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UNLV2001

No more financing

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Bank of America to Stop Financing Makers of Military-Style Guns

https://mobile.nytimes.com/2018/04/10/business/bank-of-america-guns.html

Bank of America will stop lending money to gun manufacturers that make military-inspired firearms for civilian use, such as the AR-15-style rifles that have been used in multiple mass shootings, a company executive said Tuesday.

The policy is the latest example of Wall Street wading into the divisive gun control debate after Citigroup’s announcement last month that it would require business customers to restrict certain types of firearms sales.

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I smell a derivative lawsuit in their future. 

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Bank of America isn't in the business of lending anyway.  They are in the business of collecting fees from their customers.  That is where their profits come.  There lending portfolio since the democrats destroyed the banking industry consists of fannie mae and Freddie mac backed loan products and not much else.  They haven't been a significant lender to businesses in 2 decades.

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I think this is mostly symbolic.  But before some of you start rejoicing, there's boatloads of foreign money out there that could care less what you think of them. 

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6 minutes ago, pokerider said:

I think this is mostly symbolic.  But before some of you start rejoicing, there's boatloads of foreign money out there that could care less what you think of them. 

.. .as long as you are buying an AK.

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17 hours ago, bluerules009 said:

Bank of America isn't in the business of lending anyway.  They are in the business of collecting fees from their customers.  That is where their profits come.  There lending portfolio since the democrats destroyed the banking industry consists of fannie mae and Freddie mac backed loan products and not much else.  They haven't been a significant lender to businesses in 2 decades.

I'm thinking the banking industry hurt themselves and damaged a lot of lives in the process.  And unfortunately the Democrats let them off the hook.  Of course the current administration is further letting them off hook.  

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43 minutes ago, RiverCityBronco said:

I'm thinking the banking industry hurt themselves and damaged a lot of lives in the process.  And unfortunately the Democrats let them off the hook.  Of course the current administration is further letting them off hook.  

We hurt ourselves with government regulation.  When the government attacked banking with threats of prosecution if they didn't make bad loans to minorities.  It forced banking to eventually crash.

Without banking we are now hurting many more people who don't have jobs and can't get the capital to start that business.  Socialists like you destroy economies, families and countries and we are headed down that path.

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Government regulations killed community banking while we are on the topic of regs on the banking industry. 

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5 minutes ago, bluerules009 said:

We hurt ourselves with government regulation.  When the government attacked banking with threats of prosecution if they didn't make bad loans to minorities.  It forced banking to eventually crash.

Without banking we are now hurting many more people who don't have jobs and can't get the capital to start that business.  Socialists like you destroy economies, families and countries and we are headed down that path.

I'm not saying the government isn't culpable in the mess, but the banking/lending industry sure isn't innocent either.  

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36 minutes ago, RiverCityBronco said:

I'm not saying the government isn't culpable in the mess, but the banking/lending industry sure isn't innocent either.  

They broke no laws, so they aren't guilty of anything.  

The only damage done was by government.  Banking like any business when threatened by government has to comply.

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12 minutes ago, bluerules009 said:

They broke no laws, so they aren't guilty of anything.  

The only damage done was by government.  Banking like any business when threatened by government has to comply.

I suppose that is one point of view, but it's a little more complicated than that.  Just because something may not be illegal doesn't mean it's ethical:

https://www.publicintegrity.org/2009/05/06/5449/roots-financial-crisis-who-blame

 

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20 minutes ago, RiverCityBronco said:

I suppose that is one point of view, but it's a little more complicated than that.  Just because something may not be illegal doesn't mean it's ethical:

https://www.publicintegrity.org/2009/05/06/5449/roots-financial-crisis-who-blame

 

Your little article ignores the fact that government forced them into making those bad loans and threatened them with regulatory and legal action.   

The 2009 crash was a direct result of policies in the Clinton administration and Frank and Dodge during the Bush administration.  No on else is to blame.

 

The owner of Countrywide sold their franchise in the Reno area in 2004ish because he knew they were going to be blamed for the eventual crash.

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lol, nobody forced banks to push subprime loans on individuals, not just minorities, who had no idea what they were getting themselves into. Countrywide sold because they were the main culprit in this unethical behavior and were being hammered and had no choice. You gotta love revisionist history with a litlle white supremacy sprinkled in.

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