Posts Tagged banking industry

Citigroup Continues To Discriminate Against Gun Industry

From The Federalist:

Citigroup’s getting asked some hard questions about the fiscal sanity of their decision to discriminate against firearms businesses, and their answers aren’t likely to soothe investors.
Justin Danhof, general counsel for the National Center Public Policy Research and Free Enterprise Project, posed a simple question in a shareholder meeting: “Can you tell us—your investors—exactly how much money we stand to lose because of this decision, and explain why you have this right while Warren Buffet has this wrong?”

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Dem Pressures Bank CEO To Do More On Guns

From Yahoo News:

However, Maloney’s tone shifted when she directed her questions to Dimon. The congresswoman referenced Dimon’s widely read annual letter released last week in which he wrote about JPMorgan having to sometimes turn down clients “with low character” as a way to be a “responsible” bank.
Maloney used excerpts of the letter to grill Dimon, saying that “actions speak louder than words on guns…[and] from what I can tell, these are just words to you.”

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Senator Puts Pressure On Banking Industry

From Bearing Arms:

The chairman of the Senate Banking Committee warned the banking industry on Thursday that it should not attempt to restrict legal gun sales by denying financial services to members of the gun industry.
Sen. Mike Crapo (R., Idaho) sent a letter to eight of the country’s biggest banks detailing his concerns with the way some of them had begun rejecting business from certain gun companies. In the last year, several of them have attempted to restrict what kinds of guns can be sold to the public and who they can be sold to by applying financial pressure.

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Banks Continue Discriminating Against Gun Businesses

From Yahoo:

In the wake of high-profile mass shootings, corporate America has been taking a stand against the firearms industry amid a lack of action by lawmakers on gun control. Payment processing firms are limiting transactions, Bank of America stopped providing financing to companies that make AR-style guns, and retailers like Walmart and Dick’s Sporting Goods imposed age restrictions on gun purchases.

The moves are lauded by gun-safety advocates but criticized by the gun industry that views them as a backhanded way of undermining the Second Amendment. Gun industry leaders see the backlash as a real threat to their industry and are coming to the conclusion that they need additional protections in Congress to prevent financial retaliation from banks.

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NYT: Banks And Credit Cards Should Refuse Gun Sales

From The New York Times:

For the past year, chief executives have often talked about the new sense of moral responsibility that corporations have to help their communities and confront social challenges even when Washington won’t.

What if the finance industry — credit card companies like Visa, Mastercard and American Express; credit card processors like First Data; and banks like JPMorgan Chase and Wells Fargo — were to effectively set new rules for the sales of guns in America?

It looks like The New York Times is now pro-big business, if that business is big enough to pressure retailers in to doing what the NYT wants. This is more proof that “liberals” are not liberal and that they will do whatever is necessary to get their way. If big government can’t do it then they will pressure big business to do it. If this succeeds it will set a dangerous precedent.

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