This is the effect of your 'free market'
Laid-off workers occupy Chicago factory, seek pay | Markets | Markets News | Reuters:CHICAGO, Dec 7 (Reuters) - Invoking Main Street resentment of Wall Street's federal bailout, some 200 workers entered their third day of occupying a shuttered Chicago window and door factory on Sunday, demanding that Bank of America agree to pay them severance plus vacation pay.
Workers belonging to the United Electrical, Radio and Machine Workers union began their peaceful occupation of the plant on Friday after family-owned Republic Windows & Doors said it was closing after Bank of America canceled its line of credit.
The workers said Republic Windows & Doors gave them only three days notice of Friday's closing instead of the 60 days required by law, and owes them roughly $3,500 per worker including unused vacation pay.
A union spokeswoman said Bank of America is not letting the company pay the workers.
"We're just shocked that Bank of America, after receiving $25 billion in bailout money, not only do they refuse to extend credit to companies but, to add insult to injury, they don't allow these companies to fulfill their legal obligations to their workers," union spokeswoman Leah Fried said.
The downturn in home construction doomed the plant, which has manufactured windows and doors for more than 30 years.
Bank of America was among several U.S. banks to receive funding from a $700 billion federal bailout package designed to stabilize the financial system.
The laid-off workers hoisted placards saying, "Bank of America: You got bailed out. We got sold out."
According to the Chicago Tribune, the bank said it was not responsible for Republic's financial obligations to its employees. A Bank of America spokesman was not immediately available for comment.
Officials of Republic Windows & Doors also could not be reached for comment.
The parties were expected to meet on Monday.
U.S. Rep. Luis Gutierrez, an Illinois Democrat, and Chicago-based civil rights leader Rev. Jesse Jackson were lending support to the workers. (Reporting by Andrew Stern; Editing by Leslie Adler)
So, what happens when people get desperate because you've destroyed the economy, eliminated their jobs, repossessed their houses and leave them no other avenues of escape from the situation... and THEN give the rich assholes who caused the catastrophe a big fat check of taxpayer money?
and before someone says "But if the bank had failed then all these people would have been out of a job." They're out of a job anyway and they're not the only ones. All those companies that were relying on loans from tools like BOA to make payroll are failing because despite getting money from the Dread Pirate Paulson THEY'RE NOT LENDING IT OUT.
Next you'll be hearing the wingnut pundits going on about how Unions caused this (Oh, wait, they already are) and that these people should all be rounded up and sent to gitmo or something.*
We should have been bailing out the common man with the common man's tax money. Instead we gave it to a bunch of filthy rich greedy assholes to loan to people....Instead, they're just sitting on it because we're all fucking bad credit risks now.
Amazing how the bailout isn't working. Isn't doing a fucking thing, actually, unless you're one of the giant fucking pricks from AIG who went on spa holidays on our dime. This is the Iraq war of the financial sector. A bunch of fucking idiots give a bunch of failed though still rich enough to bribe businessmen a giant ass blank check. Said businessmen turn around and stick it into a big ass vault so they can swim around in it laughing like Scrooge McDuck while the rest of the country burns around them.
GREAT PLAN CONGRESS!
So, do I get to say I told you so yet?
Workers belonging to the United Electrical, Radio and Machine Workers union began their peaceful occupation of the plant on Friday after family-owned Republic Windows & Doors said it was closing after Bank of America canceled its line of credit.
The workers said Republic Windows & Doors gave them only three days notice of Friday's closing instead of the 60 days required by law, and owes them roughly $3,500 per worker including unused vacation pay.
A union spokeswoman said Bank of America is not letting the company pay the workers.
"We're just shocked that Bank of America, after receiving $25 billion in bailout money, not only do they refuse to extend credit to companies but, to add insult to injury, they don't allow these companies to fulfill their legal obligations to their workers," union spokeswoman Leah Fried said.
The downturn in home construction doomed the plant, which has manufactured windows and doors for more than 30 years.
Bank of America was among several U.S. banks to receive funding from a $700 billion federal bailout package designed to stabilize the financial system.
The laid-off workers hoisted placards saying, "Bank of America: You got bailed out. We got sold out."
According to the Chicago Tribune, the bank said it was not responsible for Republic's financial obligations to its employees. A Bank of America spokesman was not immediately available for comment.
Officials of Republic Windows & Doors also could not be reached for comment.
The parties were expected to meet on Monday.
U.S. Rep. Luis Gutierrez, an Illinois Democrat, and Chicago-based civil rights leader Rev. Jesse Jackson were lending support to the workers. (Reporting by Andrew Stern; Editing by Leslie Adler)
So, what happens when people get desperate because you've destroyed the economy, eliminated their jobs, repossessed their houses and leave them no other avenues of escape from the situation... and THEN give the rich assholes who caused the catastrophe a big fat check of taxpayer money?
and before someone says "But if the bank had failed then all these people would have been out of a job." They're out of a job anyway and they're not the only ones. All those companies that were relying on loans from tools like BOA to make payroll are failing because despite getting money from the Dread Pirate Paulson THEY'RE NOT LENDING IT OUT.
Next you'll be hearing the wingnut pundits going on about how Unions caused this (Oh, wait, they already are) and that these people should all be rounded up and sent to gitmo or something.*
We should have been bailing out the common man with the common man's tax money. Instead we gave it to a bunch of filthy rich greedy assholes to loan to people....Instead, they're just sitting on it because we're all fucking bad credit risks now.
Amazing how the bailout isn't working. Isn't doing a fucking thing, actually, unless you're one of the giant fucking pricks from AIG who went on spa holidays on our dime. This is the Iraq war of the financial sector. A bunch of fucking idiots give a bunch of failed though still rich enough to bribe businessmen a giant ass blank check. Said businessmen turn around and stick it into a big ass vault so they can swim around in it laughing like Scrooge McDuck while the rest of the country burns around them.
GREAT PLAN CONGRESS!
So, do I get to say I told you so yet?