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IL governor vs Bank of America! must see - 12/8/2008 11:35:09 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://www.huffingtonpost.com/2008/12/08/illinois-governer-suspend_n_149272.html

You have to see this.  as you know a sit in is going on, some factory in Chicago. the company cant pay the workers, as they say bank of america is blocking their credit.

so the state of IL has suspended any business with B or A, !!!!   he even cites the bail out!    talk about bold!

there is one governor whom today is doing his job!!!!!

< Message edited by pahunkboy -- 12/8/2008 11:48:35 AM >
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RE: IL governor vs Bank of America! must see - 12/8/2008 11:42:36 AM   
housesub4you


Posts: 1879
Joined: 4/2/2008
Status: offline 		Doing his job?????Maybe, though he won't be doing it for very long.  It seems our little GOV maybe joining our last GOV in prison very soon, or at least a lot of people in Illinois hope he will be.

Seems the Feds are building a huge file on this guy

(in reply to pahunkboy)
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RE: IL governor vs Bank of America! must see - 12/8/2008 11:51:28 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		IL was a rip off in 1988.  I doubt things have gotten any better.

http://abclocal.go.com/wls/story?section=news/local&id=6543778   <-- some background

IL state and cook county are   crooked as heck.       everything is a bribe,

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RE: IL governor vs Bank of America! must see - 12/8/2008 3:01:43 PM   
Kalista07


Posts: 4240
Joined: 7/1/2007
Status: offline 		ahhh yes...The 'wonderful' governor.....Seriously, i think i may have thrown up a little bit in my mouth as i said that.......

this is the same governor who decided to cut substance abuse, mental health, and social service funding right??? oh yeah. and it's also the same governor who's in charge of a state that is at least 4 months behind on paying their bills.
Kali
NOT a fan.


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RE: IL governor vs Bank of America! must see - 12/8/2008 3:38:05 PM   
celticlord2112


Posts: 5732
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quote:

The 'wonderful' governor.

Not exactly up on the state of Illinois politics (tending to focus on the equally colorful Texas variety), I have to say that the governor's logic is difficult to dismiss out of hand.

The stated purpose of the bailouts was to "thaw" the credit markets and ease financing pressures--for BofA to receive bailout money on the one hand and not ease credit to its customers on the other does seem a tad contradictory.

Of course, BofA might have had sound business reasons for its actions.....but since when did sound business rationale stand in the way of a good passing of the buck?

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RE: IL governor vs Bank of America! must see - 12/8/2008 4:10:01 PM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		CL,  the questions do need to be asked.   we cant have other governors reviewing where the bailout money isnt...  we cant have other states "temporarily suspending"  state business with B/A.

some think the banks are not using the bail outs for the stated purpose...  yet, no over sight, and no court action... so I suppose the likes of alan greenspan will be "shocked"  argh ,,,,,,,,,,,,,,,,,,,,,,,,,,,,gags

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RE: IL governor vs Bank of America! must see - 12/8/2008 4:20:00 PM   
masterBruce


Posts: 133
Joined: 3/30/2004
Status: offline 		its not the states bus to step in and do what they are doing its totaly wrong

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RE: IL governor vs Bank of America! must see - 12/8/2008 4:24:01 PM   
celticlord2112


Posts: 5732
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quote:

ORIGINAL: pahunkboy
CL,  the questions do need to be asked.   we cant have other governors reviewing where the bailout money isnt...  we cant have other states "temporarily suspending"  state business with B/A.

Why not?

If I don't like how someone does business, I take my business elsewhere.


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RE: IL governor vs Bank of America! must see - 12/8/2008 5:37:29 PM   
FatDomDaddy


Posts: 3183
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Status: offline 		FR

Even with the line of credit, isn't true the company will still be insolvent?


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RE: IL governor vs Bank of America! must see - 12/8/2008 5:37:35 PM   
farglebargle


Posts: 10715
Joined: 6/15/2005
From: Albany, NY
Status: offline 		When did meeting the BUSINESS OWNER'S obligations become Bank of America's problem?

Redistribution of Wealth anyone?

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RE: IL governor vs Bank of America! must see - 12/8/2008 5:45:22 PM   
celticlord2112


Posts: 5732
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quote:

ORIGINAL: FatDomDaddy

FR

Even with the line of credit, isn't true the company will still be insolvent?

Is that true?  I know nothing of the company's actual finances.  I do know that a lot of companies use credit lines for working capital purposes, especially when revenues tend to fluctuate wildly.  Shutting off a credit line would shut down a solvent company just as quickly as it would an insolvent one.


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RE: IL governor vs Bank of America! must see - 12/8/2008 5:46:27 PM   
subrob1967


Posts: 4591
Joined: 9/13/2004
Status: offline 		Thats Blojobovich for ya, and one of the reasons I now live in Indiana

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RE: IL governor vs Bank of America! must see - 12/8/2008 5:46:45 PM   
BlackPhx


Posts: 3432
Joined: 11/8/2006
Status: offline 		None of the banks are really doing all they should be to disburse the bail out moneys but one thing that I hope they are doing is being careful about where they are making loans. If the company is badly in the red PRIOR to this period why would we want them to loan them more money? The same feelings we have about GM and the other Auto companies running their companies into the ground and being bailed out has to apply to the little guys as well. If the company was already bordering bankruptcy and circling the drain then without restructuring it would only be tossing good money after bad. If they are not earning enough or carrying the receivables to potentially pay back the loans, the bank should NOT be making the loan. There are other companies that may have a delay between receivables and delivery that could be more reliable in paying back the loans and thereby benefit more from the money and not be a black hole for the funds.

There are other options for the company to allow them to follow through on obligations to it's employees, including selling their receivables to companies who specialize in such purchases, selling the company to a rival and returning what product they can to the manufacturer. I find it interesting that the company is so deep in the hole they cannot make payroll and have to let all of the employees go, but that the strikers are holding out for severance pay, vacation pay and blame the bank for not loaning the now closed and defunct company the money to pay them. They would do better to contact a lawyer and place a claim against the companies assets  in bankruptcy court so that as the bills are settled they have some chance of actually receiving something. They do have 36 weeks of unemployment coming and they can look for jobs instead of standing on a street yelling about what they are not getting and what the Banks are'nt doing.

poenkitten wondering if she is the only one who thinks this governor looks like Stephen King doing a walk on for one of his movies.



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RE: IL governor vs Bank of America! must see - 12/8/2008 6:49:23 PM   
Roselaure


Posts: 672
Joined: 4/12/2008
Status: offline 		The Gov of Illinois is crooked and a moron.  If he did something right, rest assured it was completely by accident.  Even a blind squirrel finds a nut sometimes!

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RE: IL governor vs Bank of America! must see - 12/9/2008 8:18:38 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline 		http://www.cbsnews.com/stories/2008/12/09/politics/main4657294.shtml?tag=topStory;topStoryHeadline

He has been arrested and taken into custody.

Amazingly coincidental?   lets ask new yorks governor.   you recall, eliot spitzer, who was brought down.   he tried to stop the predatary lending.

so yesderday blagovcich   threatened to stop state buniness with bank of america, and today- out of all days,  simply a coincidence, he is arrested?

BULL SHIT!

the grid lets no man rise to rule unless and until they have a plug they can pull in him!!!!!

it happens all the time!


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RE: IL governor vs Bank of America! must see - 12/9/2008 8:22:19 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: masterBruce

its not the states bus to step in and do what they are doing its totaly wrong


Oh really?

Boscovs and Celetex both have asked the State of Pennsylvania for a bail out.

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RE: IL governor vs Bank of America! must see - 12/9/2008 8:25:10 AM   
pahunkboy


Posts: 33061
Joined: 2/26/2006
From: Central Pennsylvania
Status: offline
quote:

ORIGINAL: celticlord2112

quote:

ORIGINAL: FatDomDaddy

FR

Even with the line of credit, isn't true the company will still be insolvent?

Is that true?  I know nothing of the company's actual finances.  I do know that a lot of companies use credit lines for working capital purposes, especially when revenues tend to fluctuate wildly.  Shutting off a credit line would shut down a solvent company just as quickly as it would an insolvent one.



CL, that is exactly the point.  Questions need to be asked.   over 75 nonprofit groups are petitioning for transparancy.

The essense of capitalism is... well, "capital".  
and being that BA had been the bank of republic they had a precedent and at the least an implied contract.   

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RE: IL governor vs Bank of America! must see - 12/9/2008 8:31:58 AM   
SilverMark


Posts: 3457
Joined: 5/9/2007
Status: offline 		pa old buddy, The man is a fucking crook!....it has nothing to do with your "grid"
read the articles and the transcripts and look at those who surround him!

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RE: IL governor vs Bank of America! must see - 12/9/2008 8:49:44 AM   
celticlord2112


Posts: 5732
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quote:

ORIGINAL: SilverMark

pa old buddy, The man is a fucking crook!....it has nothing to do with your "grid"
read the articles and the transcripts and look at those who surround him!


You have to admit, the timing is great fodder for conspiracy theories.


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RE: IL governor vs Bank of America! must see - 12/9/2008 8:54:27 AM   
SilverMark


Posts: 3457
Joined: 5/9/2007
Status: offline 		I guess the time is always correct for conspiracy theories....just tough to attribute EVERYTHING to them.
I have never known more than a few people who could keep their mouths shut long enough for a conspiracy to work.
As Carlos Marcello used to have on his desk in New Orleans "3 can keep a secret if 2 are dead"

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