PI Original Josh Kalven Wednesday December 10th, 2008, 10:40pm

Republic Windows Workers Stand Proud

Good news coming in via the AP. The Republic Windows workers have voted to end their sit-in:

Workers have approved a $1.75 million agreement, ending a sit-in that lasted six days at a Chicago window and door factory.
U.S. Rep. Luis Gutierrez says each former ...

Good news coming in via the AP. The Republic Windows workers have voted to end their sit-in:

Workers have approved a $1.75 million agreement, ending a sit-in that lasted six days at a Chicago window and door factory. U.S. Rep. Luis Gutierrez says each former Republic Windows & Door employee will get eight weeks salary, all accrued vacation pay and two months paid health care. 

As we noted yesterday, Chase Capital -- a subsidiary of JPMorgan Chase -- has largely escaped scrutiny in this whole dispute, despite the fact they own a substantial minority stake in the company.  So it's notable that they're covering about a quarter of the agreed-upon amount:

Bank of America spokeswoman Julie Westermann says the company loaned $1.35 million. Gutierrez says JPMorgan Chase & Co. added $400,000.

Credit is due to all the labor leaders who made this happen.  The question now: what's next?  There's certainly still need for a "people's bailout" on the federal level.  More locally, this dispute has renewed focus on Chicago's tax increment financing (TIF) system.  We'll follow-up on the possibilities there tomorrow morning. 

Comments

Login or register to post comments

Recent content

Thu
2.9.12
Wed
2.8.12
Tue
2.7.12
Mon
2.6.12