Stupid Lending Coming Full Circle

I have to credit a buddy of mine in Chicago for bringing this one to my attention.

You’ve probably heard about the workers in Chicago staging a sit in at the Republic Windows and Doors plant. Their beef is that the company is not paying the workers enough notice before closing, which is a violation of their contract. That sucks for them, but somehow the government places blame with…

Bank of America?

Earlier Monday, Gov. Rod Blagojevich, several alderman and Cook County officials offered their support for the workers’ protest and threatened to suspend business with Bank of America if a resolution was not reached.

How is it Bank of America’s fault that this company can’t run profitably?  Are they actually trying to coerce Bank of America to lend out money to a company that can’t repay it?

Uh, correct me if I’m wrong, but wasn’t most of this financial mess started when government forced financial institutions to lend money to people who couldn’t afford to pay it back?

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5 Replies to “Stupid Lending Coming Full Circle”

  1. This just in, Gov. Rod Blagojevich was taken into custody this morning by the feds. BofA has some pull. Mess with them and they will send the feds after you.

    Apparently, he has been trying to sell Obama’s Senate seat (among many other questionable acts). Funny, he ran on a change and reform platform similar to Obama’s. Illinois may be the first state to have their last two governors in jail at the same time. This is the political system that produced our next President…

  2. This is a real life soap opera. JPMorgan Chase crawled out from under the rock they were hiding under today and admitted that they are a 40% owner of this company! Funny, they timed it perfectly so that BofA took all the heat and only fessed up when Blagojevich captured all the headlines.

    At least JP Morgan Chase doesn’t have political ties to the Chicago Democratic machine. Wait a minute, Mayor Richard Daley’s brother Bill happens to be a senior executive at JP Morgan Chase. Wow, it gets better and better. This story has really lost momentum with Governor Rod hogging the headlines.

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