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JPMorgan to Pay Chicago Protesters

Creditors respond to sit-in with loans, severance offer

By Ambreen Ali,  Newser User

Posted Dec 10, 2008 2:43 PM CST

(Newser) – JPMorgan will pay $400,000 toward the severance for 240 laid-off workers occupying a Chicago factory, and Bank of America will extend the bankrupt manufacturer a new loan, Reuters reports. Both banks are creditors of Republic Windows & Doors, which shut down after, BOA says, it "maxed out" on credit. The workers' strife symbolizes growing frustration that the bailout hasn't loosened credit for ailing businesses.

The Rev. Jesse Jackson, second from left on truck, delivers food to workers at Republic Windows & Doors in Chicago on Sunday.
The Rev. Jesse Jackson, second from left on truck, delivers food to workers at Republic Windows & Doors in Chicago on Sunday.   (AP Photo/Eric Y. Exit)
Protesters are turned away by a security guard after trying to enter a Bank of America branch on Chicago's West Side Monday.
Protesters are turned away by a security guard after trying to enter a Bank of America branch on Chicago's West Side Monday.   (AP Photo/Paul Beaty)
A sign of support is seen in the lobby of Republic Windows & Doors in Chicago Sunday.
A sign of support is seen in the lobby of Republic Windows & Doors in Chicago Sunday.   (AP Photo/Eric Y. Exit)
Workers pass out food in the lobby of Republic Windows & Doors in Chicago during their sit-in.
Workers pass out food in the lobby of Republic Windows & Doors in Chicago during their sit-in.   (AP Photo/Eric Y. Exit)
Workers occupy the floor on the fourth day of a sit-in at the Republic Windows and Doors factory yesterday.
Workers occupy the floor on the fourth day of a sit-in at the Republic Windows and Doors factory yesterday.   (AP Photo/M. Spencer Green)
Patricia Robles and her son, Armondo, Jr., listen during a news conference held by Jesse Jackson in the lobby of Republic Windows & Doors.
Patricia Robles and her son, Armondo, Jr., listen during a news conference held by Jesse Jackson in the lobby of Republic Windows & Doors.   (AP Photo/Eric Y. Exit)
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COMMENTS
Showing 1 of 1 comment
Zebraone
Dec 10, 2008 9:25 PM CST
Typical form of 'labors' way of blackmail. The bankcs are sitting on the handout to keep the 'execs' payscale up there.

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