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Banks backing out of Gun Boycott
Posted: Wed May 09, 2018 5:27 pm
by ET-Ret
I saw somewhere that Bank of America has back tracked and will Loan money to Remington
Has any one heard this?
ET-ret
Re: Banks backing out of Gun Boycott
Posted: Thu May 10, 2018 12:25 am
by Jeff B.
Why do you think that might be?
Because of a late found sense of fair play?
No.
They were contacted by many folks, like you and I who told them they were planning on changing their banking company.
Keep it up!
Jeff B.
Re: Banks backing out of Gun Boycott
Posted: Thu May 10, 2018 6:40 am
by Liberty
Actually, their reason for recommitting the financing for Remmington has to do with commitments. The worse message a bank can send out when is that they are willing to back out of a previous commitment, that they can't be trusted and taken for their word.
Remmington previously promised support for Remmington financing, to back out now would send out a very clear message that their promises and their word mean nothing. BoA is just as commited as ever to not support the firearms industry or 2nd amendment supporters. They have been a willing and eager participent of Obama's Operation Choke Point.
Re: Banks backing out of Gun Boycott
Posted: Thu May 10, 2018 2:39 pm
by rtschl
And BofA doubling down and will probably sell the Remington loan to someone else as soon as Remington exits bankruptcy.
Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender.
Bank of America could have faced potential legal action and damages if it had backed out of its commitment to provide the Remington financing, particularly if the company failed to emerge bankruptcy.
In addition, the bank was concerned about its reputation for standing by lending commitments if it reneged on its Remington financing, according to a source familiar with the bank’s thinking.
https://www.reuters.com/article/us-bofa ... ce=twitter
Re: Banks backing out of Gun Boycott
Posted: Thu May 10, 2018 3:00 pm
by ScottDLS
rtschl wrote:And BofA doubling down and will probably sell the Remington loan to someone else as soon as Remington exits bankruptcy.
Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender.
Bank of America could have faced potential legal action and damages if it had backed out of its commitment to provide the Remington financing, particularly if the company failed to emerge bankruptcy.
In addition, the bank was concerned about its reputation for standing by lending commitments if it reneged on its Remington financing, according to a source familiar with the bank’s thinking.
https://www.reuters.com/article/us-bofa ... ce=twitter
Yep. I knew this was going to be the case. If they do give up on this idiotic stand it will be really quietly.