Chase offers $400,000 in Chicago factory sit-in

[babylonsister]

Chase offers $400,000 in Chicago factory sit-in
By Andrew Stern


CHICAGO (Reuters) - JPMorgan Chase & Co offered $400,000 on Wednesday to help pay severance to laid-off workers occupying a Chicago factory, whose protest has come to symbolize resentment over the federal bailout of big banks while workers suffer.

JPMorgan Chase's offer, announced by U.S. Rep. Luis Gutierrez, who has been mediating the dispute, follows on Bank of America Corp's pledge to make an unspecified, limited loan to Republic Windows & Doors on behalf of the 250 workers.

Both banks are creditors of Republic, a family-owned window and door manufacturer that fell victim to the housing downturn and shut down on Friday.

In July, JPMorgan wrote off a $7 million investment and $5 million loan that gave it a 40 percent stake in Republic, and resigned its seat on the company's board, a spokesman said.

The workers, who were given three days' notice of the closure, have occupied the shuttered plant since then, demanding a legally mandated 60 days' pay for severance, and accrued vacation pay.

JPMorgan Chase's $400,000 pledge was described by Gutierrez as capital, and how the transfer would be structured was still to be worked out, a spokeswoman for the Illinois Democrat said.

more...

http://www.reuters.com/article/newsOne/idUSTRE4B961020081210

[sarcasmo]

1. The real news, comes to the forefront. Chase actually owned a 40 percent stake in the company.

Banks are destroying this country day by day.

[Scooter24]

3. They owned a 40% stake because Republic couldn't pay it's debt.

The bank lost $12 Million in the deal.

[hendo]

4. yeah

how dare they help Republic, and lose $12 million in the process. Those evil bankers.
:sarcasm:

[RB TexLa]

7. Simply means some DUers would want to use shorter rope to hang bankers

:crazy:

JPM might be laying off another 3,000 next week, I'm sure that will be cheered, more evil bankers out of work!!!

[hendo]

8. Yeah

some people just don't seem to get it. It's sad.

[hendo]

5. when a company can't pay off thier debt

that is what happens. If you have a mortgage, the bank you have it through owns a portion of your house. Same with HELOCs.

[louis-t]

2. Chase is also vying for IL business as embattled Gov

slams Bank of America. Just my opinion.

[hendo]

6. It's good of them to come forward like this

it may not go far towards paying the laid off workers, but its a start.