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Thread: GE Capital cuts off lending to gun shops

  1. #1
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    GE Capital cuts off lending to gun shops

    http://www.marketwatch.com/story/ge-...wsj-2013-04-24
    "Industry changes, new legislation and tragic events" led GE Capital to reexamine its policies on financing firearms, spokesman Russell Wilkerson told the Journal.
    http://www.marketwatch.com/story/ge-...?link=MW_pulse
    Peter Lanza, the father of Sandy Hook gunman Adam Lanza, is an executive at GE Capital
    Corporate Guilt..??

    If you're a "Vote with your wallet" type, here's a list of credit cards you might want to avoid.
    http://www.creditcardcatalog.com/cre...l-retail-bank/
    "No free man shall ever be debarred the use of arms." - Thomas Jefferson, Virginia Constitution, Draft 1, 1776

  2. #2
    Member BaiHu's Avatar
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    To be honest, let GE leave. They are buddies with Obama and the parent company of NBC for a while until Comcast just bought out the other 49% from GE last month.

    This is political theater and many credit firms will jump in behind these shops.

    We don't need fair weather friends like GE, good riddance.
    Fairness leads to extinction much faster than harsh parameters.

  3. #3
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    I thought the Lanza connection was particularly interesting.
    "No free man shall ever be debarred the use of arms." - Thomas Jefferson, Virginia Constitution, Draft 1, 1776

  4. #4
    Member SecondsCount's Avatar
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    One of a couple things could be going on here-

    1. GE has a close relationship with the US government. Someone could be pressuring them to take this position in order to get contracts, etc.

    2. GE does not want the liability. Since the laws have passed protecting gun companies, the Brady campaign, Bloomberg, and their like have been exploring other avenues to target the firearm industry with lawsuits.
    -Seconds Count. Misses Don't-

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    It is an interesting development, but I wonder about a couple of things. How big a part of GE Capital's accounts is made up of gun related business. Conversely, how many gun related businesses use GE Capital. It could be that this announcement is more political theater rather a real change or hardship for the industry (but certainly an inconvenience and expense for those businesses directly affected).

    In the long run, I don't think it is a big deal. As long as the gun business is legal and profitable there will be somebody willing to provide financial services. The only question is how much those services will cost. It will not take long for somebody to want the money that GE is leaving on the table.

  6. #6
    Member orionz06's Avatar
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    I also wonder how much this really matters.
    Think for yourself. Question authority.

  7. #7
    Member TGS's Avatar
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    Quote Originally Posted by Corey View Post
    It will not take long for somebody to want the money that GE is leaving on the table.
    My thoughts.

    .....maybe the next shark is "Magpul Capital"...... Certainly wouldn't be a bad thing for the firearms industry if that was to happen.

    ***cue memes of Wutang Financial***
    "Are you ready? Okay. Let's roll."- Last words of Todd Beamer

  8. #8
    Member orionz06's Avatar
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    Quote Originally Posted by TGS View Post
    My thoughts.

    .....maybe the next shark is "Magpul Capital"...... Certainly wouldn't be a bad thing for the firearms industry if that was to happen.

    ***cue memes of Wutang Financial***
    Wu Tang Clan ain't nothin' to kitten with.
    Think for yourself. Question authority.

  9. #9
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    I don't think there's any big pain to the industry from this. Certainly no conspiracy.
    I do look at GE Capital differently because of it. Another big company piling on the anti-gun dogpile.

    As an informed consumer, I thought it was worth passing along.
    "No free man shall ever be debarred the use of arms." - Thomas Jefferson, Virginia Constitution, Draft 1, 1776

  10. #10
    Site Supporter Odin Bravo One's Avatar
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    Quote Originally Posted by orionz06 View Post
    I also wonder how much this really matters.
    I certainly do not have the background, or knowledge to make an assessment on that.

    Still, I took my "big" money (life savings) from GE, which is chump change to them, but not to me...........and put it elsewhere.

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