Rahm Emanuel after banks that support gun industry

[Bob33]

(I find it somewhat ironic that several posts on here have targeted B of A as being anti-gun.)

http://chicago.cbslocal.com/2013/01/25/emanuel-to-banks-stop-supporting-gun-makers/

CHICAGO (CBS) — Chicago Mayor Rahm Emanuel is putting more pressure on gun makers to get behind his push for an assault weapons ban and criminal background checks for gun purchasers.

This time, he wants to go after their bottom line.

Emanuel is pushing two major financial institutions to stop their financial backing of gun makers, unless those companies support “commonsense reforms, including requiring criminal background checks on all gun sales.”

The mayor is urging that banks to stop lines of credit, financing for acquisitions and expansions and financial advising.

In a letter sent Friday to the CEOs of Bank Of America and TD Bank, Emanuel said: “In the past, the gun industry has stood in opposition to these safety measures. They opposed a ban on assault weapons on America’s streets, opposed a ban on military-style clips, opposed a criminal background check on all gun purchases and opposed any effort to crack down on criminal gun traffickers.”

In the letter, Emanuel says TD Bank offers a $60 million line of credit to Smith & Wesson, which produces the AR-15. That is the weapon used by James Holmes in the Aurora, Colo., theater massacre that killed 12 people. Emanuel wrote.

Emanuel told CEO Bharat Masrani “to use your influence to push this company to find common ground” on an assault weapons ban and gun background checks.

In a separate letter, Emanuel urged Bank Of America CEO Brian T. Moynihan to do the same thing with Sturm, Ruger & Co., which has a $25 million line of credit with the bank.

“Collectively we can send a clear and unambiguous message to the entire gun industry that investors will no longer financially support companies that support gun violence,” Emanuel wrote.

Last week, Emanuel ordered a portfolio analysis from the five pension and retirement funds for Chicago employees to determine if fund managers hold financial interests in companies that manufacture or sell assault weapons.

This week, the Chicago Municipal Employees Annuity and Benefit Fund (MEABF) board voted to divest more than $1 million from three companies that manufacture assault weapons – Freedom Group, Smith and Wesson and Sturm Ruger.

[Stalker]

Based on stock value of a lot of these gun manufacturer I would bet there would be other banks standing in line to provide financial backing. They may even provide sweeter deals to the companies. None the less it is good to see our political body doing their part to encourage our free market; Jack Wagons. 

[lokidog]

This dumb rump needs to take care of his own house (Chicago) before worrying about the rest of us.  What a piece of crap!  Wish I had money to buy gun stocks (and not the wooden kind).

[csaaphill]

We should write smith and wesson in support of our 2nd ammenment rights. although I don't have 61 million to offer them but might work.

[bearpaw]

Bank of America has done a lot to upset Americans and they have lost a lot of business as a result. If they listen to the Chicago putz, it will cost them dearly again, I think many people are getting tired of this massive attack on our rights. 

[csaaphill]

sent smith and weston a email no reply yet.

[Bob33]

Classic Chicago mobster shakedown. It didn't work with Chick-Fil-A and I don't think it will work here. Rahm Corleone is nothing but a thug.