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Chart published by Bloomberg on March 7, 2018 in “Wells Fargo Is the Go-To Bank for Gunmakers and the NRA”

Featured Stories

Please, Please Buy This Gun Company
May 14, 2018 – NY Times

“What if the big banks that have provided financing to Remington during its bankruptcy were to back — and partner with — one or more of the big private equity firms in an effort to transform the company into the most advanced and responsible gun manufacturer in the country?

…And they would not be out to kill the business; quite the opposite: They could create a profitable model for the rest of the industry using technology and sound sales policies to reinvent the modern-gun manufacturer.”

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Alyssa Milano’s NoRA Confronts B of A on Gunmaker Loans
May 10, 2018 – Yahoo News

“Milano and members of the coalition, including Alec Baldwin, Amy Schumer, Julianne Moore, Natalie Portman, Morgan Freeman, Mia Farrow, Michael Moore, Olivia Munn, Don Cheadle, Chelsea Handler, and Ashley Judd, along with Stoneman Douglas High School survivor David Hogg, signed a letter sent to Bank of America CEO Brian Moynihan on Thursday. It criticizes him, saying ‘you flipped on your promise to the American people’ by continuing to ‘loan more than $43 million to Remington Arms,’ which is America’s oldest gunmaker.”

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Bank of America Affirms Gun Pledge, Hints at Remington Loan Exit
May 10, 2018 – Reuters

“Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender…

‘Let me be clear – we are not changing our policy to end financing of the manufacture of these military style firearms,’ said Finucane, who emphasized the policy change was on a go-forward basis…”

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Cerberus Hands Bankrupt Gunmaker to Wall Street Creditors
February 27, 2018 – Bloomberg

“…Remington Outdoor Co. is trying to pull off a swift trip through the court. The process will hand ownership of the guns-and-ammunition conglomerate…to such well-known names as Franklin Resources Inc. and JPMorgan Asset Management and their broad customer bases.

The soon-to-be owners, who still must line up fresh financing, won’t operate the company for long… They’ll seek to sell it in whole or part soon after the reorganized firm emerges from bankruptcy court…”

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Breakingviews – Cox: A beneficent billionaire should buy Remington
March 27, 2018 – Reuters

“Remington filed bankruptcy papers a day after millions of Americans marched in favor of banning its products. Ironically, this makes a beneficent billionaire best positioned to put the 202-year-old enterprise out of its misery. Truth is, Mike Bloomberg, Microsoft founder Bill Gates or Amazon’s Jeff Bezos could turn Remington into a force for sensible gun policies – with their pocket change.”

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U.S. Banks Provide Rescue Financing for Gunmaker Remington
March 25, 2018 – Reuters

“The company’s bankruptcy lenders include Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co and Deutsche Bank AG, according to court documents…

Smaller banks Regions Financial Corporation, BB&T Corp, Synovus Financial Corp and Fifth Third Bancorp have also committed to help fund Remington’s bankruptcy loans, court documents show. An affiliate of investment manager Franklin Templeton Investments, another lender, is also providing funds.”

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Remington Creditors Seek Quick Sale After Bankruptcy
February 26, 2018 – Bloomberg

“Creditors that are planning to seize control of the cash-strapped maker of Remington guns are already looking for an exit.

Lenders including Franklin Resources Inc. and JPMorgan Chase & Co.’s asset management arm will become owners of a reorganized Remington Outdoor Co….

But the creditors will almost immediately be looking for a buyer for some or all of the gun manufacturer, according to people with knowledge of the plan…

Remington and its creditors are planning a quick trip through bankruptcy court that would seek a judge’s approval just 45 days after the Chapter 11 filing…”

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Cerberus’s Remington Gunmaker Seeks Bankruptcy Protection
March 26, 2018 – Bloomberg

“The chapter 11 filing in Delaware bankruptcy court Sunday comes with a revised plan to eliminate $620 million in debt, pay most creditors in full, and hand over most of the company to a group of lenders. Remington, which makes weapons for military, law enforcement, and hunting customers, had already outlined a plan on Feb. 12 to file for bankruptcy and give control to lenders including Franklin Resources Inc. and JPMorgan Asset Management.”

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Wells Fargo Is the Go-To Bank for Gunmakers and the NRA
March 7, 2018 – Bloomberg

“Following the Feb. 14 shooting at a Parkland, Florida, high-school that left 17 dead, retailers such as Dick’s Sporting Goods Inc. have implemented stricter gun rules, such as increasing the age necessary to buy one, and some companies, like Delta Air Lines Inc., have cut ties with the NRA’s member-benefits program. Those changes were largely driven by boycott movements on social media. Banks, which have made millions financing the NRA and firearms manufacturers, haven’t been a focus in the same way.”

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Citi Sets Restrictions on Gun Sales by Retail Clients
March 22, 2018 – Reutrers

“Citigroup Inc added restrictions on firearms sales for new retail-sector clients, the Wall Street bank said on Thursday, the strongest move to date by a major U.S. lender following last month’s high school shooting in Florida.

In an emailed statement Citi said it will require those clients only sell firearms to customers who have passed a background check, restrict firearms sales for buyers under 21, and not sell so-called ‘bump stocks’ or high-capacity magazines.”

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BofA Will Stop Lending to Makers of Assault-Style Guns
April 10, 2018 – Bloomberg

“Bank of America Corp. plans to stop lending to companies that make assault-style guns used for non-military purposes.

‘It’s our intention not to finance these military-style firearms for civilian use,’ Anne Finucane, a vice chairman at Bank of America, said Tuesday…

It’s the first time an executive at the nation’s second-largest bank has publicly laid out how it will deal with gun-industry clients following Feb. 14 shootings at a high school in Parkland, Florida, that left 17 people dead. The massacre set off a wave of pressure on banks, payments processors and other firms to cut services to the firearms industry and on money managers to stop investing in gunmakers.”

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BlackRock Unveils Gun-Free Investment Options
April 6, 2018 – The Washington Post

“BlackRock announced new products for clients looking to avoid investing in companies that make or sell firearms for civilian use, a significant step for the world’s largest asset manager as Wall Street comes under pressure to take a stance in America’s gun debate.

‘As it has for many people, the recent tragedy in Florida has driven home for BlackRock the terrible toll from gun violence in America,’ it said in a statement in March. ‘It has put a spotlight on the role of companies that manufacture and distribute civilian firearms…’

In March, BlackRock said it would engage with major firearms manufacturers and distributors on their policies and business practices…

‘For manufacturers and retailers of civilian firearms, we believe that responsible policies and practices are critical to their long-term prospects. Now more so than ever,’ BlackRock’s March memo read.”

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The March for Our Lives in Parkland, Florida.  Photo taken by the creator of #LeaveBloodMoneyBanks.

More Stories

Bank Execs Assure Parkland Parents of Commitment to Stop Financing Assault Weapons Makers
June 7, 2018 – Sun Sentinel

JPMorgan Owns a Chunk of a Gun Company. Now What?
May 25, 2018 – Bloomberg

Gun-Control Advocates Target Bank of America on Remington Deal After Santa Fe Shooting
May 23, 2018 – Charlotte Business Journal

U.S. Gunmaker Remington Exits Bankruptcy in Tough Gun Climate
May 17, 2018 – Reuters

Please, Please Buy This Gun Company
May 14, 2018 – NY Times

Why BofA’s Hard Line Against Assault Rifles Hasn’t Pleased Gun Activists
May 11, 2018 – Bloomberg

Alyssa Milano’s NoRA Confronts B of A on Gunmaker Loans
May 10, 2018 – Yahoo News

Bank of America Defends Financing Deal with Rifle Maker Remington as Activists Plan Boycott
May 10, 2018 – CNBC

Bank of America Affirms Gun Pledge, Hints at Remington Loan Exit
May 10, 2018 – Reuters

Extricating Itself From Gun Maker Not An Easy Business For Bank Of America
May 8, 2018 – WSHU Public Radio

BofA Burned By Millennials’ Futile Search For Meaning
May 8, 2018 – Dealbreaker

Bank Of America Appears To Flip On Firearm Promise With Loan To Remington
May 8, 2018 – Huffington Post

Bank of America is Still Working with Gunmaker Remington
May 7, 2018 – CNN Money

Bank of America’s Loan to Remington Tests its Firearms Pledge
May 6, 2018 – Reuters

Remington, the Gun Maker, Is Set to Exit Bankruptcy
May 3, 2018 – NY Times

Remington Set to Exit Bankruptcy Under New Ownership
May 2, 2018 – Wall Street Journal

Remington May Need to Find a New Owner in Fraught Gun Moment
April 23, 2018 – Bloomberg

Wells Fargo Says it Will Keep Lending to Gun Industry
April 13, 2018 – CNN Money

BofA Will Stop Lending to Makers of Assault-Style Guns
April 10, 2018 – Bloomberg

BlackRock Unveils Gun-Free Investment Options
April 6, 2018 – The Washington Post

Remington Was Turned Down by 30 Lenders After School Shooting
March 29, 2018 – Bloomberg

Breakingviews – Cox: A beneficent billionaire should buy Remington
March 27, 2018 – Reuters

Gunmaker Remington Gets Approval for Loan to Carry it Through Bankruptcy
March 27, 2018 – Reuters

Cerberus’s Remington Gunmaker Seeks Bankruptcy Protection
March 26, 2018 – Bloomberg

Remington, One of America’s Oldest Firearms Makers, Files for Bankruptcy Protection
March 26, 2018 – USA Today

U.S. Banks Provide Rescue Financing for Gunmaker Remington
March 25, 2018 – Reuters

Citi Sets Restrictions on Gun Sales by Retail Clients
March 22, 2018 – Reuters

Wells Fargo Is the Go-To Bank for Gunmakers and the NRA
March 7, 2018 – Bloomberg

Big Investors Have Clout. They Can Use It With Gun Makers.
March 5, 2018 – NY Times

Cerberus Hands Bankrupt Gunmaker to Wall Street Creditors
February 27, 2018 – Bloomberg

U.S. Asset Manager State Street to Press Gunmakers on Safety Efforts
February 26, 2018 – Reuters

Remington Creditors Seek Quick Sale After Bankruptcy
February 26, 2018 – Bloomberg

How Banks Could Control Gun Sales if Washington Won’t
February 19, 2018 – NY Times

A student leaves a flower for her dead friend in Parkland, Florida.  Photo taken by the creator of #LeaveBloodMoneyBanks.

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