Victory for Republic Windows Workers: Bank of America to Extend Credit

Via Bloomberg:

"Bank of America Offers Loans to Republic for Workers

By David Mildenberg

Dec. 9 (Bloomberg) -- Bank of America Corp. will provide a limited amount of additional loans to shuttered Republic Windows & Doors LLC in Chicago to pay employees occupying a building after the bank ended the companys line of credit.

Bank of America isnt obligated to pay Republics employees or make additional loans to the company, the Charlotte, North Carolina-based bank said today in a statement. Republic closed last week, sparking the sit-in by employees who blame the bank for cutting off the Chicago companys credit.

The bank also said it must rely on Republic and its management to negotiate the employee claims because it doesnt have a direct relationship with the factorys workers.

The United Electrical, Radio and Machine Workers of America, which represents the Republic employees, plans a rally at noon tomorrow at the Bank of America building in Chicago. The bank has received $15 billion from the U.S. Treasury as part of its effort to boost capital, while Merrill Lynch & Co., the securities brokerage it is buying, received $10 billion."
http://www.bloomberg.com/apps/news?pid=20601087&sid=ahQLJY.mx0Cg&refe...

Category:

News & Politics

Tags:

• Republic
• windows
• boa

[Gilgamesh73]

This should encourage all of us to stand up for our rights. If we are determined and resolute we will win.

[anyusmoon1]

Was this a company that was going bankrupt, or unable to get loans because of their credit rating or what?

I love to hear about good news but prefer knowing what the news is. Main stream media is NOT to be trusted as evidenced by this horribly incomplete story.

[TEARDUCTER]

time we did things

*****

[augustharper]

What a blow to the corporate bankers! More people should stand up for themselves!