Gov. says state will stop doing business with BofA

[NOBama]

CHICAGO (Map, News) - Gov. Rod Blagojevich on Monday ordered state agencies to stop doing business with Bank of America to pressure the company to help laid-off workers who are staging a sit-in at a shuttered plant.

The Republic Windows and Doors plant abruptly closed last week after the North Carolina-based bank canceled the company's financing. Some 200 workers have said they won't leave the plant until they get assurances they will receive their severance and vacation pay.

"We hope that this kind of leverage and pressure will encourage Bank of America to do the right thing for this business," Blagojevich said. Take some of that federal tax money that they've received and invest it by providing the necessary credit to this company so these workers can keep their jobs."

Illinois Sen. Dick Durbin said he would talk to fellow senators about reminding banks that tax payer dollars are not for dividends or executive salaries.

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What a great idea.

Too bad we couldn't take it step further and pull all our money out of banks that continue this to play this little game. The banks are basically holding the entire counrty hostage but, if you think about it, we (collectively) have much more power than they do.

 

[Mad Scientist]

Um, banks giving credit to people and businesses that weren't credit worthy was the reason we got into this mess in the first place.
If the business isn't credit worthy that's not the banks fault.

If my credit was so bad I was being denied loans by B of A would you support me in getting them anyway?

 

[WillowTree]

Dosen't this just sound an awful lot like a Democrat threatening a bank with an action if said bank won't loan money to somebody they know cannot pay it back??? Don't Democrats in general deny that this happens????? Why yes, I think they do...

 

[Mad Scientist]

Dosen't this just sound an awful lot like a Democrat threatening a bank with an action if said bank won't loan money to somebody they know cannot pay it back??? Don't Democrats in general deny that this happens????? Why yes, I think they do...

Bawney Fwank said it doesn't happen yet he was one of the Congressmen demanding it happen!

 

[Old Rocks]

Willow, it is the Republicans that have had the power to correct the situation for the last eight years. If this economic debacle runs the full course, it will certainly be known as the Second Great Republican Depression.

 

[del]

Willow, it is the Republicans that have had the power to correct the situation for the last eight years. If this economic debacle runs the full course, it will certainly be known as the Second Great Republican Depression.

keep telling yourself that, because it's important.

 

[dilloduck]

Willow, it is the Republicans that have had the power to correct the situation for the last eight years. If this economic debacle runs the full course, it will certainly be known as the Second Great Republican Depression.

Not if the historians are republicans.

 

[WillowTree]

Willow, it is the Republicans that have had the power to correct the situation for the last eight years. If this economic debacle runs the full course, it will certainly be known as the Second Great Republican Depression.

what's that got to do with this Democrat Gov. threatening to cut business to the BOA unless they loan money to a company they know won't pay it back?? doyathink??

 

[Mad Scientist]

Willow, it is the Republicans that have had the power to correct the situation for the last eight years. If this economic debacle runs the full course, it will certainly be known as the Second Great Republican Depression.

Bullshit! Dems have had congress for the past two years and what have they done? Demand loans to people and businesses that can't pay it back that's what.

 

[NOBama]

Um, banks giving credit to people and businesses that weren't credit worthy was the reason we got into this mess in the first place.
If the business isn't credit worthy that's not the banks fault.

If my credit was so bad I was being denied loans by B of A would you support me in getting them anyway?

Okay, I should have been more specific.

If you had decent credit, collateral, and the ability to repay and a bank wouldn’t lend to you. Then, yes, I would like to see that bank shut down.

The article doesn’t present the best scenario but, the concept is intriguing.

 

[WillowTree]

Bullshit! Dems have had congress for the past two years and what have they done? Demand loans to people and businesses that can't pay it back that's what.

to this day they are in congress whining about making loans available to people who cannot repay them.. my old daddy used to say it's Democrats pissing down yer back and telling you it's rain!

 

[Angel Heart]

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What a great idea.

Too bad we couldn't take it step further and pull all our money out of banks that continue this to play this little game. The banks are basically holding the entire country hostage but, if you think about it, we (collectively) have much more power than they do.

This governor:

Blagojevich: Who cares if I was taped? - Springfield, IL - The State Journal-Register

Why does it not surprise me that a Dem is backing a union and it's illegal actions. The governor is trying to strong arm a bank into making an unwise investment.

If I was the company I would set a time for them to be out by, and if they are not, start having them charged with trespassing. It doesn't matter what your contract says. When a company goes under there's nothing they can do. The company has to sell all their property to pay back as much as they can off of what they owe. And don't give me the crap that it's just going to go to a creditor crap. Credit companies hire employees too. They all have bills too. It sucks that these guys are out a job but this isn't going to get their jobs back. It's not going to get people buying their product. I don't even see it getting them severance pay. It sucks but that's reality. There is no money to be had.

 

[WillowTree]

This governor:

Blagojevich: Who cares if I was taped? - Springfield, IL - The State Journal-Register

Why does it not surprise me that a Dem is backing a union and it's illegal actions. The governor is trying to strong arm a bank into making an unwise investment.

If I was the company I would set a time for them to be out by, and if they are not, start having them charged with trespassing. It doesn't matter what your contract says. When a company goes under there's nothing they can do. The company has to sell all their property to pay back as much as they can off of what they owe. And don't give me the crap that it's just going to go to a creditor crap. Credit companies hire employees too. They all have bills too. It sucks that these guys are out a job but this isn't going to get their jobs back. It's not going to get people buying their product. I don't even see it getting them severance pay. It sucks but that's reality. There is no money to be had.

And the Rev. JJ is right there front and center.. that's not surprising either!

 

[Mad Scientist]

And the Rev. JJ is right there front and center.. that's not surprising either!

Many business are failing but this company gets attention for two reasons only:
1. Union Shop
2. Jessie Jackson

Is this what the uniformed think?: "Business only close because the evil business owners stole all the money from it".

 

[DavidS]

More

What a great idea.

Too bad we couldn't take it step further and pull all our money out of banks that continue this to play this little game. The banks are basically holding the entire counrty hostage but, if you think about it, we (collectively) have much more power than they do.

The company is about to go bankrupt and you want BofA to make a loan to a company that can't pay it back? Isn't that how we got into this mess in the first place?

 

[Lycurgus]

The business isn't solvent and will fold even with that money. So the government wants to force the bank to make a bad loan, when we just bailed out banks because they made bad loans!

Hmmm ..............

Further, these people paid into unemployment, expedite their claims!

Hmmm............ Maybe I can get my employee's to stage a sit in on the next pay cycle!

Incredible

 

[Lycurgus]

Okay, I should have been more specific.

If you had decent credit, collateral, and the ability to repay and a bank wouldn’t lend to you. Then, yes, I would like to see that bank shut down.

The article doesn’t present the best scenario but, the concept is intriguing.

Now with that I agree! The banks have no right to hold strong businesses hostage.

 

[Angel Heart]

Now with that I agree! The banks have no right to hold strong businesses hostage.

ITA too...

But that's not what's happening here.

 

[Lycurgus]

ITA too...

But that's not what's happening here.

You know, these people are getting a raw deal. And no, it isn't right. But, the bank did nothing wrong, the company did. Further, Obama was correct in his comments, it is bad, it is sad, but, they aren't alone, it is taking place in many cities. In other words, not everyone can get bailed out. The government sadly cannot fix it, each time it happens. They company should have given the closure notice early enough to properly provide the employees with ample notice and the correct compensation. They failed to do so. They are accountable. Auction off the assets and use that to help compensate the employee's.

It is sad, it's wrong and it's happening too often.

 

[GHook93]

It amazes when sh1t like this happens! A good reason for the mortgage mess was because the government dictated to the mortgage companies who they had to lend to. The error of lending regardless of risk is over. The company the BofA is telling NO to is a company that installs windows on new construction residential homes! LOL Mr. Governor! No one is buying homes now, especially new construction homes! Your asking BofA to make a highly risky loan to a company that is almost assured not to pay it! How can one logically say that BofA should be responsible for this companies severance pay! Whenever I think Bagofshit can't be any worse of a governor he always surprises me and makes another bonehead move!

We want the banks to start acting responsible and when we do we go ape-shit! Will that be same with the Big Three. We will say, "here is you god damn fucking bailout, now act responsible." Then say in the next breath, "You heartless fucking bastards, you dare you cut auto workers pay to be in reality with making more pay, how dare you get rid of pensions when every other industry in the world did, how dare you act responsible at the expense of the worker!"

Bagofshit, I can't wait to vote against you!