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Bank Of America Offers Loans to Republic Windows Workers

December 9, 2008

The workers won!!

Hot Damn! 

As I mused this weekend, what will happen in other situations if workers discover that they have power over their own destiny?  Today the workers at Republic Windows and Doors won what they were asking after a many day sit-in.  As I said before this is an example of the spunk and spine in workers and unions that I applaud.

Bank of America Corp. will provide a “limited amount of additional loans” to shuttered Republic Windows & Doors LLC in Chicago to pay employees occupying a building after the bank ended the company’s line of credit.

Bank of America isn’t obligated to pay Republic’s employees or make additional loans to the company, the Charlotte, North Carolina-based bank said today in a statement. Republic closed last week, sparking the sit-in by employees who blame the bank for cutting off the Chicago company’s credit.

The bank also said it must rely on Republic and its management to negotiate the employee claims because it doesn’t have a direct relationship with the factory’s workers.

The United Electrical, Radio and Machine Workers of America, which represents the Republic employees, plans a rally at noon tomorrow at the Bank of America building in Chicago. The bank has received $15 billion from the U.S. Treasury as part of its effort to boost capital, while Merrill Lynch & Co., the securities brokerage it is buying, received $10 billion.

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