My Beautiful Wickedness

Say it with me, now…
December 13, 2008, 6:49 pm
Filed under: Uncategorized

Do you believe this shit? If you don’t care to click the link, here’s the money quote:

“The tale of how this small band of workers came to embody the welter of emotions in the country’s economic downturn is flecked with plot turns from the deepening recession, growing anger over the Wall Street bailout and difficult business calculations. The workers were not aware, for example, that Republic’s owners had quietly set up a new company, Echo Windows LLC, incorporated on Nov. 18, according to records with the Illinois secretary of state’s office. And Echo had bought a window and door manufacturing plant in Red Oak, Iowa. Company officials in Iowa declined to comment, but Mary Lou Friedman, the human resources manager at Echo, said in a telephone interview that the factory had 102 employees, all nonunion.

And at the last minute of negotiations, according to Representative Luis V. Gutierrez, Democrat of Illinois, who helped moderate talks to resolve the standoff, and union officials, Republic’s chief executive, Richard Gillman, demanded that any new bank loan to help the employees also cover the lease of several of his cars — a 2007 BMW 350xi and a 2002 Mercedes S500 are among those registered to company addresses — as well as eight weeks of his salary, at $225,000 a year.

The demand held up the settlement, which was reached only after Mr. Gillman agreed to back down. (Mr. Gillman said Friday that he had sought the money to offset a large bonus in 2007 that he had chosen not to accept.)…

But after Mr. Gillman took over as owner in 2006, there were several rounds of layoffs, and the number of employees fell to about 240, from more than 500.”

What a piece of work.


1 Comment so far
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Is there some sort of extortionate hubris virus loose in Illinois at the moment?

Comment by Gerald

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