Bank of America Cutting Ties With "Assault Weapon" Manufacturers

[OakRiver]

https://www.cnbc.com/2018/04/10/bof...-of-military-assault-rifles-for-civlians.html

 

[Ggreen]

I wonder if they will cut ties with companies that use high fructose corn syrup, alcohol, marijuana, bars, hammer makers....

 

[d.kaufman]

Guess i will be paying off my Bass Pro, BOA card and canceling it. They will get no more of my money. Wonder if they'll sever ties with Bass Pro too, since they sell those evil, black, scary, "Military assault weapons"

 

[CraigAPS]

[FONT=&quot]This year, [/FONT]a group of nuns is leading a proposal[FONT=&quot] on Sturm Ruger's shareholder proxy asking the company to do a report on what efforts it is making to research and produce safer guns and also to assess gun violence-related risks to its reputation and financial position. The company is recommending shareholders vote no on the matter.[/FONT]

What the Hell would this accomplish??? The problem is not the safety of the weapon. The problem is the horrible person using it to commit terrible acts. I'm glad that Ruger is asking its shareholders not to succumb to this type of pressure, unlike BOA.

 

[sempreobie]

[FONT=&quot]"And several airlines, car rental companies and hotel chains have dropped rewards or discounts programs for National Rifle Association members." Discrimination??

[/FONT]

 

[OutdoorDad]

I wonder if they will cut ties with companies that use high fructose corn syrup, alcohol, marijuana, bars, hammer makers....

I cant think of any financial firm that knowingly does business with marijuana dealers.

 

[Vigilant]

I cant think of any financial firm that knowingly does business with marijuana dealers.

Legally, they can’t.

 

[Ggreen]

I cant think of any financial firm that knowingly does business with marijuana dealers.

Here are a few, not financial business, but definitely funded by financial institutions.

 

[Leadeye]

I have to wonder how much business this represents to them, lots of people out there lending money so I would imagine the companies they are targeting will just get someone else.

 

[cobber]

Considering firearms are profitable, I'm not sure how you justify such actions to shareholders? Ultimately people invest to maximize their returns.

 

[BehindBlueI's]

Considering firearms are profitable, I'm not sure how you justify such actions to shareholders? Ultimately people invest to maximize their returns.

Same way every other company justifies discriminating against a segment of the market. "It's against our beliefs".

 

[Denny347]

Considering firearms are profitable, I'm not sure how you justify such actions to shareholders? Ultimately people invest to maximize their returns.

Same way every other company justifies discriminating against a segment of the market. "It's against our beliefs".

 

[Nojoy621]

What’s funny is how the same financial institution that screwed millions out of their homes is now pretending like they have a conscience.

 

[Kirk Freeman]

Same way every other company justifies discriminating against a segment of the market. "It's against our beliefs".

I believe cobber is addressing the fiduciary duties of the Board of Directors.

 

[ArcadiaGP]

Time link for the story

Bank of America to Stop Lending to Military-Style Gunmakers | Time

Such a silly gesture... because what you make looks a certain way... Alright then.

 

[MarkC]

Time link for the story

Bank of America to Stop Lending to Military-Style Gunmakers | Time

Such a silly gesture... because what you make looks a certain way... Alright then.

It is all virtue signaling, and a business decision: they are pandering to another segment of their customer base. They appear to have made a decision that they can replace the lost business.

As for fiduciary responsibilities, I recently ran across an article (I neglected to save it) about Calpers, the California government employees' pension manager, suffering less than optimal returns on their investments because of their "socially conscious" investment decisions. They avoid traditional energy companies, for example, because of "global warming." The diminished investment returns have aggravated their already underfunded position. But, they did signal their virtuousness.

 

[Leadeye]

I wonder if calpers is covered by the pension benefit guarantee program.

 

[BehindBlueI's]

I believe cobber is addressing the fiduciary duties of the Board of Directors.

Slumping gun sales (Ruger reported 27% reduction in sales last quarter of 2017), concerns over bad PR and boycotts, brand building...seems like there's plenty of cover if shareholders were to take them to court.

But we all know it boils down to "Its against our beliefs". Social engineering via marketplace discrimination based on non-business/profit related motives. Man...sure sounds familiar.

 

[GodFearinGunTotin]

Same way every other company justifies discriminating against a segment of the market. "It's against our beliefs".

Good thing they're not in the wedding cake and wedding photography business in certain states.

 

[GodFearinGunTotin]

I wonder if calpers is covered by the pension benefit guarantee program.

I heard a blurb about the pension guarantee program on a radio show yesterday. If they are, good luck with that. If/when the city/state pension programs meet reality, it will be interesting to see how they socialize their failures.