Additional updated information at the end of the article
Recently a gun manufacturer* was told to remove his funds from the Bank of America because he was no longer welcomed there. Others have said they experienced the same.
Today, Politico reported that Chicago Mayor Emanuel is pressuring banks to not do business with firearm manufacturers who do not support the new gun restrictions.
For now, he sent letters to TD Bank and Bank of America who offer lines of credit to gun makers suggesting just that.
Emanuel is waging a hate war against banks that don’t comply. About TD Bank he said:
“TD Bank currently aids the gun manufacturing industry through a $60 million revolving line of credit with Smith & Wesson, a gun manufacturer that produces the AR-15 – an assault weapon that was used by James Holmes to kill 12 people and wound 58 in a crowded movie theatre in Aurora,” Emanuel’s missive to TD CEO Bharat Masrani states. “I ask you to use your influence to push this company to find common ground with the vast majority of Americans who support a military weapons and ammunition ban and comprehensive background checks.”
He intends to go after other banks, noting that the Chicago municipal employees and teachers have money divested in pension funds in banks that aid and abet banks opposing new gun laws (as if the manufacturers were breaking the “law” which isn’t the “law” now.) This is a not-so-veiled threat.
He claims they are profiting from gang violence even though gangs use illegal weapons and Rahm does not enforce the laws he has to get illegal guns off the streets.
With unabashed deceit, he said: “Doing business with gun manufacturers might benefit the banks’ bottom line, but they put our police officers, our children, and our communities at risk,” said the mayor.
Rahm wants to put gun manufacturers out of business.
He said this at the National Conference of Democratic Mayors.
Do you still think you live in a free country???
I should mention that in late December, Joe Sirochman, president of American Spirit Arms, took to the Internet, claiming that Bank of America illegally withheld his company’s funds because of the nature of its business.
On his company’s Facebook feed, Sirochman wrote that the bank put holds on payments for guns it sold through his e-commerce site.
When he called to investigate why the deposits were being delayed, he alleges, he was eventually told by by a bank representative: “We believe you should not be selling guns and parts on the Internet.”
I didn’t post this back in December because it is his word against he bank’s.
His company had a huge increase in sales due to the Obama gun stimulus which is what initially flagged his accounts. The comment by the bank representative is a he-said, she-said situation, but it takes on new meaning in light of Rahm’s actions.
It is also worth noting that Cerberus Capital Management bought up some of the top gun manufacturers over the last decade and has made stunning profits from the venture. After Sandy Hook, they started divesting.