Bank Of America To Stop Lending To Military-Style Weapons Makers
BY Herschel Smith
6 years, 8 months ago
A Bank of America executive announced Tuesday that the bank will stop lending money to companies that manufacture “military-style” rifles that are available for civilians to purchase.
Anne Finucane, Bank of America’s vice chair, told Bloomberg TV that the bank doesn’t want to “underwrite or finance military-style firearms” and has told a number of gun manufacturers that it will no longer do business with them.
The bank has lended to the gun makers Vista Outdoor, Remington and Sturm Ruger, CNBC reported.
Bank of America had said that after the shooting in Parkland, Fla., in mid-February it was exploring ways it could contribute to stemming gun violence. The confessed gunman in that shooting used an AR-15-style rifle.
“These are clients we have enjoyed a relationship with,” Finucane said. “There are those I think will reduce their portfolios and we’ll work with them and others that will choose to do something else.”
Asked if Bank of America would stop doing business with retailers that sell assault weapons, Finucane said that would involve complicated issues dealing with civil liberties and the Second Amendment.
“That’s a good public dialogue, but that’s a ways off,” she said.
Finucane said that reaction from gun manufacturers to Bank of America’s decision has been mixed.
“Reduce their portfolios.” That’s what the progressives at BoA want gun makers to do. Reduce their portfolios. Gun control by fiat via decisions in the banking industry. Frankly, it wouldn’t surprise me to hear at some point that the FedGov was involved in meetings with BoA to encourage this decision.
Also take note that the notion of stopping business with retailers who do not comply deserves a “public dialogue,” and is “a ways off.” In other words, it’s a step in the works but needs more time to ferment. And it was two days ago I said this.
Now let’s turn to gun manufacturers. Suppose that Ruger needs to spend $500,000 buying to tooling to replace old and worn tooling machinery, or to retool a line to fabricate a new product. Suppose that none of the banks will do business with Ruger. How does Ruger pay for the tooling machinery? They can’t go through the bank. They can’t hand cash to the machinery manufacturer – their accountant would reject it as making them look like they’re doing business with Iran. No bank in their right mind will allow a company to deposit $500,000 cash without knowing where it came from.
I know accountants. I maintain that no accountant can deposit a million dollars in cash with a bank teller. It just doesn’t happen. No, I’m not talking about drug deals in Florida or Texas or whatever other exception you can find. I’m talking about people who pay their taxes, want to stay in business, and have to make it work with banks in order to stay above board.
This will prove to be very difficult for gun manufacturers to deal with. And I maintain that this is just one step in the coming festivities over the next couple of years. There will be further controls over gun owners as well. You mark my words on that, whether at the local, state or federal level. Bump stocks won’t be the last you hear of gun control by the Trump administration, all endorsed and given cover by the NRA.
On April 11, 2018 at 12:11 am, TheOtherGeorge said:
” There will be further controls over gun owners as well. You mark my words on that, whether at the local, state or federal level. ”
No doubt about it. And if they know that you have it (a form 4473 was involved in the transaction) then they will politely ask you for it, no doubt. And don’t think for a second that the company that sold you a parts kit isn’t goint to rat you out if you went that route in the past. I remember that sometime during the first decade of the 2000’s one of the companies that was selling AK parts kits (may have been Cope’s Distributing- not sure about that though) ran afoul of the ATF because of the way the receiver’s were cut up or something along that line.
At any rate, the ATF wanted the names and addresses of the buyers and the company gave them the entire list. You say you bought a Ghost Gunner? Hell, tracking down those machines will almost certainly be at the top of their list. Seeing how rabid they are about this, in years to come to the only people who can be absolutely certain that their guns are off the radar will be those who bought in private transactions or else guys like this:
https://www.youtube.com/watch?v=eCjtlngop4o
But only if they didn’t post videos on Youtube like he did.
On April 11, 2018 at 3:08 am, Carl B. said:
Welcome to the Fascist State of Amerika.
On April 11, 2018 at 3:17 am, Pat Hines said:
This attack upon gunmakers is indeed serious. The industry needs to take preventative legal action. Maybe a two pronged attack via the “Lawful Commerce in Firearms Act” and the “Public Accommodation” legal precedence. Banks are mostly federally regulated entities that are required to be open to anyone for any lawful purpose. I can’t think of any case where a bank could refuse business based solely on a product type.
Of course, depending on the Session’s DOJ to take action is unlikely. I don’t know what Sessions does on a daily basis, enforcing federal law certainly isn’t one of his activities.
On April 11, 2018 at 6:26 am, RM said:
Anne M. Finucane is married to the plagiarizing, fabricating writer and media darling Mike Barnicle. This is what happens when leftists are running the United States. They implement tyranny in advance of the terror.
On April 11, 2018 at 7:20 am, Carl B. said:
What’s disheartening is that as weak, feckless, and Leftist-Lite as the Republicans are, the youth of this country prefer Socialist/Corporate tyranny and will likely vote the GOP and Donald Trump out of office in the upcoming elections.
Prepare to give-up your semi-autos to the State or risk everything to go underground with your contraband. The future is bleak for the First and Second Amendments – and for freedom itself.
On April 11, 2018 at 7:37 am, SGT.BAG said:
Your friendly lending institution will limit or cancel any gun related purchases on your plastic and your insurance agent will cancel homeowners policy because of weapons of war inside the domicile.
The list is endless.
On April 11, 2018 at 8:25 am, Tim G. said:
Will BoA be so quick to act so morally self-righteously if I attempt to use a BoA card to pay for a hooker in Vegas or a bag of weed in Denver? After all I would be exploiting a woman for sex, and then celebrate by smoking a couple of bongs that damage my lungs, possibly lead to me driving while impaired and also contribute to global warming, or cooling (it has to be bad regardless if we even notice it or not). It is stupid shit like this that actually gets lazy moderates off the couch and writing their elected officials, and, boycotts work both ways. Try running a bank without customers.
On April 11, 2018 at 8:28 am, Foot in the Forest said:
I have the bump stocks and ordered the ghost gunner-2, three weeks ago. These are for the younger generation for me it is CALIBER .30 US RIFLE M-1 GARAND Built in the 3rd week of December 1941. It is fast approaching time to water the tree. BRING IT BITCHES.
On April 11, 2018 at 9:33 am, Herschel Smith said:
@Tim,
Re: BoA, because it’s a faux righteousness. It’s fake to its very core.
On April 11, 2018 at 10:29 am, Bill Robbins said:
You know what to do:
1. Terminate any business you may have with BofA. Go into your local branch and request to close your accounts and cancel your credit cards loudly, so everyone in the bank can here you.
2. Contact your investment advisor and tell them to dump any BofA in your portfolio. Tell them why. Tell your advisor that either they push back on BofA, or you push back on your advisor. People need to be made to feel uncomfortable, or nothing will change.
On April 11, 2018 at 11:39 am, Gryphon said:
All these Banks are part of the ‘Federal Reserve Bank’ corporation, Owned by Foreign (((bolshevik))) entities. They Hate You, Want You Dead, and must Disarm You First.
On April 11, 2018 at 12:09 pm, itor said:
What the BofA owners demonstrate as desirable:
https://vigilantcitizen.com/sinistersites/analysis-of-the-occult-symbols-found-on-the-bank-of-america-murals/
On April 11, 2018 at 3:32 pm, Ed said:
Off-topic, but … I am almost finished reading James Webb’s book “Born Fighting” with which I guess this site’s author is familiar and this site’s readership ought to be. I discovered it in uncovering the ancestry of the woman who gave birth to me; she died five days later, and I was never allowed to know of her or about her. Bits and pieces have been trickled into my awareness over the last 70 years. I find the book instructive and inspirational given what we are up against.
On April 11, 2018 at 4:21 pm, Gryphon said:
itor – Look on the “Dollar Bill” it’s Chock-Full of the same ‘luciferan’, false-judean
(pharisees, the money-changers) Imagery. While to most people, this stuff is “Occulted”, that is because most DON”T WANT TO SEE what (((they))) put right out in the Open.
As for the (((banks))), f- them, I have Not had any ‘accounts’ with any (((bank))) since about 2005. Funny Thing about that, you become so ‘invisible’ without a (((credit rating))) that nobody bothers you about a lot of things, like ‘taxes’.
On April 11, 2018 at 9:40 pm, Scott said:
Hmm, so the baker must bake a wedding cake for the lesbian couple, but these banks can choose to cut off business with law abiding businesses over a small philosophical disagreement involving “only” the 2nd amendment (and may as well lump in some other amendments also). I smell lawsuits. I would gladly “gofundme” any action taken by our manufacturers against BOA. And will be bitching to my congressman and senators about the lawlessness of these actions.
On April 12, 2018 at 5:58 am, ROFuher said:
I suppose it’s would break down at the retail level, but perhaps the manufacturers should deal in cash. They make the guns after all, and high value transport and delivery would be right up the alley for many veterans skill sets.
On April 12, 2018 at 2:59 pm, jean said:
1)They must have recovered from the 17 billion dollar fine that they were told to pay for toxic mortgages
2) Don’t believe they will go through with it… they may talk a good game but when it come time to lend money, they have the hearts of bankers.
http://time.com/3153262/bank-of-america-record-16-billion-fine-mortgages-subprime-loans/
On August 18, 2018 at 9:26 pm, BRVTVS said:
There’s been a little bit of good news on this front in recent days.
https://www.zerohedge.com/news/2018-08-17/louisiana-bans-bofa-citi-bond-sale-over-restrictive-gun-policies