Swordsmyth
08-17-2018, 09:22 PM
The blowback against bank virtue signaling has begun.
Louisiana's state’s bond commission voted 7 to 6 Thursday to ban Bank of America and Citigroup from working on its upcoming debt sale because of the banks’ "restrictive gun policies," the state treasury said in a statement, according to Bloomberg.
As states begin using the bond market in retaliation against Wall Street and to stick up for the Second Amendment, Bank of America and Citigroup - the two top-ranked underwriters of long-term municipal debt - stand to lose millions in muni revenue.
"I personally believe the policies of these banks are an infringement on the rights of Louisiana citizens,” Treasurer John Schroder said in a statement. “As a veteran and former member of law enforcement, I take the Second Amendment very seriously."
As a reminder, Bank of America in April said it would stop making new loans to companies that make assault-style rifles for civilian use. At the time, the bank said at least 150 of its employees had been affected by gun violence over the years.
One month earlier, Citigroup became the major banking institution to set restrictions on the firearm industry in March, when it announced plans to prohibit retailers that are customers of the bank from offering bump stocks or selling guns to people who haven’t passed a background check or are younger than 21. The restrictions applied to companies that rely on the bank for store credit cards, lending and other services.
More at: https://www.zerohedge.com/news/2018-08-17/louisiana-bans-bofa-citi-bond-sale-over-restrictive-gun-policies
Louisiana's state’s bond commission voted 7 to 6 Thursday to ban Bank of America and Citigroup from working on its upcoming debt sale because of the banks’ "restrictive gun policies," the state treasury said in a statement, according to Bloomberg.
As states begin using the bond market in retaliation against Wall Street and to stick up for the Second Amendment, Bank of America and Citigroup - the two top-ranked underwriters of long-term municipal debt - stand to lose millions in muni revenue.
"I personally believe the policies of these banks are an infringement on the rights of Louisiana citizens,” Treasurer John Schroder said in a statement. “As a veteran and former member of law enforcement, I take the Second Amendment very seriously."
As a reminder, Bank of America in April said it would stop making new loans to companies that make assault-style rifles for civilian use. At the time, the bank said at least 150 of its employees had been affected by gun violence over the years.
One month earlier, Citigroup became the major banking institution to set restrictions on the firearm industry in March, when it announced plans to prohibit retailers that are customers of the bank from offering bump stocks or selling guns to people who haven’t passed a background check or are younger than 21. The restrictions applied to companies that rely on the bank for store credit cards, lending and other services.
More at: https://www.zerohedge.com/news/2018-08-17/louisiana-bans-bofa-citi-bond-sale-over-restrictive-gun-policies