http://www.laborradio.org/node/12971Submitted by Doug Cunningham on February 18, 2010 - 3:44pm
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By Doug Cunningham
A small group of Illinois workers who lost their jobs at Quad City Die Casting have finally won the pay and medical bills coverage they were owed by Wells Fargo Bank. The United Electrical workers fought back when Wells Fargo refused to lend their company the money it needed to stay in business. The company was forced to close. The giant bank that took billions of taxpayer dollars in the bailout also tried to take the workers’ vacation pay and medical benefits money. UE’s Leah Fried.
: “It’s a great victory. But at the same time, you know, it’s still a fight that didn’t result in saving those jobs. And that’s really a fight that I think is going on today – it continues – because banks like Wells Fargo who received billions in the bailout did not do what the American people had hoped that they would do and lend to small businesses. In fact lending to small businesses dropped 42 percent after the bailout.”
Fried says this issue goes far beyond Quad City Die Casting. She says it’s a struggle that continues as big banks continue to damage our economy and the workers who create the wealth in this country.
: “These banks are unrepentant. Not only did they screw up our economy by taking incredibly risky moves. But then, they took our money and turned around and said, OK ‘thanks’ and did whatever they want with it, and really hurt our economy. People lost their jobs because of what banks like Wells Fargo did.”
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