The Window Company Sit In Is Over
The sit-in has ended in Chicago, as Bank of America, union leaders and Republic Windows & Doors have reached an agreement that will give each employee eight weeks' salary, all accrued vacation pay and two months' paid health care. [AP]
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Comments:
Chicago is a cesspool of corrupt politicians and unions. This is a Pyrrhic victory
@Ninja007: Seriously though, I think it may help spark some reform. Check this out:
[progressillinois.com]
@AngrySicilian: well I'm from Chicago, and I think your comment illustrates my point about problems with corruption in Chicago.
@Ninja007: Well, I live in the suburbs... I think there's a lot of room for improvement, but I don't think its a cesspool yet.
Where's the love for the employees who were otherwise screwed out of their money?
This is worlds better than the 'retention bonuses' from AIG.
Or is it the same?
@Git Em SteveDave loves this guy->★: I hate Bank of America... hate them... but I have to (gulp) agree with them here. The fact that they're forced to give a "loan" (*cough* bullshit *cough*) to a company that has gone out of business and laid its employees off illegally by a governor who was arrested for being about as corrupt as they come is ridiculous.
If you feel bad for them, write them a check. BoA is being extorted into making what amounts to a charitable contribution.
@AngrySicilian: I also live in the 'burbs.
Illinois is like a third-world country when it comes to political corruption. You can almost guarantee that EVERY state function is going to the highest kickback or best political connection, rather than the lowest bidder.
I was talking with a client in Washington State about it. Their biggest corruption stories wouldn't even get press on a Saturday morning in Chicago.
I just love the specious offer from JPMorgan Chase to give their employees $400K.
Hey assholes, how can you cut your workers salaries and lay people off and in the same breath give money away to some company for a phony publicity stunt?
@Git Em SteveDave loves this guy->★: i lind of laughed when reading this, trying to figure out what company that could have been... they've bought out LaSalle, Fleet, US Trust, Countrywide, Merrill Lynch, and, well, a lot more.
@loueloui: see my comment on the other article.
Pretty much, they're reducing redundancies.
You wouldn't want to pay 2 people to do the same thing, so you cut costs by getting rid of one of them.
@doctor_cos: Because it's not BoA's fault they were screwed by a probably corrupt company, yet BoA still has to pay. Anyone see what's wrong with this picture?
@loueloui: Because this is essentially an extortion payment to the state of Illinois. Pay up or we break your legs.
BOA gave a loan of 1.3 million dollars to a failed company who had exceeded their credit line already? So b/c the management had violated policies, BOA was coerced into handing out free money with a very low chance of return by a Governor who was just arrested. There are times I weep and die a little inside. This is one of them.
In the spirit of disclosure, I was laid off by BOA after they bought my old company and do have stock with them in my 401k.