Word is that the sit-in strikers at Chicago’s Republic Windows and Doors have voted to end their protest, having reached a $1.75 million agreement with the company that will pay each worker eight weeks’ salary, all vacation time owed, and two months’ health care, which comes out to about $7000 per worker. Apparently, Bank of America did, indeed, come through with a loan, with JPMorgan Chase pitching in a small amount.
And nobody got hurt. That wasn’t so hard, was it?
Actually, yes. It was way harder than it should have been. But I hope the next one goes as smoothly.
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Fletch
Jeremy
Zack!
joshuastough
pfe115
vkoneonefive
You’re right, it was harder than it should have been. The Worker Adjustment and Retraining Act (WARN) stipulates that companies employing more than 100 workers are required to give sixty days notice to employees when they plan on closing a plant. I believe that in the absence of such notification the employer is required to compensate employees for that sixty day period. Therefore, Republic Windows did what was required by law, nothing more– and it sounds as though they and B of A did so kicking and screaming. Bastards.
Good stuff, Fletch.
Bastards? Maybe the company, but I don’t think BoA is blame.
I understand the purpose of the wall street bailout was to loosen credit. But do we really want to loosen credit for failing companies? What good is it to extend funds to an already bankrupt firm? Isn’t that what got us into this mess, that is, lending money to people who couldn’t possibly pay it back?
I don’t have a gripe against the workers, I just don’t think we should force banks to throw good money after bad.
Alternative Analysis through looking at the Dicta.
Unions, strikes, crumbling economy…blah, blah, blah. Are you going to do any Golden Globe coverage?
Maybe BoA isn’t to blame (directly), but the bank has already received a bailout from the government, ostensibly to reinvigorate the economy, etc. As has already been argued elsewhere: what is BoA supposed to do, sit on the money? And yes, BoA (as well as other banks) are bastards, if not for this, then for plenty of other reasons.