BIRMINGHAM – Today, Jeremy Sherer, Democratic candidate for Alabama State Treasurer, spoke out on behalf of some 1,300 Meadowcraft workers in Birmingham, Wadley and Selma, whose jobs are placed in jeopardy due to the forced liquidation sale of Meadowcraft’s assets.

“The same taxpayers who helped fund the federal banking bailout are now being foreclosed upon by the same banks they helped keep alive earlier this year”, said Sherer.

Wachoiva/Wells Fargo, along with two other creditors for Meadowcraft, cut off the company’s credit which is necessary to continue plant operations until a future sale is completed.  Wachovia/Wells Fargo has accessed $25 billion from the federal Troubled Asset Relief Program (TARP).

“Our nation and state are still recovering from the economic trauma propagated by the negligent business and accounting practices of large, corporate financial entities. By the grace of taxpayers, Wachovia/Wells Fargo was saved from the same fate they now inflict on these hard-working, tax-paying Alabamians”.

“Meadowcraft and the families dependent upon it are not seeking a bailout, they are merely asking for time to complete a sale of the company. Meadowcraft has orders to fill and prospective purchasers.  This is about these families, and not putting them through unnecessary anguish during these trying economic times, especially by a company to whom they contributed a financial bailout”, said Sherer. “The closing of these plants, even temporarily will devastate these families and their already economically strained communities.”

As of June 2009 Dallas County’s unemployment was 20%, Randolph County’s was 13.4%.

“The State of Alabama has approximately $40 million deposited within Wachovia/Wells Fargo. I do not believe that Wachovia/Wells Fargo’s treatment of Meadowcraft, and the families and communities associated with it, exemplifies the kind of civic virtue that our State and its taxpayers should reward to the level that we presently do”, declared Sherer.

“Throughout this campaign, I have strongly advocated the need for Alabama to invest in community banks that are good citizens of their communities, who nurture growth and development within those communities. Wachovia/Wells Fargo’s lack of gratitude for TARP funding, and their apparent ignorance towards the plight of rural communities and workers is distressing.”

“As Treasurer, I plan to closely monitor the level of investment and cooperation that banks, whom the state invests taxpayer dollars with, have with our communities, local businesses, and taxpayers.”

Please contact Jeremy Faulkner at (205) 446-1342 with any questions.

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