Hartmarx Focus Of National Effort (Wells Fargo push to liquidate tailor's business)

[Robbien]

Source: The Journal

U.S. Rep. Jan Schakowsky (D-9th) weighed in on the possible closure and liquidation of Hart Schaffner Marx, employer of 600 workers in its Des Plaines plant.

Schakowsky is using the situation there to highlight job losses and announce the launch of a national campaign to support small businesses and fend off moves by big banks that took federal bailout money from liquidating companies and to free up credit.

"Big banks like Bank of America and Wells Fargo received more than $410 billion in taxpayer bailout funds so they could remain solvent and start lending again to get the economy moving," said Scha kowsky in a written statement. "Instead, they're freezing loans and putting small businesses in danger of closing their doors and putting workers in the unemployment line."

In an exclusive interview with the Journal & Topics Newspapers from the floor of the U.S. Capitol Wednesday, Schakowsky did not mince words saying there would be consequences if Wells Fargo, Hart Schaffner Marx's largest creditor, moves ahead with an option to liquidate the company, which filed for bankruptcy last January.

"I talked to the CEO of Wells Fargo (John Stumpf) who said ‘we didn't ask for the $25 billion' (in bank bailout money). Well, they took it," said Schakowsky. "He said he has to worry about his shareholders. Well we're all his shareholders now."

Read more: http://www.journal-topics.com/dp/09/dp090514.1.html

[madmom]

1. What makes me so mad about this (along with Chrysler/GM) is

the share holders KNEW they were taking a risk when the bought in to the company! The workers built the companies with blood, sweat and tears and they get nothing. Shouldn't it be the other way around? If it weren't for the workers there would be no company for the shareholders to invest in.