On Tuesday, Finucane said, “We have had intense conversations over the last few months. And it’s our intention not to finance these military-style firearms for civilian use.” She said the reaction has been mixed.
“These are clients we have enjoyed a relationship with,” she said. “There are those I think will reduce their portfolios and we’ll work with them and others that will choose to do something else.”
The amount of damage Bank of America and Citi can do pales in the amount of damage already done to the US Firearms business by Cerberus Capital via Remington Outdoors. The gun business is better off as a highly distributed cottage industry, and I suspect with changes in technology, that’s where it’ll be headed. Such an industry is going to be less vulnerable to pressure from big banks and the financial industry.
Personally, I think the banks need to be broken up. Both Citi and Bank of Americans eagerly lapped up trillions of our tax dollars. Never again. Break them up.