Another Bank Jumps Aboard the Virtue Signaling Bandwagon

[blues]

Amalgamated Bank has Ruger in its sights...

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 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.”

[Peally]

I can't believe that's seriously their bank name. Ruger will respond with kthxbai

[StraitR]

Is there a shortage of banks willing to loan money? Last I checked, Ruger was doing pretty well for themselves. They should tell Amalgamated Bank to pack sand, or demand that they openly support the 2A or Sturm, Ruger & Company will take their business elsewhere.

The more the 2A community (Gun owners, companies, manufacturers, etc) allow corporations to vilify the NRA publicly without pushback, the closer we get to losing the 2A as we know it. Clearly, this is the new strategy from the Left, combined with state level legislation instead of working nationally.

[RevolverRob]

Does the bank actually have any power to "support" a board member election for Ruger? This sounds like a grab ass, sophomoric, attempt to garner public attention. What is it that the bank can actually do?

[NEPAKevin]

The NRA should start its own bank. I forget which movie it was that John Wayne says something along the lines of "we should start our own bank, all it takes is money and we got that." Found this instead:

[pangloss]

Does the bank actually have any power to "support" a board member election for Ruger? This sounds like a grab ass, sophomoric, attempt to garner public attention. What is it that the bank can actually do?

The bank likely owns shares of Ruger. The snippet said the bank has $48 billion in assets. File under activist shareholder.

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[RevolverRob]

The bank likely owns shares of Ruger. The snippet said the bank has $48 billion in assets. File under activist shareholder.

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I guess they can sell their shares, then.

A bank with 48 billion in assets is barely a bank. Each Walton kid is worth 50 billion...JPMorgan Chase has 2.73 Trillion in assets...

[farscott]

Is there a shortage of banks willing to loan money? Last I checked, Ruger was doing pretty well for themselves. They should tell Amalgamated Bank to pack sand, or demand that they openly support the 2A or Sturm, Ruger & Company will take their business elsewhere.

The more the 2A community (Gun owners, companies, manufacturers, etc) allow corporations to vilify the NRA publicly without pushback, the closer we get to losing the 2A as we know it. Clearly, this is the new strategy from the Left, combined with state level legislation instead of working nationally.

Unless things have changed, Ruger has never borrowed money from day one. Even when people sent checks for the Standard Pistol before production, Ruger shipped the pistol to the owner before cashing the check.

[Jeep]

Here is what this story forgets to tell you: "Founded on April 14, 1923, by the Amalgamated Clothing Workers of America, Amalgamated Bank is the largest union-owned bank and one of the only unionized banks in the United States. Amalgamated Bank is currently majority-owned by Workers United, an SEIU Affiliate."

The SEIU is one of the most left-wing unions in America.

Here is another interesting fact. Union-owned banks, insurance companies and health insurers often offer lousy products to employers who are forced to buy them (the big union blow up in Wisconsin some years back was partly caused by the fact that the teachers unions were forcing the school districts to buy ultra expensive health insurance from a union owned insurer). Meanwhile the boards of directors of these entities are filled with high ranking union officials who get large supplements to their official union salaries in "directors fees" that are not disclosed to their members.

I don't expect journalists to commit acts of journalism and find out the second point, but the failure to tell their readers that this bank is owned by the SEIU is an act of malpractice.