The list of public officials criticizing Bank of America (BOA) for failing to extend
a $5 million line of credit to help Republic Windows and Doors meet
financial obligations to its employees grew longer this afternoon.
Following the governor’s lead,
a handful of ...
The list of public officials criticizing Bank of America (BOA) for failing to extend
a $5 million line of credit to help Republic Windows and Doors meet
financial obligations to its employees grew longer this afternoon.
Following the governor’s lead, a handful of Chicago and Cook County officials announced their own plans to cease all business with the North Carolina-based bank unless officials hand over enough cash to cover the pay and benefits owed to Republic Windows employees.
In Cook County, that would mean closing a $368 million bank account and canceling any pending or future bond work, according to Commissioner Mike Quigley, who penned the ordinance for the county board. Board President Todd Stroger stood at his side as he unveiled it a press conference this morning.
Ald. Joe Moore (49th) is the lead sponsor of a similar city measure, which Alds. Manny Flores (1st), Scott Waguespack (32nd), Tom Allen (38th), Gene Schulter (47th), Ed Smith (28th), and Ricardo Munoz (22nd) announced at City Hall this afternoon.
Mayor Richard Daley, who is out of town, has managed to dodge the debate thus far. His office had no comment on the stalemate between the window company and its 250 or so workers currently sitting-in at the Near North Side factory.
Neither the city nor county’s proposals will be formally introduced until the board reconvenes next week. Until then, officials have vowed to put the breaks on sponsoring any zoning changes for BOA-owned properties.
In light of BOA’s $34 billion cut of the federal bailout package along with Republic Windows’ $9.6 million Tax Increment Financing (TIF) subsidy in 1996, the bank’s unwillingness to resolve the escalating labor dispute is nothing short of an insult to taxpayers, Quigley tells us.
“They received an extraordinary bailout and the first thing they do in Chicago is turn their backs on worker,” he added. “OK, we’ll turn our backs on them.”
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