Illinois Treasurer Alexi Giannoulias is threatening to pull state business from Wells Fargo unless the bank quits pressuring suit maker Hartmarx Corp. into liquidating.
The Chicago-based holding company — parent of Hart Schaffner & Marx, maker of suits favored by President Barack Obama — filed for bankruptcy protection in January. The bank has provided Hartmarx with a $100-million debtor-in-possession credit line.
On Thursday Mr. Giannoulias sent a letter to Wells Fargo officials, according to news reports. The bank serves as the treasurer’s office money custodian, holding the department’s cash and other financial assets.
"I am writing to inform Wells Fargo that the company's intention to liquidate Hartmarx rather than allow a sale to buyers intent on keeping the company running will significantly jeopardize the business relationship between Wells Fargo and the state of Illinois," the letter read.
This morning Giannoulias appeared at a Service Employees International Union rally outside of Hartmarx's sprawling Des Plaines, Illinois plant.
SEIU, which has worked closely with ACORN in the past, is a consistent source of campaign contributions for Democratic candidates.
Giannoulias is a likely candidate for the US Senate seat held by Roland Burris (D-Blagojevich).
The Chicago Democrat attempted to make a big splash in March when he announced that he would not be accepting political donations from federal lobbyists or corporate PACs. But Giannoulias hasn't made a similar pledge regarding unions, including government unions such as SEIU or AFSCME.
UPDATE May 11: The workers at the plant are represented by Workers United, an SEIU affiliate.
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Those darn government unions...
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