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In a stinging note of support for the laid off workers that have taken up residency in Chicago's Republic Windows & Doors factory, the Governor of Illinois has suspended business with Bank of America until it reissues credit to the shuttered company.
Bank of America, Chicago's second largest bank, has received over $15 billion in bailout funds from the federal government. During a Monday news conference, Illinois Governor Rod Blagojevich insisted that the money was intended to be used for purposes such as this.
Just one month after receiving $25 billion form the Treasury to stave off disaster, Bank of America spent $7 billion to increase its holdings of China Construction Bank.
In mid October Bank of America was one of the hand-selected institutions to receive the first phase of the $700 billion bailout package. As one of the world’s largest banks, Bank of America was deemed suitable for a cash infusion by the Treasury Department in order to shore up its assets and get the bank to open up its channels for lending. Bank of America is apparently lending, but it is lending overseas rather than to beleaguered home and business owners in the United States who desperately need a hand.
General Motors plans to invest $1 billion in Brazil to avoid the kind of problems the U.S. automaker is facing in its home market, said the beleaguered car maker.
According to the president of GM Brazil-Mercosur, Jaime Ardila, the funding will come from the package of financial aid that the manufacturer will receive from the U.S. government and will be used to "complete the renovation of the line of products up to 2012."
Originally posted by Shadowflux
The bailout should've been conducted from the ground up. The money should've been given to the citizens who's houses are going into foreclosure and the companies who are going through bankruptcy. This is how you stimulate a failing economy, not by giving more money to inept and corrupt corporations.
Originally posted by Sestias
The original $750B of bailout money was meant to buy out toxic assets and stave off foreclosures. That was one reason why people like Obama were supporting it. Then the Bush administration changed its mind and let the banks do anything they wanted with it.