Chicago Machine Shakes Down of Bank of America

by Sal on December 10, 2008

in Politics

The Chicago Machine has successfully extorted Bank of America into providing more bad loans (Frannie Mae and Freddy Mac all over again) to the ailing Republic Windows and Doors Factory.  This, after the Lord that Be  over our Socialist Republic, Barack Obama, decreed that Bank of America should make bad loans to pay for the worker’s needs, and Jesse Jackson declared the beginning of the Marxist Revolution!  In the final shakedown-move, now indicted and alleged crook Governor Blagojevich (D-IL) ordered that the State of Illinois no longer do business with Bank of America.  Now, Bank of America has caved, agreeing to a loan that they will probably never see paid off.

At its core, this amounts to political shakedown.  While Republic Windows and Doors did have an obligation to pay for it’s employees severance and health care according to its union contract, and while they should honor that agreement, it is their problem and not Bank of Americas.  Bank of America was in no way complicit to Republic Windows and Doors experiencing financial trouble.  They have no stake in it’s ownership or say in it’s decisions.  Yet they are the ones now who are being forced into making a bad loan because the government says that they should. What kind of precedent does this set?  Is the banking system now a welfare state or a safety net, forced to pay out when a company fails on its own merits?  The sad thing is, i feel that this is only the beginning of what we are going to see over the next four years.  Those who felt that an Obama administration would be an exercise in centrism, watch out.

Can Patrick Fitzgerald add extortion to Blagojevich’s indictment, and create a RICO case against Obama and Jackson?  The Chicago Mob Machine strikes again.

H/T: Pambie

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