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Memo to JP Morgan: Thou hast messed with yon bull, therefor thou shalt suffer the horn. | |||
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Posted by: TEEBONE ® 11/21/2021, 19:01:35 Author Profile Mail author Edit |
bearingarms.com JPMorgan Blocked From $700-Million Bond Deal Over Anti-Gun StanceCam Edwards 4-5 minutes One of the biggest lenders in the country has now been shut out of Louisiana’s municipal bond market because of its policies and practices related to the firearms industry. JPMorgan officially lost out on a $700-million deal on Thursday when the Louisiana Bond Commission voted to replace the banking giant with Wells Fargo, a couple of weeks after the commission had asked JPMorgan CEO Jamie Dimon to explain his company’s position on doing business with the firearms industry.
Losing that $700-million deal isn’t going to put JPMorgan in the red, but Louisiana isn’t the only state that’s cracking down on doing business with anti-gun financial institutions that discriminate against the firearms industry. The Texas legislature passed a law earlier this year that also shuts anti-gun banks out of the municipal bond market, which has led to a number of companies (including JPMorgan) to miss out on hundreds of millions of dollars in deals. There are signs that the crackdown is having an effect on the financial sector. Just a few days ago one of the big players in the bond market asked permission to be let back in.
After declaring that its in compliance with the Texas law, on Wednesday Citigroup won its first bond bid in the state since the new law went into effect.
Hopefully Citigroup really has changed its policies and practices and isn’t just trying to pull a fast one on Texas officials. I’m glad that the state’s AG is going to have to give final approval for the transaction, and I expect that Paxton’s office will do its due diligence before giving the green light. If Citigroup is willing to change its ways, maybe other big banks will follow suit. With other red states likely to impose their own restrictions on anti-gun financial institutions in the coming months, that would definitely be the wise move to make. Otherwise, have fun explaining to investors why anti-gun virtue signaling is more important than the bank’s bottom line. |
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