday from The Associated Press. Messages left seeking further details from JPMorgan Chase were also not returned.

    Rudis said Republic is "unable to operate profitably." Over the past two years, the factory lost $10 million while borrowing the maximum amount possible under its agreement with Bank of America, the company said.
    (© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)