Wells Fargo has found itself all over the news in recent weeks.
First, Baltimore officials filed a federal lawsuit against the bank,
alleging it systematically singled out
blacks in Baltimore for high-interest subprime mortgages, leading to a
wave of foreclosures that is costing the city millions of dollars. The
bank also confirmed that it wasn't among the 10 federal bailout recipients that will soon repay the billions of dollars forked over by the Treasury Department last fall.
One encouraging sign came last week, however, when Wells backed off efforts to liquidate Hartmarx, Inc, which has 4,000 workers in the U.S., including 1,000 here in Illinois. Now, the 100 employees of Quad City Die Casting are asking the bank to similarly reconsider the shutdown of their Moline factory.
As we reported two weeks ago, Wells Fargo is refusing to extend credit to the 60-year-old family-owned business, which makes aluminum parts for farm machinery, vehicles, and other electrical products. Today, members of United Electrical Workers (UE) Local 1174 traveled across the state to the bank's Chicago headquarters. As drizzle fell on West Monroe Street, they expressed outrage at Wells Fargo's decision -- one the bank won't explain, citing privacy concerns. "People are going to lose their homes, their cars," said Debbie Johann, a 31-year veteran of the plant. "What do they want us to do -- live in a cardboard box?"
UE officals have been talking to the company and publicly pushing the bank to explain its rationale. "If they don’t want to continue with the business, fine. But give us time to find another source of financing," said UE organizer Leah Fried, who told us last month that the company needs "thousands of dollars -- not millions" to continue operating. "This is really irresponsible -- giving people just weeks notice and essentially condemning this business to go under."
Nine-year employee Laurie Butler told us that losing her job would mean tough times for her family. "It would be rough for a little while," she tells us. "We’ll have to tighten our belts and hope to find something else." Since they learned of the impending shutdpwn, Butler and her colleagues have continued to labor for the company during the week, while protesting on the weekends.
UE Local 1110 Vice President Melvin Macklin, who helped lead the successful sit-in at the Republic Windows factory last December, told the Moline workers to stay strong. "We're here to let you know that you can fight, and you can win, and we will win!"
Fried assures us that's exactly what Local 1174 members will do. But the clock is ticking. Unless Wells changes its mind, the plant is scheduled to close on July 12.
