Progress Illinois

In a letter sent today, Reps. Phil Hare and Jan Schakowsky asked Treasury Secretary Timothy Geithner to help send a message to Wells Fargo that liquidating bankrupt Hartmarx, Inc. -- and destroying over 3,000 American jobs -- should not be an option.  The letter was signed by 43 members of Congress, including Illinois' own Luis Gutierrez, Dan Lipinski, Bobby Rush, Mike Quigley, Danny Davis, and Jesse Jackson Jr.  Here's an excerpt:

[W]e need to encourage the development of a financial system that promotes the long term interests of our country and economy.  The case of HartMarx must not become an unfortunate example of financial institutions failing to provide the credit envisioned by Congress to help maintain corporate operations and preserve jobs in this trying economic climate.  We hope that any new funding provided by the government will provide clarity and a change in bank behavior and practice with regard to promoting and preserving jobs in this country.

They went on to cite the Republic Windows sit-in as a case study, adding: "We hope that Wells Fargo/Wachovia will take a lesson from this, and keep Hartmarx intact.  We ask that you please help us send them that message."  Read the letter in full below (click the button in the upper right hand corner to expand):

As we noted earlier today, the timing is right for Wells Fargo to receive a push.  A London-based private equity firm currently has an offer on the table to buy Hartmarx, "offering 80 cents on the dollar for more than $100 million that Hartmarx owes."