It was just two weeks ago I wrote this.
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.
This could all happen to Ruger without a new law being passed, since CEOs can do what they want, and corporations are in the main controlled by progressives and lawyers.
Apparently it’s worse than that. From USA Today:
Amalgamated Bank, a New York-bank with $48 billion in institutional investment assets that emphasizes socially responsible practices, sent a letter Thursday to Sturm, Ruger & Company’s board, demanding that it adopt six reforms or it would not support the re-election of one of the gun maker’s board members, Sandra Froman, who is also an NRA board member.
The bank claims that Froman’s and the company’s “close relationship” to the NRA pose a conflict of interest that “may inhibit objective assessment and management risks Sturm, Ruger faces.”
[ … ]
In a letter to Sturm, Ruger’s board, Amalgamated’s CEO Keith Mestrich pressed the gun maker to commit to steps that address risks to its business and stock performance, which Mestrich claims has posted returns trailing the broad S&P 500 stock index over the past five years.
On the policy front, for example, the bank called on the gun manufacturer to publicly endorse mandatory background checks for all gun purchases and support the full funding of the federal agency that enforces gun laws.
Amalgamated’s top executive also wants Sturm, Ruger to take steps to monitor gun sellers to make sure guns don’t fall into the wrong hands and to emphasize “product safety innovation.”
All six reforms are recommended by Everytown for Gun Safety, a non-profit group focused on curbing gun violence.
Get the NRA board member off the Ruger board. But that’s not all. Read carefully. The bank wants Ruger to support so-called “smart guns.” If Ruger did this it would be the end of the business. They know it, and surely the bank knows it. They couldn’t shutter their doors fast enough to prevent looters from stealing what’s left because they couldn’t pay anyone to be at the plants.
This is a poorly written article because the author doesn’t explain exactly what leverage Amalgamated Bank has over Ruger, but presumably Ruger does their business with this bank.
If that’s so, this is what I warned about. Without capitulating to the gun controllers, gun manufacturers will be drummed out of business because they can’t exchange capital for expansions, retooling, or even the logistical chain or payroll. We have to do business with banks if you’re part of a corporation. There is no other choice.
We’re in a civil war. Realize where you are and what’s happening. While most of America watches TV sitcoms and wears idiotic football jerseys, be about your business procuring what you need. And that, quickly.
If you’re a gun manufacturer, you need to remove all avenues of leverage, get out of debt, and cut ties with corporate America. They hate you.