Bank Of America Re-Examining Relationship With AR-15 Manufacturers
Beginning what could become a widespread financial squeeze on gun manufacturers, Bank of America says in a statement to Axios that it is reexamining its relationship with banking clients who make AR-15s.
Reading between the lines: This sounds like Bank of America thinks that servicing these manufacturers may not be consistent with its R esponsible Growth strategy, which calls for "addressing the challenges of our time."
- The context: In 2015, Bank of America and other banks backed away from funding coal mining.
Delta tweet this morning: "Delta is reaching out to the NRA to let them know we will be ending their contract for discounted rates through our group travel program. We will be requesting that the NRA remove our information from their website."
- The big picture: " A call to boycott the National Rifle Association became the top trend on Twitter as users of the global social media platform demanded that a variety of companies sever ties with the lobbying group."
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"The online furor [came] a day after the NRA’s leaders attacked the media and Democrats, claiming the fallout from last week’s Florida high school massacre was being politicized." ( Bloomberg )
United Airlines also tweeted : "United is notifying the NRA that we will no longer offer a discounted rate to their annual meeting and we are asking that the NRA remove our information from their website."
- Go deeper ... Axios list of companies dropping NRA partnerships amid social media uproar.
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Although it would be nice to see the nation's banks shun gun manufacturers, I'll believe it when I see it.
Shun them in what way? Refusing their deposits. Refusing them loans? Not allowing gun owners and NRA members to have accounts?
Thanks to the loony liberal left ever getting back in power, I think it's a good time to join the NRA and start looking at guns because I live in a Western sanctuary city. Lots of illegal criminals hereabouts.
Meh, plenty of other banks to deal with instead.
Bank of America tried this following Sandy Hook. They received a huge backlash from businesses that the quietly folded those plans.
Ok this just struck me , the gun industry is a multi Billion dollar entity, what does it take to start up a banking institution? Whats to stop the industry from creating its own bank? and offer services to gun owners as well as themselves?
Don't know the answer to your question, but I'm guessing if it was easy they would have done it already
maybe , maybe not , it might not have been worth it to them then or even now , if the tide changes , those multibillions the current banks have on deposit , get removed, meaning the banks cant use them to make loans to others or invest, that is how banks make their money.
That's a pretty good chunk of change on the table the banks make more money with, that could effectively evaporate and go away.
but you might be right , it could be a simple case of cost effectiveness. not that its difficult or too hard. question is would the head ache of being a financial institution , be worth it?
Yep could be that too
Corporate Fascism Anyone?
This will all blow over after the next news cycle. It seems to have been effective in closing discussion about illegal alien dreamers, though.
You've noticed that too? Maybe what needs to be done is wrap them up together. I mean what good would it do to ban any or all weapons, if someone can take a trip south of the border and purchase full auto weapons then bring them back through?