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December 09, 2008

Bank Of America Caves, Gives Money To Republic For Employees

Wow, this is going to be a bad idea down the road.

Bank of America today sent a letter to Republic Windows & Doors LLC indicating that the bank is prepared to provide a limited amount of additional loans to Republic to help fund a comprehensive resolution of Employee Claims.

Bank of America expressed concern in the letter about Republic's failure to pay their employees the Employee Claims to which they are legally entitled.

Bank of America is prepared to make these additional loans despite the fact that Bank of America is not obligated to pay Republic's employees or make additional loans to Republic.

Because Bank of America has no direct relationship with Republic's employees, Bank of America must rely on Republic and its management to negotiate with the Union and Republic's employees regarding the Employee Claims.

Didn't we get into this crisis by giving loans to people who couldn't pay them off? And from now on if you get laid off, aren't you just going to sit you ass down and demand a buyout?

Some background here if you weren't following this yesterday.


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posted by DrewM. at 03:40 PM

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