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Blagojevich is a hero

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loosecannon
User ID: 570284

United States
12/11/2008 10:49 AM

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Blagojevich is a hero

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BofA lends $1.35M to closed plant

Bank of America Corp. has loaned $1.35 million to allow a Chicago manufacturer to meet its obligations to its employees.

Workers at Republic Windows & Doors staged a sit-in because of the company’s abrupt closing. They were not paid severance and vacation time.

Executives at the company said they needed BofA to restore its line of credit to allow them to pay workers. BofA said it didn’t cut off funds to the company. Republic had borrowed the maximum allowed under its terms.

On Monday, Illinois Gov. Rod Blagojevich said he would order all state agencies to stop doing business with Charlotte-based BofA (NYSE:BAC) because of the plant’s closing.

I find it interesting that Blagojevich is a hero one day and the "low point in American politics" the next day for doing essentially the same thing in both cases: using threats to withold, or promises to award, state concessions in exchange for favors (of monetary value) for special interest groups.

I realize it makes a difference that in the second case he was intending to enrich himself. But the distinction is not as crystal clear as we might like it to be.

Anonymous Coward
User ID: 554503

United States
12/11/2008 10:51 AM

Re: Blagojevich is a hero	Quote
It truly is a sign of the times when you can't trust anyone! When morality is so distorted!

Anonymous Coward
User ID: 532556

United States
12/11/2008 11:04 AM

Re: Blagojevich is a hero

Quote

He's no hero, he set up a situation that will cost taxpayers even more than we already were on the hook for. Now, how can any bank cut off credit to a failing company unable to stay in business without receiving credit? All the workers will have to do is what these workers did. So, that means more money from taxpayers going to companies poorly run. He set a precedent that will cost all of us mre in the long run. the bailouts were bullshit to begin with. But since they have our money, i'd prefer they do not continue to lend to businesses or individuals not likely to repay. The only action i would have supported was if BofA laid out the money to give the workers their 60 day severance that the window company was supposed to, and let BofA try to recoop that money from the sale of the company's physical assets. I dislike shadiness from the banks just as much as any of you. But perpetuated the poor business practice of indiscretionary lending will only hurt us.

loosecannon
User ID: 570284

United States
12/11/2008 11:22 AM

Re: Blagojevich is a hero

Quote

The only action i would have supported was if BofA laid out the money to give the workers their 60 day severance that the window company was supposed to, and let BofA try to recoop that money from the sale of the company's physical assets.

Quoting: Anonymous Coward 532556

That is exactly what will happen. When the company files bankruptcy, and they will, the employees would be second in line for claims behind creditors. Meaning that if BoA hadn't issued this special conditional loan the banks would have had first crack at the assets before any employees.

Since they did issue the loan the employeees get their just compensation first with the creditors ahead of everybody else in picking over the bones.

I don't approve of the BR process priorities, or necessarily the BoA loan but I don't agree that this will establish a standard. It will draw attention to existing problems in the bankruptcy laws. IMO.

(edited to add)

We gave BoA somewhere between $20 billion and $45 billion in the bailouts.

The workers needed a mere $1.5 million in loans. BoA could make good the employee termination of 13,000 companies with 1,500 employees each.

That's almost 20 million employees who could receive just severence from BoA alone if they used the bailouts for this purpose.

MeAgain
User ID: 477567

United States
12/11/2008 12:25 PM

Re: Blagojevich is a hero	Quote
The man tried to pull funding on a children's hospital because the director had not sent in the gov's 50k cut. Some hero you got there buddy.

Anonymous Coward
User ID: 532556

United States
12/11/2008 12:31 PM

Re: Blagojevich is a hero	Quote
OP, keep in mind that Blago knew he was under fed surveillance before he headed to the sit in. He even talked about it at the press conference there. He did it to try to get positive publicity for himself, that is all. And i do think it sets a dangerous precedent.

Mr. Predictor Subscriber

Forum Moderator
User ID: 287257

United States
12/11/2008 12:32 PM

Re: Blagojevich is a hero	Quote
bad rug “A government big enough to give you everything you want is big enough to take away everything you have.” - President Gerald Ford

Anonymous Coward
User ID: 510528

Canada
12/11/2008 12:33 PM

Re: Blagojevich is a hero	Quote
Blago is no hero. He cut funding to major historic sites. A lot of our parks are closed down, even museums. Perhaps you should school yourself on Illinois politics. This guy is the furthest thing from a hero.

Anonymous Coward
User ID: 532556

United States
12/11/2008 12:33 PM

Re: Blagojevich is a hero	Quote
bad rug Quoting: Mr. Predictor He looks like Jackie Gleason getting rady to go to a Racoons meeting.

Anonymous Coward
User ID: 532556

United States
12/11/2008 12:34 PM

Re: Blagojevich is a hero	Quote
Blago is no hero. He cut funding to major historic sites. A lot of our parks are closed down, even museums. Perhaps you should school yourself on Illinois politics. This guy is the furthest thing from a hero. Quoting: Anonymous Coward 510528 Anyone who knows anything about the guy knows that. Especially us living in IL. the guy earned his 4% approval rating, and that was before this broke.

Anonymous Coward
User ID: 557889

United States
12/11/2008 12:36 PM

Re: Blagojevich is a hero	Quote
Bank of maerica truly can't prove it owns the equipment. Cause the money is underwritten by the people.

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