We recently noted the thinly-veiled threat that New York State comptroller Thomas J. DiNapoli made when he sent a friendly letter to most of the nation’s largest financial institutions. In it, he hinted — wink, wink — that it could be bad for their business if they continue to facilitate transactions that involve firearms and related products.
DiNapoli suggested that these companies should consider whether gun transactions should be classified with restricted high-risk purchases like pornography, illicit drugs, and crypto-currencies. “If gun violence continues unabated in society,†he wrote, “public outcry … may grow and create significant financial risk for the company.â€
DiNapoli happens to control over $200 billion in New York state pension funds. And gosh, it’d be a real shame to lose some of that juicy business just because a bank happens to also process credit card transactions for, say, Brownells, Midway USA or your local gun store.
The clear implication of DiNapoi’s letter wasn’t lost on its recipients at Visa, MasterCard, JPMorgan Chase, Bank of America, Wells Fargo, American Express, Discover Financial Services, and others.
http://www.thetruthaboutguns.com/2018/04/daniel-zimmerman/hornady-wont-sell-to-ny-state-agencies-after-comptroller-threatens-banks-over-gun-business/
