Gun manufacturer says Bank of America doesn't want its business

[Ought Six]

http://www.foxnews.com/politics/2012...-his-business/

[Oric]

It is quite often that banks dont finance firearms, tobacco and alcohol business ...

[Glockd]

This is gonna hurt BofA far more than it does McMillan. I ditched BofA almost 15 years ago and haven't regretted it one bit.

Oric, care to back up that statement with some facts? Love to see them.

[Oric]

Glockd : i would add gambling to that list as well

Search for "ethical investments" "ethical banking"

[dharma]

Ethics mentioned on the same page as BOA!

This is purely political. BOA are trying to curry favor with Obama's regulators.

[Glockd]

So, you have no proof right?

[leistb]

Originally Posted by Oric

Glockd : i would add gambling to that list as well

Search for "ethical investments" "ethical banking"

Ethical banking? With respect, you must be joking. After all the bullshit that has come to light since 2008 and continues to be broadcast on a daily basis; to make that kind of statement seems laughable to me.

This decision has absolutely nothing to do with ethical banking. Money is money is money. And, this is the same BofA that is up to its testicles in mortgage fraud (robo-signing), the same bank that bought Countrywide and all of its non-performing and fraudulent mortgage backed securities and then passed them off to the taxpayers via GSEs. Ethical banking?

This story broke over a week ago and in true Fox News form, they fail to mention key facts regarding the situation. To wit:

McMillan Fiberglass Stocks, McMillan Firearms Manufacturing, McMillan Group International have been collectively banking with Bank of America for 12 years. Today Mr. Ray Fox, Senior Vice President, Market Manager, Business Banking, Global Commercial Banking came to my office. He scheduled the meeting as an “account analysis” meeting in order to evaluate the two lines of credit we have with them. He spent 5 minutes talking about how McMillan has changed in the last 5 years and have become more of a firearms manufacturer than a supplier of accessories.

At this point I interrupted him and asked “Can I possible save you some time so that you don’t waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer what my business.”
“That is correct” he says…

“So you are telling me this is a politically motivated decision, is that right?” (emphasis leistb's)

Mr Fox confirmed that it was. At which point I told him that the meeting was over and there was nothing let for him to say.

B of A

[Ought Six]

So-called 'ethical banking' *is* a purely political thing. It is part of that 'social consciiousness' PR crapola that big corporations do to try and look 'responsible' and claim they are 'good citizens'.

http://en.wikipedia.org/wiki/Ethical_banking

[Glockd]

Here's ethical for you, McMillan makes some of the finest stocks and sniping rifles in the U.S., hell in the world. Those weapons serve on the front lines in the hands of militaries and law enforcement agencies all over the world. It is a McMillan stocked rifle that drops a terrorist dead in his tracks, or the hostage taker before he kills another innocent. McMillan stocks are on the Marine Corps M-40A1 Sniper Rifles, and McMillan stocked Remington 700 is the standard of the police marksman to include the FBI's Hostage Rescue Unit.

Bank Of Amerca just shit on a whole lot of professional people.