Workers Refuse to leave after getting laid off

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chess9

Elite member
Apr 15, 2000
7,748
0
0
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
It's the company problem, not BoA. Why should BoA continue to provide credit to a company that can't pay it back?

Why should us taxpayers give money to BoA that they are not going to pay back?

:confused: Stop posting. I can't understand why an idiot like you would think it was alright to install SETI on computers you don't own and cry when you got into legal trouble over it.

Uh, not nice. Disagree over his post, but why do you and several others insist on dredging up this very old incident? I'll bet you never made a mistake....

-Robert

 

Jhhnn

IN MEMORIAM
Nov 11, 1999
62,365
14,685
136
Originally posted by: Robor
Originally posted by: GroundedSailor
Originally posted by: Farang
These economic problems were caused by banks making bad loans. Now some of you are complaining because a bank is refusing to make a bad loan. :confused:

We don;t know it is a bad loan. All we can make out is that BoA withdrew the line of credit. A lot of companies use a line of credit to meet payroll and if BoA has been given money to keep lines of credit flowing and doesn't do so then, yes, BoA has some questions to answer.

I agree... Pre-bailout there were financial experts warning if the banks weren't bailed out they'd pull back credit lines and we'd see companies have problems meeting payrolls. The bailout was passed. Wasn't it done to prevent precisely this?

The bailout was done to allow many of the banks to survive at all. That's how far they're over-extended. There's been a lot of understatement wrt the situation, in hopes of avoiding a panic and of allowing for an orderly unwinding.

Both the management of Republic and BofA have been irresponsible in their handling of this. Lending should have been tapered off with an understanding that the place would be closed, workers paid off and laid off in an orderly fashion.

Greed doesn't allow for that, creating more victims as it sails along...
 

K1052

Elite Member
Aug 21, 2003
52,774
46,587
136
Originally posted by: SP33Demon
Why couldn't they get a loan at another bank? Wells, Citi, Chase? C'mon.

Banks are running away from anything that isn't an iron clad sure thing and probably killing some viable companies in the process. While they definitely are looking out for their interests and that of their shareholders (rightly so) if they cause too many companies to fail by overcompensating for their previously lax lending while holding on to the bailout cash the public is going to start baying for their blood again.


This is only going to get worse as more companies miss their budgets due to the economy and the banks refuse to renegotiate their lines.
 

CPA

Elite Member
Nov 19, 2001
30,322
4
0
Originally posted by: frostedflakes
Originally posted by: frostedflakes
Originally posted by: Eeezee
Originally posted by: Capt Caveman
It's the company problem, not BoA. Why should BoA continue to provide credit to a company that can't pay it back?

The banks have been cutting lines of credit across the board. Even good lines have been restricted or completely cut.

I think there's a little more to this story, like whether the company has been making payments on time. If they have, clearly this is BoA in the wrong for taking bailout money and sitting on it rather than using it for its intended use.
This. Unfortunately, I can't seem to find details on *why* their line of credit was eliminated.
Found this in another news story.

Fried said Republic Windows & Doors had been hard-hit by the downturn in the housing market but could likely have managed to keep the business afloat if their credit had not dried up.

"This is a company that's been around for 48 years. They've been through quite a few ups and downs in the housing market and they probably could have gotten through this, but Bank of America decided to cut off the financing despite the bailout they received (from the government) and now these people are out on the street."

They're just passing the buck. Again, as someone else stated, first we complain that banks were giving loans to risky borrowers, now that they are reeling it in, we complain about that. Here's a question for the owner: During the "good times" of the late 90s early 2000, where did all the money go? Did you not save any of it?
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: frostedflakes
I'm still trying to understand why their credit was cut off, though.

Yeah home sales are down, but it sounds like they were still making good money.

Because the Bildergroup/Illuminate/whateever you want to call the few elite than run the world now have found this way of getting rid of all companies with unions so they can drive down U.S. wages to the rest of the world.

$6 an hour is the target with no benefits.
 

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Originally posted by: dmcowen674
Originally posted by: frostedflakes
I'm still trying to understand why their credit was cut off, though.

Yeah home sales are down, but it sounds like they were still making good money.

Because the Bildergroup/Illuminate/whateever you want to call the few elite than run the world now have found this way of getting rid of all companies with unions so they can drive down U.S. wages to the rest of the world.

$6 an hour is the target with no benefits.

Proof of this asinine assertion?
 

GroundedSailor

Platinum Member
Feb 18, 2001
2,502
0
76
Originally posted by: SP33Demon
Why couldn't they get a loan at another bank? Wells, Citi, Chase? C'mon.

Because, among other reasons, establishing a line of credit or securing a loan for a business does not happen overnight. It takes weeks to get everything lined up correctly.


 

ericlp

Diamond Member
Dec 24, 2000
6,137
225
106
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
It's the company problem, not BoA. Why should BoA continue to provide credit to a company that can't pay it back?

Why should us taxpayers give money to BoA that they are not going to pay back?

:confused: Stop posting. I can't understand why an idiot like you would think it was alright to install SETI on computers you don't own and cry when you got into legal trouble over it.

Troll much???

 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: frostedflakes
I'm still trying to understand why their credit was cut off, though.

Yeah home sales are down, but it sounds like they were still making good money.

Because the Bildergroup/Illuminate/whateever you want to call the few elite than run the world now have found this way of getting rid of all companies with unions so they can drive down U.S. wages to the rest of the world.

$6 an hour is the target with no benefits.

Proof of this asinine assertion?

Topic Title: Economy:12-7 Obama warns economy will get much worse in months ahead

Originally posted by: WhipperSnapper

Our economy has become a hollow shell and the basis for our having widespread prosperity has been eviscerated.

Much of the nation's manufacturing base has been outsourced along with many white collar jobs and others have been filled by foreigners on H-1B and L-1 visas. In the meantime, we have allowed mass immigration, both legal and illegal, to fuel a population explosion which increases the strength of Malthusian forces. Consequently, many working class Americans have been displaced by illegals in formerly lower-middle class fields such as construction. So, it seems as though the ladders of upward mobility that the nation utilized in the past are no longer present. Since the supply of labor relative to capital has increased dramatically, the basis for Americans having middle class wages and a middle class standard of living is no longer present. (This is what's called Global Labor Arbitrage.)

Also, we are in the midst of a Global Malthusian Crisis. The world's population, and, specifically, the population of people worldwide who are using oil has increased dramatically, raising the prices for energy resources. Here at home as a result of our own domestic population explosion, the price of energy has increased along with the cost of food. Some parts of the nation have reported water shortages and the increased population will put an increased strain on the environment in addition to increasing the burden on our nation's infrastructure.

That's why I have concluded that this is not an ordinary recession but rather the beginning of a structural change in our nation's economy. It is the start of a transformation of the United States into a third world country.

Our nation's problems are daunting and a tremendous amount of effort would be required to slow, stop, and reverse the trend. By the time Americans realize what is happening, if ever, it will be too late. In the meantime instead of identifying the nation's real economic problems the media and our politicians tell the people that the solution to their problems is better education (for non-existent job positions) and the sheeple gobble up that advice as though it were the new opium of the masses.

I predict that the U.S. will become the next India--overpopulated and impoverished. At best I think we'll end up like a South American country, perhaps like Brazil. The United States as we have known it--as a nation with a strong middle class and widespread prosperity--is over. It really doesn't matter much whether Obama or McCain wins the election; these problems are daunting and almost intractable. (For all intents and purposes, they are basically the same as far as the relevant issues are concerned.)

 

ericlp

Diamond Member
Dec 24, 2000
6,137
225
106
Originally posted by: LegendKiller
Originally posted by: halik
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
It's the company problem, not BoA. Why should BoA continue to provide credit to a company that can't pay it back?

Why should us taxpayers give money to BoA that they are not going to pay back?

They are - tax payers got equity stake and warrants.

I agree, the taxpayers will get their money back. BoA has no obligation to fund this issue.

Yeah, but...

Double standards again...

I don't mind loaning OUR tax payer money to the bank.... But, At what interest rate are we loaning the money and when are they required to pay it back? Monthly? If they can't pay it back we are charging late fees and upping the interest rate when they miss a payment right????

No, I believe they won't pay it back...
 

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Originally posted by: ericlp
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
It's the company problem, not BoA. Why should BoA continue to provide credit to a company that can't pay it back?

Why should us taxpayers give money to BoA that they are not going to pay back?

:confused: Stop posting. I can't understand why an idiot like you would think it was alright to install SETI on computers you don't own and cry when you got into legal trouble over it.

Troll much???

:confused: He posts the issue in his sig and is asking for a bailout. Look in the mirror much?
 

teiresias

Senior member
Oct 16, 1999
287
0
0
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.
 

palehorse

Lifer
Dec 21, 2005
11,521
0
76
I feel for the workers, I really do. But, instead of having a sit in, those workers should be out pounding the pavement trying to find a new job!

Poorly run companies fail every day, everywhere in the world, and people get hurt each and every time. Should we bail ALL of them out? Nationalize every industry in the country!? Absolutely not. The affected people need to pick themselves up, dust it off, and get out there finding something new!

BoA is not responsible for the debt to the workers of the company itself. Unless it's determined that there was not a good reason to pull the line of credit, I don't see how any of the blame would fall on BoA. Then again, private banks can distribute credit as they see fit, so they don't even need a "good" reason to do anything they choose.

If we're not careful, and use proper restraint, these bailouts really could lead to the downfall of our entire country... the "I want a bailout too" mentality is viral!
 

Genx87

Lifer
Apr 8, 2002
41,091
513
126
Originally posted by: teiresias
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.

I see there are no shortages of dumbasses in IL.
 

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Originally posted by: Genx87
Originally posted by: teiresias
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.

I see there are no shortages of dumbasses in IL.

Yep, it's easier to blame the bank and not the company.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Originally posted by: Capt Caveman
Originally posted by: Genx87
Originally posted by: teiresias
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.

I see there are no shortages of dumbasses in IL.

Yep, it's easier to blame the bank and not the company.

No shortage of apologists in here.
 

Capt Caveman

Lifer
Jan 30, 2005
34,543
651
126
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
Originally posted by: Genx87
Originally posted by: teiresias
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.

I see there are no shortages of dumbasses in IL.

Yep, it's easier to blame the bank and not the company.

No shortage of apologists in here.

:confused: Any reason/proof that indicates that it's BoA fault and not the company's? Why can't the company sell it's assets to pay the workers?

Please stop trolling.
 

K1052

Elite Member
Aug 21, 2003
52,774
46,587
136
Originally posted by: Genx87
Originally posted by: teiresias
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.

I see there are no shortages of dumbasses in IL.

Our governor has a proven track record of being a complete pandering idiot who has managed to secure the lowest job approval rating of any governor in the history of the state.

Hopefully one of the several federal corruption probes into his administration will produce fruit.
 

TallBill

Lifer
Apr 29, 2001
46,017
62
91
Originally posted by: K1052
Originally posted by: Genx87
Originally posted by: teiresias
The Illinois governor was just on CNN speaking at this factory. He said the state will no long do business with Bank of America. I'm unsure whether this is a formal, binding decree on state agencies or if it's just a request to agencies.

I see there are no shortages of dumbasses in IL.

Our governor has a proven track record of being a complete pandering idiot who has managed to secure the lowest job approval rating of any governor in the history of the state.

Hopefully one of the several federal corruption probes into his administration will produce fruit.

Yes, Rod is a moron. His statement automatically wants to make me side with BoA.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: ericlp
Originally posted by: LegendKiller
Originally posted by: halik
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
It's the company problem, not BoA. Why should BoA continue to provide credit to a company that can't pay it back?

Why should us taxpayers give money to BoA that they are not going to pay back?

They are - tax payers got equity stake and warrants.

I agree, the taxpayers will get their money back. BoA has no obligation to fund this issue.

Yeah, but...

Double standards again...

I don't mind loaning OUR tax payer money to the bank.... But, At what interest rate are we loaning the money and when are they required to pay it back? Monthly? If they can't pay it back we are charging late fees and upping the interest rate when they miss a payment right????

No, I believe they won't pay it back...

QFRetardation
 

XxPrOdiGyxX

Senior member
Dec 29, 2002
631
6
81
Why would you want the banks to pay the laid-off workers? That makes no sense. It's a slippery slope argument but if this occurs and there is a precedence set then all banks will be responsible for the layoffs of any company they extended a line of credit to. The bailout was given to keep the banks afloat, not to give out more bad loans. I'd rather see that one company fall than the entire bank.
 

teiresias

Senior member
Oct 16, 1999
287
0
0
The company in question is also under investigation by the state's Attorny Gen. - at least I read that somewhere.

Regardless of the facts in this specific case, the problem of banks taking the bailout money and not actually turning around and making money available is a real problem.
 

JEDIYoda

Lifer
Jul 13, 2005
33,986
3,321
126
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: Capt Caveman
Originally posted by: dmcowen674
Originally posted by: Polish3d
Originally posted by: dmcowen674
Originally posted by: Dman877
Both sides have valid arguments. Bank of America isn't responsible for legal obligations of people they lend money to. They also have a right to withhold credit as they see fit. If anything, the company's assets should be liquidated and the employees compensated.

BoA assetss should be liqudated too under that argument.

Uhh no

Awwwww you work for a bank getting bailout money

No, he's just educated, unlike yourself.

Says the anonymous coward

Dave, where do you work? You're not a coward, right?

Everyone knows I am a contractor. What does that have to do with you being a coward?

What company are you contracting at coward? I bet they are hiring. Why can't you get a full-time job there?

Dave, you still hurt that I pwn'd you showing you that there are thousands of companies hiring, including my own. Yet, you are under some delusional idea that b/c the overall economy is not doing well that there aren't specific companies/industries that are growing.

Capt. Caveman....you have no clue what a contractor is?
A contractor does not have to work at a company or even for a company...in fact most contractors work for themselves.......if you are going to attack Dave at least you could do it intelliegently!!