BoA and Republic Windows

[picklesuit]

^
Predatory lenders to sailors???

How about Bank of America and that damn Gov't credit card racquet they have going?

Don't get me started...at least I don't have to pay THAT one...I wonder if that means I can't use my BOA card in Illinois after Blagevojich won't do business with them?

 

[Stick]

Some window/door manufacturer in Chicago closed its doors. The contract they had with the Union required them to give something like 60 days notice before closing down.

The Company is saying BoA wouldnt give them a loan to stay afloat. It's now becoming a great excuse for the Pol's in IL to get some free TV time.

The Gov. of Illinois has directed all state offices to suspend any business with BoA, wouldnt surprise me if Cook County follow's suit.

I haven't looked more into the story but from what I saw on TV I don't think BoA did anything wrong. The TV said they wouldn't extend any more credit to the company because the company’s revenues are going down a lot. If the borrower can't pay a loan why would you give them a loan (now that companies have seen the damage that causes)? BoA isn't at fault; it is the window company that is. But remember, I said I haven't looked more into it, but I will.

 

[phrogpilot73]

BoA isn't at fault; it is the window company that is.

I'd say BoA has some blame in this game as well. The issue in everything I've read is severance pay, vacation pay, and back pay. BoA received $25B from the Feds. The intent was to loosen credit markets (and keep a line of credit open so that Republic can abide by Federal law), but instead BoA purchased Merrill Lynch. Sorry but BoA has some of the stink on it as well...

 

[Flash]

Some window/door manufacturer in Chicago closed its doors. The contract they had with the Union required them to give something like 60 days notice before closing down.

The Company is saying BoA wouldnt give them a loan to stay afloat. It's now becoming a great excuse for the Pol's in IL to get some free TV time.

The Gov. of Illinois has directed all state offices to suspend any business with BoA, wouldnt surprise me if Cook County follow's suit.

I believe it was not in the contract but it is largely federal law the workers are citing. Apparently it requires 60 days notice in most cases like this though there are some exceptions. Not sure of the finer points of labor law though.

How ironic.

 

[phrogpilot73]

I believe it was not in the contract but it is largely federal law the workers are citing. Apparently it requires 60 days notice in most cases like this though there are some exceptions. Not sure of the finer points of labor law though.

How ironic.

From Time:

At issue is Republic's compliance with federal government guidelines called the Worker Adjustment and Retraining Notification Act (better known as WARN), an act which requires companies to give employees at least 60 days notice before closing a plant or initiating mass layoffs. WARN also requires companies to fully compensate workers with all earned wages and vacation time.

http://www.time.com/time/nation/article/0,8599,1865226,00.html

 

[Fog]

I'd say BoA has some blame in this game as well. The issue in everything I've read is severance pay, vacation pay, and back pay. BoA received $25B from the Feds. The intent was to loosen credit markets (and keep a line of credit open so that Republic can abide by Federal law), but instead BoA purchased Merrill Lynch. Sorry but BoA has some of the stink on it as well...

B of A may now own the assets of Republic Door & Window, but that doesn't mean they must assume the liabilities of the company. B of A may look a little heavy-handed here, but it's not their legal role to comply with federal laws the previous owners ignored.