Chase Pledges Money to Republic Workers

By Marcus Gilmer in News on Dec 10, 2008 11:15PM

As negotiations start up again at the sit-in at the Republic Windows and Doors factory, where there has been no resolution in spite of what those involved have called significant progress, JP Morgan Chase has pledged $400,000 to the plant's workers. Chase's subsidiary owns 40 percent of Republic. U.S. Rep. Luis Gutierrez, who has been involved in the ongoing negotiations, said, "Chase's infusion of necessary capital will be allocated directly to the workers to pay for the compensation and benefits that they are rightfully owed," Gutierrez said. "This money is not, under any circumstances, to be used for corporate bonuses, luxury cars or any other perk for the owners of the plant...These negotiations are about salvaging the Christmas these hardworking families deserve." The Mayor's brother, William M. Daley, who serves as Chase's Midwest Chairman, has also joined the negotiations. Even with the money, union officials say that to fully pay the factory workers all the severance and vacation they're owed would cost a total of $1.5 million.