Thursday, April 25, 2013

GE Capital Takes Sides in Gun Control Debate

April 25, 2013

GE Capital appears to be taking sides in the national gun control debate and it looks like Mayor Rahm Emanuel's wish may be coming true, although there's no indication in this article of a direct connection between Emanuel's inappropriate pressure on the banking industry to refuse business with the firearms industries and this specific decision.

I wonder what other lawful, legitimate businesses or industries GE Capital refuses to do business with.

http://touch.latimes.com/#section/-1/article/p2p-75619481/

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April 30, 2013

I wasn't aware which banks Chicago Mayor Rahm Emanuel had put pressure on to stop doing business with the lawful gun industry. According to this article, it was Bank of America and TD Bank and it was at least temporarily successful.

"Bank of America defended their action by pointing out that Spirit Arms allows customers to order guns over the internet without conducting a background check. BA missed the fact that the guns are not shipped to the customers directly but to a FFL near the customer, where a background check on the buyer is performed before the gun is handed to him or her.

Although BA was eventually shamed into reversing course, the impetus for their action was clear. Now that GE Capital has followed suit, gun control advocates are cheering their victory."
http://www.ammoland.com/2013/04/gun-control-advocates-revel-in-obamas-economic-war-on-guns/#axzz2RroEN29o

According to this article, GE Capital joins Wells Fargo and Citigroup who made their decisions to stop financing gun purchases years ago.

As the GE Capital story first broke I recall reading that the focus was on loans to gun stores, not consumers, but these latest articles make it sound like it's the consumers who will be denied credit. One article I read questioned, does that mean a consumer's credit card will be denied for use in gun stores? The question wasn't answered.

I'm still wondering, what other lawful, legitimate businesses or industries GE Capital and these other banks refuse to do business with. What other constitutional rights that someone might need help financing would these banks refuse to extend credit for? Do these banks think that criminals finance their gun purchases? If so, maybe they should stop offering credit to criminals. But it appears they've bought into the gun control party line - that it's the gun that is responsible for the crime, not the criminal. And they're willing to demonize lawful firearms owners, or would-be owners, to make their point.

http://www.businessinsider.com/gun-control-ge-capital-freedom-group-cerberus-sale-problems-2013-4

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