The Shakedown of Bank Of America-The First of Many to Be

Because we have sat quietly while the government has invested itself with the terrifying power to decide which companies will continue existing and which will not, we now have the chance to see what our politicians are doing with this power. And Obama is involved - surprised? Not really. (Read article at Investor's Business Daily).

The Bank of America was the victim of a concerted shakedown that may soon be replicated around the country. Even President-elect Obama supported this new example of Chicago blackmail.

One of the casualties of the faltering housing market is Chicago's Republic Windows & Doors, whose line of credit was cut off by Bank of America.
Amy Zimmerman, Republic's vice president of sales and marketing, admitted: "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."

In the first week of December, Republic laid off its workers and closed its doors. The company was supposed to give two months' notice, with continued pay and benefits. So the employees launched a sit-in.

Getting laid off before Christmas isn't any fun. But no one was obviously to blame for Republic's failure, and these days Republic employees aren't alone in their economic distress.
Bank of America was a handy scapegoat. Since the institution received tax dollars, Republic's employees argued that BofA had an obligation to bail out Republic.

Said Leah Fried, an organizer with the United Electrical, Radio & Machine Workers of America: "It's shameful that a bank that got $25 billion in bailout money turns around and shuts down a factory by cutting off their credit."

The sit-in provided an irresistible photo op. Gov. Rod Blagojevich showed up before his indictment, as did the Rev. Jesse Jackson and Rep. Jesse Jackson Jr., "Senate Candidate No. 5" in the Blagojevich case.
Obama said of the workers, "I think they're absolutely right," adding that "these companies need to follow through on those commitments."

Blagojevich announced that Illinois would withhold its business from the bank. Fifteen Chicago aldermen proposed an ordinance cutting off business with the bank and limiting any zoning changes for its properties. Cook County Commissioner Michael Quigley promised to introduce similar legislation...(READ).