CapitolFax.com - Latest Comments in Hype reported, specifics unquestioned

Re: Hype reported, specifics unquestioned

Cal — Tue, 09 Dec 2008 08:11:45 -0000

http://www.youtube.com/watc...

Re: Hype reported, specifics unquestioned

Suzanne — Tue, 09 Dec 2008 02:27:55 -0000

"Bank of America owns LaSalle Bank, a storied Chicago institution. So, there is probably quite a bit of business there, particularly with bonding."

Ok, I'm off to slit my throat now . . . ur, eh, I mean bake cookies. Gingerbread. Come on by!

Re: Hype reported, specifics unquestioned

Ahem...The REAL Anonymous — Tue, 09 Dec 2008 00:15:24 -0000

===============
His grandstanding today sent another nationwide signal that Illinois is not a good place to do business.
===============

Yup and me thinks that there could be trouble afoot if the grandstanding and rebellion gets too out of control before the "vision" and new plans are in place.

Timing.

Re: Hype reported, specifics unquestioned

Arthur Andersen — Mon, 08 Dec 2008 23:37:04 -0000

AA remembers a Lend-Lease program at CMS many years ago. (Not on Schnorf's watch.) If a certain party "lent" the CMS Director his boat, his State lease got renewed.

Back to the post: Emily, AA agrees with you. We avoid those State credit cards like the plague at my current duty station because most folks have an er, uh, ah, "healthy skepticism" about the confidentiality of what is charged to the card.

Steve, AA feels rebellious on occasion, too, but I always come back to reality. Reality here is that those bank officers are not social workers, union officials, or the Government. They have a fiduciary duty to the shareholders of the bank to make sound lending decisions based on objective credit analysis. They did their job correctly.

The Goobernor should do his job for once and support the AG's efforts to enforce the WARN Act, provide training and other assistance through DCEO et al, and lead other appropriate State efforts. His grandstanding today sent another nationwide signal that Illinois is not a good place to do business.

Meanwhile, as Don Quixote Blago is supporting this effort, the press release machine has not uttered word one about the huge impact of the US auto industry (and its suppliers) on the Illinois economy along with encouragement for Congress to take action.

C'mon, Fitz, C'mon. AA is gonna have a stroke and miss the big day.

Re: Hype reported, specifics unquestioned

steve schnorf — Mon, 08 Dec 2008 23:36:30 -0000

If I were still working for a Gov, I would be really tempted to get the company and employees together and offer a targeted loan from Alexi. Then, if it worked out, my boss brought the solution to the problem, and if it couldn't get done, Alexi is the stumbling bureaucrat, unresponsive to the workers' needs, who I would blame daily for a while

Re: Hype reported, specifics unquestioned

Anonymous — Mon, 08 Dec 2008 23:19:31 -0000

Haven't had a chance to check out the updated releases, but this it's going to be interesting to see the response to this. From what I recall, this AM we have Blago's release, Lisa investigating, and Obama supporting the workers.

Three events that could be interpreted as a "call to action" in response to lay-offs. I hope they're considering timing.

Re: Hype reported, specifics unquestioned

State worker w/ an MBA — Mon, 08 Dec 2008 22:18:57 -0000

State issued credit cards used to be Diners club but I am not sure who has the contract now. And yes they are issued based on the EMPLOYEES credit history and the employee is responsible for all payments and interest. The bank does not bill for the charges for the first 25 days and then the EMPLOYEE has 40 days to make the payment before interest begins. Therefore if you do not pay for travel charges with in 65 days there will be interst charged. As of today I am told they are reimbursing for travel submitted prior to 8/25/08 - which is well after the 65 days therefore any EMPLOYEES who have to use this option for travel must pay with their own money and wait for repayment or incur interest and or slow pay rating on the card if they wait until reimbused to make payment.

Beginning this year for my job I can only travel over night is the organization I am speaking to agree to pay my hotel cost.

I submitted a travel request for $42.00 and it was rejected. Found out the same day no State car was available and resubmitted the voucher the same day for $42.00 and $200 mileage expense for using personal vehicle and it was approved in less than 1 hour. Go figure.

Re: Hype reported, specifics unquestioned

DuPage Dave — Mon, 08 Dec 2008 19:54:28 -0000

As of this afternoon, the Governor's Office has ordered state employees to stop using the state BOA credit card, saying that employee expenses won't be reimbursed if the card is used.

Re: Hype reported, specifics unquestioned

wordslinger — Mon, 08 Dec 2008 19:53:23 -0000

Commonsense, this is way off topic, but the Lend Lease materials that went to Stalin and Chiang certainly weren't pre-positioned for any use by the United States.

Like anything else government does, you hope it's being done because it's perceived in your interests.

Re: Hype reported, specifics unquestioned

Emily Booth — Mon, 08 Dec 2008 18:58:23 -0000

Blagojevich could've used the Republic appearance to talk about his steelmill experience to show solidarity w/ the working man and support for unions. But, he instead chose to make light(again) about his current investigation.

I've worked for the state many years and I've never known anyone who has a state issued credit card.

Re: Hype reported, specifics unquestioned

some former legislative intern — Mon, 08 Dec 2008 18:21:41 -0000

this is such a joke. The governor got a C in constitutional law? Well, clearly he received a F in finance.

Bank of America did not hire the workers, nor did they reach any agreements concerning a severance package with them. Now, believe me, I am no BofA fan. I deal with them in my job with a rather large unit of local government in Northern Illinois, and they are very difficult to work with.

In any event, the bank did the right thing, Republic is responsible, and this is yet ANOTHER shameless, stupid attempt by the Governor to distract attention from his own problems.

(Can I get the $250 I gave to Friends of Blago back now?)

Re: Hype reported, specifics unquestioned

Arthur Andersen — Mon, 08 Dec 2008 18:03:33 -0000

Boy, BOA is going to feel the pain on those State credit cards.

Rod, show some TV and cut 'em out of the bonds and brokerage. Then you deserve some respect.

Re: Hype reported, specifics unquestioned

steve schnorf — Mon, 08 Dec 2008 17:59:28 -0000

Commonsense, absolutely, but that was us and this is now. BTW, I can't help but think they are surely working on just that. That's how you ride to the rescue. Or, maybe with one of the Treasure's targeted loans.

Re: Hype reported, specifics unquestioned

anonymous II — Mon, 08 Dec 2008 17:33:18 -0000

More of the edict:

"It is the responsibility of the Travel Card Program Administrators to
disseminate this information to employees who may be out of the office
or on travel status.

State Travel Coordinator
Governor's Travel Control Board
405 Stratton Office Building

(NOTE): If you know of anyone taveling that uses the Bank of America card issued in connection with the State, please contact them and tell them NOT to use it any more until further notice."

Re: Hype reported, specifics unquestioned

anonymous — Mon, 08 Dec 2008 17:19:08 -0000

This is the edict from on high:
Per the Office of the Governor, please suspend use of the Bank of America Travel Cards immediately until further notice. Any transactions made after this time today, will be considered unauthorized and may not be reimbursed by the the State.

Re: Hype reported, specifics unquestioned

Commonsense in Illinois — Mon, 08 Dec 2008 17:17:08 -0000

Steve I'm not saying there shouldn't be a loan, there should be. But if you or I were advising the governor (and we've both been down this road in past lives), wouldn't we be at least suggesting we (the governor's office) contact some other banks to ride to the rescue? BTW if you want to bring lend-lease into the picture, it's pretty clear from history Roosevelt used lend-lease to pre-position equipment for the US entry into WWII.

Re: Hype reported, specifics unquestioned

Larry Mullholland — Mon, 08 Dec 2008 17:16:33 -0000

Bank of America Stock TODAY $17.84 +2.60 (17.06%)

BoA Stock rose 17% Today ...I think this shows what impact our esteemed Governor and yet another one of his press releases can do. zzzzzzzz

After the Gov has fired & has laid off his own workforce ...well Gov put your action where your press releases are ..Pay the Illinois' overdue bills and protect your own (state) workforce before you mug for the cameras AGAIN

Re: Hype reported, specifics unquestioned

wordslinger — Mon, 08 Dec 2008 17:11:47 -0000

Steve Schnorf, awesome, daddio.

All the talk of "prudent lending practices" and "not their responsibility" given the current situation sticks in my craw.

Re: Hype reported, specifics unquestioned

steve schnorf — Mon, 08 Dec 2008 17:07:56 -0000

Commonsense Oh, Jesus Christ, haven't you opened a paper or watched the news in the past several decades? Lending money to people who can't pay it back in order to advance some good of some kind somewhere is what this country is all about. I refer you back to our unrepaid WWII loans, and 70 years of history since.

Re: Hype reported, specifics unquestioned

Commonsense in Illinois — Mon, 08 Dec 2008 17:07:03 -0000

taanstafl wrote///As a former holder of a state credit card, I know for a fact the card holder is responsible for all charges on that card with the state guarnteeing the card.///

All I'm pointing out is that state employee incurs expenses traveling on business and puts those expenses on his state-issued BoA credit card...bill comes...governor has ordered state agencies (and thereby state employees) not to do any business with BoA. If employee pays card bill, has he/she violated governor's order? Just asking...

Re: Hype reported, specifics unquestioned

Commonsense in Illinois — Mon, 08 Dec 2008 17:01:33 -0000

The only hope these workers have is if Republic can find a new bank willing to loan it operating funds on a cash flow of 50 percent of last year's revenues. Pretty tall order. BoA is not going to bend on this, they don't have to...its the risk Republic presents and nothing more. I just don't see how BoA is at fault here for sound banking policy...you don't give money to people who have no means to pay you back.

Re: Hype reported, specifics unquestioned

wordslinger — Mon, 08 Dec 2008 16:47:12 -0000

Regardless of substance or merit, the gov struck a populist nerve with the national press, who are eating it up with a spoon. In doing so, he might actually help some workers who got hosed. Credit where credit is due.

Re: Hype reported, specifics unquestioned

OneMan — Mon, 08 Dec 2008 16:29:25 -0000

Bill,
As much as I want you to be my US Senator you are wrong...

Because a lender removed a line of credit the governor should take state business away from them?

The story has some stuff about how they were moving equipment out of the plant, what if that was a requirement of the line of credit? Should BOA be required to keep every line of credit with every company in Illinois intact?

How about home equity lines?

Re: Hype reported, specifics unquestioned

Bill — Mon, 08 Dec 2008 16:09:20 -0000

Way to go, Rod!!!
you are a true champion of working men and women everywhere!

Re: Hype reported, specifics unquestioned

Anon — Mon, 08 Dec 2008 16:06:01 -0000

The comment about Lisa "pile-on" Madigan is absolutely classic. Where is Pat "pile-on" Quinn on this asking for more openness and transparency in BoA's decision making? Where is the Chicago "pile-on" Tribune in addressing the statement made by Wyma's attorney rebuffing their front page article?