Chicago workers stand up against Bank of America

Aldermen demand City Hall stop working with Bank of America
Blagojevich halts state work with Bank of America over sit-in

December 8, 2008
BY FRAN SPIELMAN City Hall Reporter
Chicago aldermen turned up the heat at both ends today on behalf of laid off workers at Republic Windows & Doors whose sit-in at the shuttered Goose Island plant “struck a chord†heard around the nation.

Flanked by union leaders at a news conference, more than a dozen aldermen demanded that City Hall divest itself of funds deposited at Bank of America — and stop approving zoning changes sought by the bank and its subsidiaries — in retaliation for the bank’s decision to cut off Republic’s line of credit

Gov. Blagojevich visits with laid-off workers at Republic Windows & Doors on Monday. Blagojevich called for state agencies to stop doing business with Bank of America until the bank restores credit to Republic.
(Brian Jackson/Sun-Times

Bank of America would also be prohibited from riding the gravy train of pinstripe patronage generated by city bond deals under an ordinance drafted in response to the Republic shut-down.

The aldermen also vowed to hold City Council hearings and explore “every legal option†to force Republic to re-pay $9.3 million in tax-increment financing (TIF) funds used to build the Goose Island plant now occupied by laid-off workers.

Ald. Joe Moore (49th) said he was incensed to learn that Republic executives have formed a limited liability corporation that has purchased a similar plant in western Iowa, where labor is cheaper. The TIF subsidy was paid in 2002 and 2003.

“They accepted city tax dollars on the basis that they were going to remain in the city of Chicago. To accept these city tax dollars and do an about-face and run to Iowa to pay workers there less wages and fewer benefits runs contrary to the whole purpose of tax-increment-financing,†Moore said.

The Rev. Jesse Jackson Sr., who attended the news conference, agreed that “all legal leverages should be employed to stop this violation of workers†and “put TIF beneficiaries across the board on notice.â€

Last week, Bank of America cut off a line credit to Republic citing declining sales, prompting the Goose Island company to shut down and lay off its 250 workers with a mere three days’ notice.

The workers have attracted national attention -- and turned Republic and Bank of America into poster children for corporate greed -- by conducting a sit-in at the plant until they are paid the severence and earned vacation pay required by law.

"This obviously struck a chord. É These workers said, 'Enough is enough.' They sat down. And everybody across the country paid attention É because everybody knows it's wrong. We have a fight here right now for these workers. They need to win -- and they will win," said Carl Rosen, president of the union that represents the laid-off workers.

He added, “At the end of this, corporate executives who were involved in Republic are gonna land on their feet. They’re gonna have jobs. They might even have other companies. They’re still gonna be wealthy. Bank of America is still gonna be wealthy. They’re wealthy, in part, because of a lot of taxpayer dollars. These workers just want to earn a living.â€

Bank of America has insisted it is not responsible for Republic’s financial obligations to its employees.

But, aldermen and union leaders don’t see it that way. Not when Bank of America is using $34 billion in loans and grants from the Wall Street bailout to “expand its financial empire.â€

“At the very least, these workers need to be paid what they earned. That’s what’s fair and that’s what’s right,†said Tom Balanoff, president of SEIU’s Illinois Council.

“But, what’s happening there at Republic is a much bigger story than just these workers getting what they deserve. This is really a broader question of, what is our recovery really about? Is this gonna be a top-down recovery? Or is it gonna be a bottom-up recovery? Are we gonna give billions of dollars to the bankers who put us in this mess already? Or are we gonna use that money to have a recovery that lifts up working families?â€

Also on Monday, Gov. Blagoevich met with laid-off Republic employees, then did his part to help them — by ordering state agencies to stop doing business with Bank of America until the bank restores credit to Republic Windows & Doors.

 

For all of the dissenters please read the headline...it did not mention the pathetic governor we have who has been under federal investigation for years. ...and please for the BoA supporters, keep in mind they are participants in the bailout.......why are they hoarding the money? There is no accountability with the bailout even though the point of the bail out was to provide money to companies like this......thank you Mr. President, don't let the door slam you on the way out the door.....or better yet let it slam you..

 

Let's try and get names correct, its Governor Blagojevich. If you want to slice and dice his name feel free to call him Blago, affectionately referred to from those critics everywhere, including the editorial writers for the Chicago Tribune newspaper. Some might refer to him as our Eddie Munster gone wild in Springfield Illinois.
While I would love to dump on him I think there should be some perspective of his actions and those of George W. Blago is a small time Illinois crook that tried to line his pockets with money, any way possible, while betraying the citizens of Illinois.
George W. is responsible for starting a war in two countries where leaving now or in the near future with a political and civilian structure intact might be close to impossible to do. George W. gave 350 billion to the financial industry in a matter of a week with no accountability for them to provide loans to the american people. He spent many more billions on the war, bankrupt the entire country and poisoned relations with the free world.
Blago intimidated and extended bribery schemes to other small time crooks. Keep tuned to the news for Blago, dominoes (politicians involved and cooperating with the feds) have already begun to fall and we will see other small time crooks falling all over themselves to expose his actions.
Perhaps we in Illinois must be numb to the deceit and betrayal of this Governor and other governors before him....but its no-where near the gravity of betrayal and damage George W. performed on the whole country. BTW, the financial loans were not meant to help citizens with their mortgages. I knew that but just hearing him say it made me realize in his mind, we really just are suppose to serve the financial institutions, corporations, etc....very sad!