....and I do know you will
But isn't this the reason we have the mess we do? The government is pressuring a financial institution to provide funds to a plant that has shut down. What chance does the financial institution have of recovering its loan - None. So, the government is forcing the financial instittuion to make a bad investment.
Am I missing something?
CHICAGO (Reuters) – JPMorgan Chase & Co offered $400,000 on Wednesday to help pay severance to laid-off workers occupying a Chicago factory, whose protest symbolizes resentment over the federal bailout of big banks while workers suffer.
JPMorgan Chase's offer, announced by Rep. Luis Gutierrez, who has been mediating the dispute, follows on Bank of America Corp's pledge to make an unspecified, limited loan to Republic Windows & Doors on behalf of the 250 workers.
Both banks are creditors of Republic, a family-owned window and door manufacturer that fell victim to the housing downturn and shut down on Friday.
The workers, who were given three days' notice of the closure, have occupied the shuttered plant since then, demanding a legally mandated 60 days' pay for severance, and accrued vacation pay