Bank of America faces possible cutoff of business by State of Illinois (relating to worker's sit-in) [View All]

[Robbien]

Source: Bloomberg

Illinois Governor Rod Blagojevich said today the state would suspend its business with Bank of America Corp. until the lender restores credit to the shuttered Republic Windows & Doors company in Chicago where workers are staging a sit-in.

Blagojevich commented at a news conference after meeting with employees who have stayed at the factory since Dec. 5, when it closed after the bank canceled its line of credit. Illinois does “hundreds of millions of dollars” in business with the bank, he said.

“We’re hoping negotiations this afternoon with the bank and company are successful and they can make things happen,” Kelly Quinn, a spokeswoman for Blagojevich, said. “The governor believes we should be putting people to work, not sending them to the unemployment line.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=akrsdg5ID7aM&refer=home

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The governor said that because Bank of America received a bailout for the purpose of lending and/or extending lines of credit to business and did not do so to Republic Windows and Door Company he was taking the action.

Every once in a while Blago gets it right.