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.