Blagojevich is a hero

It truly is a sign of the times when you can't trust anyone! When morality is so distorted!

He's no hero, he set up a situation that will cost taxpayers even more than we already were on the hook for. Now, how can any bank cut off credit to a failing company unable to stay in business without receiving credit? All the workers will have to do is what these workers did. So, that means more money from taxpayers going to companies poorly run. He set a precedent that will cost all of us mre in the long run. the bailouts were bullshit to begin with. But since they have our money, i'd prefer they do not continue to lend to businesses or individuals not likely to repay. The only action i would have supported was if BofA laid out the money to give the workers their 60 day severance that the window company was supposed to, and let BofA try to recoop that money from the sale of the company's physical assets. I dislike shadiness from the banks just as much as any of you. But perpetuated the poor business practice of indiscretionary lending will only hurt us.

That is exactly what will happen. When the company files bankruptcy, and they will, the employees would be second in line for claims behind creditors. Meaning that if BoA hadn't issued this special conditional loan the banks would have had first crack at the assets before any employees.

Since they did issue the loan the employeees get their just compensation first with the creditors ahead of everybody else in picking over the bones.

I don't approve of the BR process priorities, or necessarily the BoA loan but I don't agree that this will establish a standard. It will draw attention to existing problems in the bankruptcy laws. IMO.

(edited to add)

We gave BoA somewhere between $20 billion and $45 billion in the bailouts.

The workers needed a mere $1.5 million in loans. BoA could make good the employee termination of 13,000 companies with 1,500 employees each.

That's almost 20 million employees who could receive just severence from BoA alone if they used the bailouts for this purpose.

The man tried to pull funding on a children's hospital because the director had not sent in the gov's 50k cut. Some hero you got there buddy.

OP, keep in mind that Blago knew he was under fed surveillance before he headed to the sit in. He even talked about it at the press conference there. He did it to try to get positive publicity for himself, that is all. And i do think it sets a dangerous precedent.

bad rug

Blago is no hero. He cut funding to major historic sites. A lot of our parks are closed down, even museums. Perhaps you should school yourself on Illinois politics. This guy is the furthest thing from a hero.

He looks like Jackie Gleason getting rady to go to a Racoons meeting.

Anyone who knows anything about the guy knows that. Especially us living in IL. the guy earned his 4% approval rating, and that was before this broke.

Bank of maerica truly can't prove it owns the equipment.

Cause the money is underwritten by the people.