Wells Fargo Stands By Principles In Issuing Credit to Sturm, Ruger

by
posted on October 11, 2018
bankruptcy.jpg (2)

Despite a vocal minority expressing their disapproval, Wells Fargo & Co. is standing by its principles and issuing a $40 million line of credit to firearm manufacturer Sturm, Ruger & Co.

According to Bloomberg.com, religious sisters who sit on the Interfaith Center on Corporate Responsibility, are upset with the move. Sr. Nora Nash, of St. Francis of Philadelphia stated, “This new business relationship with Sturm, Ruger is in direct conflict with ethics, culture and respect for human rights throughout the company.” The organization works to review business standards and ethic responsibility with companies.

In response to the criticism, Wells Fargo released a statement of its own. “Wells Fargo wants schools and communities to be safe from gun violence, but changes to laws and regulations should be determined through a legislative process that gives the American public an opportunity to participate and not be arbitrarily set by a bank,” it said.

The line of credit should come as no surprise to the public or the gun industry, since Wells Fargo has arranged $431 million in credit for firearms manufacturers since December of 2012, and currently operates the primary bank accounts for the National Rifle Association.

Other large banks, including Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., have made public efforts to distance or discontinue their financial support to firearms makers, particularly after the criminal mass shooting in Parkland, Fla. in February.

Latest

Supreme court building/mexican flag
Supreme court building/mexican flag

What Supreme Court Justices Had to Say About Mexico’s Attempt to Demolish Our Second Amendment

Mexico is attempting to blame American firearms manufacturers for its own crime problems. Here is what the Supreme Court had to say about that.

Gun Industry Insider | Innovating Freedom’s Tool

Like many firearms-related companies, Sellmark’s brands make their reputations with innovation that gun owners want (or, perhaps, didn’t know they wanted until they saw it).

How The Federal Government Secretly Funded Gun-Control Groups

For years, American taxpayers have unknowingly funded ideological crusades. USAID was among the most-egregious examples of this.

A Uniquely American Celebration of Freedom

With over 14 acres of the latest guns, gear, personalities and more from the industry, this is a celebration of our uniquely American freedoms.

From the Editor | It is Hard to Spin This

Despite the mainstream media’s best attempts to peddle anti-gun narratives, accountability is slashing through government agencies.

Standing Guard | We Have Come A Long Way

Beautiful milestones are always worth celebrating. Honoring these moments reminds us what is important.



Get the best of America's 1st Freedom delivered to your inbox.