Bank Of America Recants

Aaron Spuler is a firearms enthusiast and recreational shooter. Follow more or his work at The Weapon Blog

Bank of America is preparing to provide critical financing to Remington Outdoor, which makes assault-type rifles, just weeks after the bank said it would stop financing “military-style” firearms for civilians.

BofA is contributing $43.2 million to a $193 million lending package funded by seven banks, according to court documents, which will help put Remington back on stable footing as it emerges from bankruptcy later this month into an uncertain environment for gun makers.

The package replaces a similar credit facility the banks committed to providing Remington. Both were agreed to in late March, before BofA changed its policy to stop financing companies that make military-style guns for civilian use.

Anne Finucane, BofA’s vice chair, said in April that the bank had decided on its pledge to help reduce mass shootings, saying in an interview with Bloomberg TV that “it is not our intent to underwrite or finance military-style firearms on a go-forward basis.”

Yeah, it’s kind of like that. Damage has already been done.

Read the rest of the article: https://nypost.com/2018/05/07/bank-of-america-recants-says-theyll-fund-assault-rifle-maker/