Yesterday, Wells Fargo CEO Tim Sloan, was brought to the Capitol to testify on something or another.
What I saw of that was this clip of Congresswoman Ocasio-Cortez asking Mr. Sloan some questions. It was trending in YouTube so was one of my recommended videos.
She starts in on him about Wells Fargo financing private prison companies.
Did you catch that?
“Why was the bank involved in the caging of children and financing the caging of children to begin with?”
So it is her contention that the banks who loan a company money are liable for all the companies actions.
The she dives into holding the Wells Fargo accountable for the damage caused by the (very minor) spills from the Dakota Access Pipeline.
Faithful readers of this blog will remember from last year how the activist Left urged banks like Citigroup and other credit card issuing banks to use policy to destroy gun rights. They argued that banks, as private companies, didn’t have to respect the Second Amendment and could kill the gun industry and gun sales by not financing gun companies, extending credit to gun manufacturers, wholesalers, or retailers, or allow their credit cards to be used for gun purchases.
This sort of fell off the radar quickly when Republicans pushed back against the banks. If the banks were going to do an end run around the Constitution and effectively implement a gun ban by financial fiat, the banks would be cut off from hundreds of billions of dollars of government financial deals.
If the banks want to play politics with guns, the GOP will play politics with the banks.
Well, the Democrat Fresh Faces are in power now.
Using AOC’s logic, she establishing that the banks could be held liable for gun crime.
The banks are not protected by the The Protection of Lawful Commerce in Arms Act.
Since S&W can’t be sued out of existence for a shooting that used one of their guns, Wells Fargo can be sued for financing S&W who made the gun.
Wells Fargo then decides the the liability is not worth the cost, other banks follow, and soon there is nobody to finance the gun industry.
It’s not just guns that can be destroyed this way. She can kill the car industry, airline industry, anything the Left doesn’t like by making it too risky for the banks to invest because of the liability attached.
When prodded about this on Twitter, she responded with the only bit of work experience she has. bartending.
Actually, in NYC if you’re a bartender and knowingly over-serve to someone, you *ARE* liable for things they do after they leave the bar, because you knowingly put them at risk for $.
Its called the Dram Shop Act. It’s a big reason why bartenders cut people off. And it works. https://t.co/u2XMRuNOyb
— Alexandria Ocasio-Cortez (@AOC) March 12, 2019
Somebody needs to tell the Congresswoman that DAPL doesn’t stand for “Daiquiri and Appletini Pipleline.”
That is not how Dram Shop laws work, but she is going to extend liability up as far as she can until the banks get scared to fiance anything the Left doesn’t like.
She is not stupid. She is an ignorant ideologue. Don’t confuse the two. She is an authoritarian monster and is clever enough to figure out how to throw her weight around.