Bank of America has decided that it will no longer finance companies that make “military style” rifles.
Bank of America is the nation’s second largest bank and only 10 years ago got $138 Billion in tax payer support including $20 Billion in cash.
This is the kind of thing that invites regulation and Congressional intervention. After billions of dollars in taxpayer money, the bank decides to wield thier weight to destroy lawful business?
What none of these articles cover is what about businesses that have already agreed to borrow money? Are they left hanging? What about subcontractors that make components for various industries including firearms?
What if BOA or any bank decided to go after the alcohol industry or other lawful but socially controversial business?
We’ve seen that the radical Left is not afraid to lose money on thier beliefs. Hollywood made dozens of anti war films that tanked, but they kept making more because it was about proselytizing.
Is America willing to let a handful of executives with no oversight control the culture by making loan decisions based on personal political ideology?
Publish a conservative book, lose your loan.
Make flyers for Republican candidates, lose your loan.
Advertise on Fox News, lose your loan.
This is begging for the government to jump in. The banks are making thier beds, I don’t think they will like who crawls in with them.
A few minutes ago, I was telling McThag that Bank of America issues the Basspro card, and Basspro sells those Evil Black Rifles, so what does this mean? Are they dropping Basspro? Just manufacturers? If that’s the case, that’s beyond the normal amount of hypocritical. They’re saying, “we don’t want to help those businesses, but we’ll help their competitors by financing what they make and sell”
I hope the guvment kicks BoA hard in the nads with regulations. After all, BoA didn’t mind or even blink at receiving the 2009 bailout (paid with money from the same people they screwed and keep screwing over). BoA has already attached itself to the guvment’s teat so what’s a few more regulations between leaches and Bigbro? š
Fug’em. Hope BoA goes away for keeps, and good riddance.
BoA has long been on my shit-list. I often call them Banco de Mexico Norte because of that flap about them enabling illegals (and I can’t remember the specifics).
They’re also on my “too big to fail” means “too big to be allowed to exist”.
Think about it. If a very few large entities cannot be lived without when they mismanaged themselves into a corner, it’s pure survival to break them down into chunks that can be lived without.
BoA sucks ass. Years ago when they did Matthew Shinnick wrong, I decided I’d never bank with them.