Illinois: Extortion in Chicago
According to our friend Doug Bandow at The American Spectator:
"Victory for the Sit-in Strikers," exulted the AFL-CIO blog. "Three Cheers for Workers Who Waged the Sit-In," shouted another blog headline. Let's hear it for economic extortion!
The indictment of Gov. Rod Blagojevich wasn't the only thing happening in Illinois last week. Bank of America was the victim of a concerted shake-down operation that could be replicated around the country. Banks apparently now are expected to give money away to failed borrowers. This could become federal policy when Barack Obama, who supported this new example of Chicago blackmail, becomes president.
One of the casualties of the faltering housing market is Chicago's Republic Windows and Doors. Bank of America cut off the company's line of credit in response to falling demand. "If the bank saw some light at the end of the tunnel, maybe the bank would have extended a line of credit," admitted Amy Zimmerman, Republic's vice president of sales and marketing. "Banks are in the business to make money and at some point they have to make a business decision and that's what this is," Zimmerman added.
In the first week of December Republic laid off its workers and closed its doors. Under state law the company was supposed to give two months notice, with continued pay and benefits. So the employees launched a sit-in: "We're going to stay here until we win justice," said one...click to continue.
