Thursday, December 11, 2008

Republic Windows and Doors Standoff Resolved

The six-day sit-in by 200 workers at Republic Windows and Doors has concluded on a note of resolution. The details of the agreement between Republic and Bank of America to provide the funds to cover severance packages have been finalized and accepted by the union. According to this morning's BBC NEWS report, a small portion of the financing will be shared by JPMorgan Chase:

The total cost was covered by a $1.35m loan from Bank of America and a $400,000 loan from JPMorgan Chase, both of which were creditors of the plant.

In keeping with the overall irony of the circumstances, this conclusion to the story makes no mention at all of the role played by Illinois Governor Rod Blagojevich, whose own corruption story is now likely to be a focus of media attention for some time to come.

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