Bank of America Dumps Gun Industry Client, McMillan Group Int'l, ...Because...

All parties have their own agendas. Why should I believe either one of the parties is telling it like it is and not what puts the best spin on things or makes either party come out best in the eyes of the public? Wouldnt be the first time someone capitlized off of a relatively trivial incident to make it appear to be something it is not.

Keep in mind that I am in no way saying that is happening here. I do not know. I was not there. But in the corporate world, things are not always what they appear to be--even companies that produce firearms.

He is obviosly upset. For whatever reaosn, BOFA decided they did not want to do business with this entity. Anyone would be upset. It would not be the first nor the last time this happened. This happens all the time and for many reasons. A bank will only do this when they think that severing their client will offer more financial gain in the long run. They are out to make a profit. You cannot do this if you send customers away. How would dropping someone who produces firearms grow your business and not alienate potential consumers? Why didnt they drop others, defense contractors, etc? It doesnt add up.

I have lived long enough to know that the truth is always usually somewhere in the middle. Hysteria over polticial issues often cause people to rush to judegement when they should take a deep breath, step back, and look at things objectively before passing judgement.

I find it hard to fathom that a bank would lose business over such a reason. There has to be more to this story than what we see on the surface. Banks dont alienate a constituency and lobby by insulting their customer base. I just dont buy it. Something else is involved here we are not privy to.

For the record--I could care less about BOFA. Never banked with them and never will. Not siding with them here. I am not siding with either party. I dont have enough true raw facts to draw an objective conclusion. All I have are he-said she-said accounts by people that are upset and a article in a gossip politcial column(scopes).

Also, his publicity and name recognition just increased astronomicaly. His business is likely to pick up. Slick marketing move or truth? That is why I retain a bit of skepticicism unless BOFA were to publically come out and state they dropped his business because they manufacturer firearms. We are dealing with corporations here. Both of their goals are to make profit and increase sales. When money is involved, lots of things happen.

I simply defer judgement. I have no idea what really happened.

 

I pulled my accounts out of BoA When they jacked my credit card rate form 7% to 28% in 2009 when the banks where failing and getting bailed out. I do my business with credit unions and local banks now. Oh, I have a great credit rating.

 

That was a different bank, BankAmerica. They got bought by Nationsbank who now runs the show and they changed the name to Bank of America. Probably one of the worst if not the worst bank around.

 

If BOA loans to Freedom Group then it's hardly anti-gun, as Freedom owns Remington, Marlin, Bushmaster, DPMS, H&R, L.C. Smith, Parker, Dakota Arms, Miller Arms, and Nesika.

I'm with bubbagumps on this; there probably is more to this story than meets the eye. The point about publicity too is a good one. When the "little man" cries wolf he will oftentimes get a knee-jerk reaction of people flocking to his side, whether or not there actually was a wolf.

 

I also want to point out I am not cutting down anyone here or trashing the guy and I certainly am not accusing him of grandstanding. I am just skeptical and the sudden media blitz on the part of this company seems a bit too much. I stated and was just stated, they would be dropping all of their gun-producing affiliates if this was a stand against manufacturers of firearms. None of this adds up.

Rash judegements are too common today and it is fueld by the media, politicians, and lobyists. Everyone wants you to believe something is true. The real truth is another story and can usually only be found when you step back and look at things with an open mind and without rush to judegement. This is part of the reason the nation today is so divided and partisan politics are in the state they are. Stop believing everything you read from CNN, Foxnews, or Scopes. We will all be better off as a nation and will have a better chance of electing people who serve the people and not themselves. We are far too gullible and naive as a nation, IMO, and are quick to believe anything we hear as long as it is what we want to hear. If we want to see demons everywhere, we will, and the hucksters and spin doctors on both sides know they just have to say the right thing to create a 'cause' and gain support.

If you want to make a name for yourself, gain instant notoriety and fame among those who share the outlook, and get some money, just pick out a constituency or cause and point your finger at the opposition and scream ":They're picking on me !". I see of a flood of support, media exposure and likely a truckload of donations and checks to further the cause to go after 'the man.'

Again, not making an accusation with this guy. It's just too easy and I have grown cycnical in my days after seeing so much of it. I am always a skeptic until I have reason to believe otherwise.

You have slobs like Michael Moore preaching about poverty and the sorry state of our nation while living in a mansion, driving a Porsche 911, and raking in millions from his hypocritical rants. Then you have slobs like Rush Limbaugh talking about conservative values and railing against drug users while he's popping Oxycotin and banging oriental prostititues on exotic far east sex trips. Yeah, I believe everything these guys tell me. They are how I form my politcial positions and decide what is right mmmm..Not !

 

Theres a distinct reason I use USAA.

The biggest one is I've earned the right to.

 

cam edwards is going to talk to kelly mcmillan about this whole situation in the next hour on NRAnews Cam&Company..
www.nranews.com

 

mcmillan interview on now..

www.nranews.com

 

bofa denies it

 

Hey guys been a long time! Just wanted to say hi and set the record straight. The statement made by my uncle is absolutely true. How it happened and what was said was the way it went down. Bofa has since come out and said it is not their policy to descriminate against gun manufacturers. That may be the case but if so why did they tell us otherwise? It doesn't make sense to us either. We are doing very well right now and like my uncle states we have been in good standing with bofa, their decision caught us completely by surprise. It was not our intention to gain publicity from this incident, only to inform our customers what was goin on. The amount of interest this has generated is amazing and proof that we as Americans value our second ammendment rights and will not stand for this!

If you have any questions you can email me at maura@mcmillanusa.com

Ps I miss you guys but I miss my truck more...

Keep calm and carry guns!

 

...yep, BofA is claiming they don't disclose details about dealings w/ clients - cop out! ...i think most gun owners have been weary of BofA for years, ...and so now this is causing many more to make a decision to cut ties... thanks for the update, hope business continues to go well - beware of bubbles!

 

Why does almost every post referring to the incident tout the 2nd amendment? I think someone has an agenda here as Bank of America has huge dealings with major firearms manufacturers and sellers to the tune of hundreds of millions of dollars.

Cerberus filed an IPO for Freedom Group Inc. of Madison, NC, which includes the well-known firearms brands Remington, Bushmaster, DPMS/Panther, Marlin, Parker, and others. Bank of America Merrill Lynch, Citigroup Global Markets Inc., Barclays Bank plc and Deutsche Bank Securities Inc. acted as financial advisers to Cerberus, and provided debt financing for the buyout.​

Cabela's, a major seller of firearms and firearm-related products, also has major dealings with Bank of America.

SIDNEY, Neb.--(BUSINESS WIRE)--Cabela’s Incorporated (NYSE: CAB) announced today that its wholly owned subsidiary, World’s Foremost Bank, has entered into a $352.9 million commitment with Bank of America​

These are just two that I found in about a minute's search -- look deeper and you will probably find many more. There is no way that Bank of America is going to divest itself of hundreds of millions of dollars in accounts related to the manufacture and sale of firearms and firearm accessories because it is "anti-gun."

I'm not defending Bank of America (the only reason I put my money in their bank in the first place was that they had a branch within walking distance of where I lived). I'm just saying that there is probably more to the story as to why the line of credit of the stock manufacturer was terminated.

 

Insider trading you suggest?

 

Gonna be honest: Having done business with (read: been screwed over by) BofA, this is the least of my concerns with them. But, I'm all for whatever it takes to get people to realize how awful they really are!

 

Almost all of the large banks will screw you over if you are poor and kiss your ass if you are rich. Unfortunately, if you put your money in a small, friendly bank you might find it bought by a large one anyway. My first local bank credit card that I got when I was an undergrad is now a Chase card after the bank was bought and sold several times. The last small bank I put my money in went bankrupt (thank goodness for the FDIC).

 

I lost respect for Bank of America when they begged for a bailout this makes me lose more respect for them. I just hope Wells Fargo (who I do most of my banking through) isn't anti 2A.

 

http://www.theblaze.com/stories/ban...s-mcmillan-gun-company-for-political-reasons/

 

Bank of America does not have a policy that prohibits us from banking clients in this [the firearms] industry. In fact, we have numerous, longstanding customers in the industry. -- Bank of America, 22 April 2012​

Each "BOA is anti-gun" post that I've read ultimately refers back to a single post by the McMillan group. Since BOA can't legally divulge what went on in a private meeting with a client, all that is known about the basic issue is what the stock manufacturer said.

There is no way for any of us to ascertain the veracity of this specific information. However, we can, via public records, ascertain that BOA does, indeed, have accounts with with several gun manufactures and sellers. As I've pointed out, BOA has huge (we are talking in the half billion dollar range here) financial commitments with some of the largest and oldest firearms manufacturers and distributors of firearms and firearms-related equipment. There is no way that the company is going to divest themselves of these accounts for "political reasons."

Don't believe all the hype you hear on the Internet.

 

..it's more than just on the internet, ...the owner was interviewed on Cam&Co. program on NRAnews last night, ..he reiterated his claims on the facebook page... Just because BofA says there policy is XYZ doesn't mean it didn't happen... also, ...was there a different policy for commercial accounts, vs. corporate accounts???...