According to crime reports – it seems that Chicago has more than enough crime and gun problems to handle. But the mayor of Chicago, Rahm Emanuel, is now pushing banks to stop doing business with gun manufacturers. And people complain about lobbyists??
Here are a couple of articles about the day’s developments.
This is a hold up: Rahm Emanuel takes gun battle to banks
Mayor Rahm Emanuel is taking his gun control push to private banks and asking major lenders in Chicago to stop doing business with firearms manufacturers.
In a letter to TD Bank and Bank of America on Thursday, Mr. Emanuel asked the CEOs to force gun manufacturers they do business with to “find common ground with the vast majority of Americans who support a military weapons and ammunition ban.”
TD Bank provides $60 million in credit to Smith & Wesson; Bank of America provides a $25 million line to Sturm, Ruger & Co.
Mr. Emanuel can’t force the banks to comply, and so far, CEOs haven’t responded, the Boston Globe reports.
But the Chicago pol did just convince city officials to divest $5 billion in pension fund investments from companies that manufacture guns.
And that effort is reverberating among states. New York and California have both halted pension investments in companies that do business with the gun industry, according to various media reports.
FREEDOM WATCH: CHICAGO MAYOR RAHM EMANUEL TELLS BANKS “STOP SUPPORTING GUN MAKERS”!
Chicago Mayor Rahm Emanuel is putting more pressure on gun makers to get behind his push for an assault weapons ban and criminal background checks for gun purchasers.
This time, he wants to go after their bottom line.
Emanuel is pushing two major financial institutions to stop their financial backing of gun makers, unless those companies support “commonsense reforms, including requiring criminal background checks on all gun sales.”
The mayor is urging that banks to stop lines of credit, financing for acquisitions and expansions and financial advising.
In a letter sent Friday to the CEOs of Bank Of America and TD Bank, Emanuel said: “In the past, the gun industry has stood in opposition to these safety measures. They opposed a ban on assault weapons on America’s streets, opposed a ban on military-style clips, opposed a criminal background check on all gun purchases and opposed any effort to crack down on criminal gun traffickers.”
In the letter, Emanuel says TD Bank offers a $60 million line of credit to Smith & Wesson, which produces the AR-15. That is the weapon used by James Holmes in the Aurora, Colo., theater massacre that killed 12 people. Emanuel wrote.
Emanuel told CEO Bharat Masrani “to use your influence to push this company to find common ground” on an assault weapons ban and gun background checks.
In a separate letter, Emanuel urged Bank Of America CEO Brian T. Moynihan to do the same thing with Sturm, Ruger & Co., which has a $25 million line of credit with the bank.
“Collectively we can send a clear and unambiguous message to the entire gun industry that investors will no longer financially support companies that support gun violence,” Emanuel wrote.
Last week, Emanuel ordered a portfolio analysis from the five pension and retirement funds for Chicago employees to determine if fund managers hold financial interests in companies that manufacture or sell assault weapons.
This week, the Chicago Municipal Employees Annuity and Benefit Fund (MEABF) board voted to divest more than $1 million from three companies that manufacture assault weapons – Freedom Group, Smith and Wesson and Sturm Ruger.