Scroll for Updates:BREAKING: State Of Illinois Refuses to Do Business with Bank of America Because Republic Windows & Doors Was Denied Loans Due To Deadbeat Status
UPDATE: Ill. gov. jumps in to sit-in at shuttered plant
Gov. Rod Blagojevich ordered all state agencies Monday to stop doing business with Bank of America to try to pressure the bank into helping laid-off workers staging a sit-in at their shuttered factory.
The move is leverage to try to convince the North Carolina-based bank to use some of its federal bailout money to resolve the protest by about 200 workers at Republic Windows and Doors.
The bailout money is not to be used for bad loans. We wouldn’t be in this situation had the banks watched who they were lending to! The Bank didn’t stiff the workers, the company did!
Maybe Blagojevich will do the same for the Chicago Tribune? 
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Republic Windows & Doors closed their union doors and left employees hanging.
With three days’ notice, owners of the window factory told about 300 workers last week that the plant would close, blaming a loss of credit with Bank of America, says Mark Meinster, international representative of the United Electrical, Radio and Machine Workers of America.
He says Republic should have given workers 60 days’ notice under a federal law called the Worker Adjustment and Retraining Notification Act (WARN). The law, however, allows some exceptions to the 60-day rule, including one for “faltering companies” that may fear that a layoff notice could affect their chances of getting capital or new business.
Jesse Jackson is involved in this, so that gives us a good indication that he is in need of money and a shakedown is in progress…
Gabriel has this breaking coverage over at Ace:
This is outrageous. The governor is asking all state agencies to refuse to do business with Bank of America unless BofA extends credit to a failing business!
The Republic Windows & Doors factory closed suddenly last week and the employees got laid off without severance or health insurance. They believe that is a violation of their contracts and state employment law. So the workers stage a sit-in in the factor. So far, so good. And…BofA gets blamed for the closed plant because it refused to give Republic Windows & Doors a loan. The workers promise to continue the sit-in until BofA pays their wages, severance, and health insurance.
Governor Blagojevich just met with the workers at the plant and then announced that he is asking all state agencies to refuse to do business with BofA.
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December 8, 2008 - 02:46 PM on December 8th, 2008
Bank of America is an unlawful bank, making tricks to trap customers:
Having two credit cards they put ahead the due date of one so when I were going to pay there was an unlawful late fee.
They did’t pay a check of $45 from my account the first time, when it was posted again they pay it so I ended up paying two late fees, of $35 for the same check of $ 45.
Law makers help us.
December 8, 2008 - 02:49 PM on December 8th, 2008
I hope BofA pulls any credit from the State of Illinois. Maybe they can foreclose on the Governors mansion and evict him.
December 8, 2008 - 03:31 PM on December 8th, 2008
Agreed Marko! Why is B o A getting dragged into this?
December 8, 2008 - 05:36 PM on December 8th, 2008
If the company failed specifically because BoA denied the credit, then yes it is the banks fault. I believe this is very possible since BoA has been refusing to provide credit to both business and retail customers for some time now, despite the $25 billion for that purpose. Perhaps they needed the money to pay for the multi-billion investment in that Chinese bank.
BoA deserves to be slammed. I say pull the $25 billion in tax payers funds back out of BoA. If they can afford billion dollars investmests in Chinese banks they don’t need our help.
December 8, 2008 - 05:53 PM on December 8th, 2008
Royce they were not bailed out so that they could turn around and lend to people that can’t pay the loan back…this isn’t about B o A..they didn’t cause the company to collapse.
December 8, 2008 - 06:01 PM on December 8th, 2008
[...] AP via Right Voices: Gov. Rod Blagojevich ordered all state agencies Monday to stop doing business with Bank of America to try to pressure the bank into helping laid-off workers staging a sit-in at their shuttered factory. [...]
December 8, 2008 - 06:38 PM on December 8th, 2008
Pam – can u prove that. Can you prove that the company would have failed if BoA had made the loan. There is clear evidence that BoA and other banks that got taxpayer money are not making loans to qualified companies. Heck, they want even loan money to each other. They are using the money to buy market share by buying other banks, in BoA’s case a chinese bank - that is not what the money was to be used for. No matter how you cook it BoA and the other bailed out banks are frying the taxpayers.
I can see how anyone would think this is ok. I still say TAKE BACK THE MONEY.
December 8, 2008 - 06:58 PM on December 8th, 2008
The bailout and this company are 2 different things Royce..Neither you or I can prove anything about the loans because no one has the paperwork..what we have is a mob that wants to blame the bank on the word of a company that left them high and dry..The bank can not release the info because of confidentiality reasons and the company knew this..So did the Shakedown artist, otherwise known as Jesse jackson..A man that has no future in this administration, therefore, he is stirring the pot..
I will tell you what I do know: a company on sound footing is not dependent on bank loans for its day to day operations…
The bailout was intended to help out small businesses, but not businesses that have bad credit…that is how we got into the housing mess which triggered the banking collapse!
I was never for the bailout because I could see stories like this coming!
December 8, 2008 - 08:18 PM on December 8th, 2008
I am a disabled retired military Vet, I had a credit card with Bank of America, I never, ever missed a payment, they raised my APR to 26% because I had other bills, when I asked them to lower my intrest they canciled the card so I could not use it but kept the 26%, they would not even talk to me. Bank of America is no better then a Mafia loan shark, just look at what the CEO’s are getting paid. Come on America wake up!
December 8, 2008 - 08:21 PM on December 8th, 2008
Jim, what does that have to do with Republic Windows and Doors?
December 8, 2008 - 10:55 PM on December 8th, 2008
I was never for the bailout either because like you I also saw this coming. The corruption and greed at these banks is unbelievable. However, you seemed to miss my point on this – if BoA can afford to pay billions for an interest in a chinese bank – they how on this earth do they qualify for taxpayer help? It would be clear to anyone that they don’t. TAKE THE MONEY BACK.
December 9, 2008 - 08:17 AM on December 9th, 2008
Well unfortunately Royce, that is up to the government to take the loans back and there isn’t a snowballs chance in hell of that happening. You and I were screwed on that deal! In the mean time, I don’t want to see banks that got the bailouts, loaning to the same people that couldn’t pay their loans before the bailout…
IMO, Governor Blag is an idiot for putting on this little show…It is amazing what a man will do when the government in steps away from sending him to prison..
December 10, 2008 - 03:28 PM on December 10th, 2008
[...] me saying just the other day that his father’s presence at that factory shutin looked like a shakedown..all too [...]