Bank pressures Ruger to take steps to reduce gun violence

[middlefinger]

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Amalgamated Bank pressures Sturm, Ruger to take steps to reduce gun violence



Another U.S. bank is using its financial clout to pressure one of the nation’s firearms makers to take steps to reduce gun violence, be more socially responsible and distance itself from the National Rifle Association.

Amalgamated Bank, a New York-bank with $48 billion in institutional investment assets that emphasizes socially responsible practices, sent a letter Thursday to Sturm, Ruger & Company’s board, demanding that it adopt six reforms or it would not support the re-election of one of the gun maker’s board members, Sandra Froman, who is also an NRA board member.

The bank claims that Froman’s and the company’s "close relationship" to the NRA pose a conflict of interest that “may inhibit objective assessment and management risks Sturm, Ruger faces.”

The demands came on the same day that The American Federation of Teachers informed Wells Fargo that it is dropping the bank as a recommended mortgage lender for the union’s 1.7 million members.

The move came after Wells Fargo spurned the union's call to cut lending ties or impose new restrictions on firearms business partners following the Feb. 14 mass shooting at a high school in Parkland, Florida.

In a letter to Sturm, Ruger’s board, Amalgamated’s CEO Keith Mestrich pressed the gun maker to commit to steps that address risks to its business and stock performance, which Mestrich claims has posted returns trailing the broad S&P 500 stock index over the past five years.

On the policy front, for example, the bank called on the gun manufacturer to publicly endorse mandatory background checks for all gun purchases and support the full funding of the federal agency that enforces gun laws.

Amalgamated’s top executive also wants Sturm, Ruger to take steps to monitor gun sellers to make sure guns don’t fall into the wrong hands and to emphasize “product safety innovation.”

All six reforms are recommended by Everytown for Gun Safety, a non-profit group focused on curbing gun violence

https://www.usatoday.com/story/money...nce/533650002/

[streaker69]

These stories are starting to sound very much like a RICO racket. Basically extorting businesses to fall in line.

[P89]

Pressure? Sounds more like extortion.
That's still a criminal offense, right?
Or is that only for us minions.

[Gunsnwater]

This shit is out of control.

[GOYABEAN]

Will this be including car manufacturers spirits and wine industry cutlery manufacturers the hollywood film industry in reality this could become a long list

[Rosco the Iroc]

I would fax them back one large letter per page

GO

FUCK

YOURSELVES

[PhillyVet]

Does the bank own stock in Ruger?

[KPShooting]

Seriously, when will these companies stand up for themselves and their shareholders? This is outright extortion. The banks know it, the gun makers know it, everybody knows it.

[streaker69]

Let me see if I understand this. This bank is doing this in an effort to protect the shareholders in relation to a loss because the gun business is considered "high risk". Where is the bank that holds the funds for Dick's when they took a loss in profit related to their destruction of valuable inventory?

[bogey1]

I would fax them back one large letter per page

GO

FUCK

YOURSELVES

THIS^^^^

And then Id have FOREIGN investors/bankers lend me money.
I bet trump would love that.

Or better yet, use crypto currency.