SIT-IN WIN! B of A extends credit to company to settle workers claims!

[originalpckelly]

Republic will not be in business and they're still out of work, but they will get their severance and accrued vacation pay.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRjhLlnlGG0k&refer=home

Dec. 9 (Bloomberg) -- 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.

[malaise]

1. Yeeeeeeeeeeeeeeees!

I hope all workers now know how victories are won.

[originalpckelly]

3. It's beautiful isn't it!?

It was just on CNN's little breaking news banner before they cut to break. I bet they're getting ready for hours of coverage on how successful this was.

[malaise]

17. We won't get really good coverage until Rachel

tonight. She was excellent last night.

[originalpckelly]

19. Yeah...

We may have to wait until then. These dicks don't give a fuck about some striking workers, but they may have to if enough of us follow their lead. :P

[originalpckelly]

2. No link as of yet, will post as it breaks.

:woohoo: :bounce: We need to do more of this folks, it worked!

[GodlessBiker]

4. Wow! Workers can get it done!!!!

[originalpckelly]

FUCKING AMAZING!

About to burst here!

[originalpckelly]

5. It's now on CNN!

:woohoo:

Talking about it now.

[carlyhippy]

6. yeah!

Carly

[Veritas_et_Aequitas]

7. Wooooo!

Five minute celebration!

:party: :toast: :patriot: :woohoo: :fistbump:

Okay, back to work

[originalpckelly]

9. And not in the bad way!

:woohoo:

OMG! This is just amazing. Even the talking heads are calling it a great story!

[eleny]

8. k&r

[Subdivisions]

10. Chalk one up for the working man and woman!!! Great news! n/t

[YvonneCa]

11. Just heard Rick Sanchez say this. This is...

...great news, and it shows that standing up on principle is important. Especially when you have a President (elect) who actually believes in principle.

Change we can believe in! ;)

[originalpckelly]

12. It also knocks down any of that bs about Blagojevich...

being indicted because he withdrew support from BOA.

[DearAbby]

13. This is why they hate UNIONS

And they must be very worried about this...It works when people unite in a cause.

[originalpckelly]

14. I'm not entirely certain if CNN got the story right...

it doesn't sound as good in Bloomberg's story. The people get paid, but for how long and will they be able to go back to work?

[stray cat]

20. Isn't the company closed - probably no chance of going back to work

just paid for accumulated vacation time and severence of 6 weeks I suspect

[originalpckelly]

21. The company just needed some credit to do business...

so I don't what the hell this means.

[originalpckelly]

23. Nope, it just means what you said...

company did get credit, but only to settle claims, not to resume operation.

So they're still out of work, but they got paid in full for previous work, which is still a damn fine success! :P

[originalpckelly]

15. MSNBC has a story that agrees with CNN...

so either they're both wrong or Bloomberg is.

[stray cat]

16. Will Republic Windows & Doors LLC in Chicago spend it on something else?

The bank can't control what the company does with it although the company would be stupid to pocket it.

[originalpckelly]

18. There's a lot of confusion right now.

Conflicting stories from major news outlets, let's wait to see if there is more info. But it does sound good though.

[Robbien]

22. Republic Windows is now doing business as Echo Windows in Iowa

as far as I've heard.

So it will be interesting to see to whom BoA gives the credit line and if it ever gets to Republic's workers.

[originalpckelly]

24. MSNBC does agree with the Bloomberg story...

the company has been given money to pay the workers in full for previous work, including their severance and vacation pay.

[stray cat]

25. Seriously? Thats news to me. I think all BoA can do is extend credit

[Peace Patriot]

26. Great news if the workers get the pay and benefits they earned!

Kudos to these workers! They have shown the whole country what to do!

But I do wish to see the bailout money used to re-tool this and other shuttered factories. A shuttered factory is no use to anybody. Give it to the workers, let them figure out the product line to tide them over, while Obama & co. work on the bigger issues, and the rest of us do our part. I'm ecstatic with joy that their protest got them fairness, but they want to WORK, as do we all! What the hell? You have a loyal, productive work force, at the Republic shop, and all over this land--including creative people, people with ideas, engineers, designers, and people who know how things work and who make things work, and the ingrates who have profited off our work all this time, shut us out. It's nuts! How do you make an economy without people working? It's "Alice in Wonderland" nuts! So let the WORKERS DO IT! Give THEM the relative "drop in the bucket" money it would take, and watch American workers rebuild America!