Prominent banks refusing lending to gun manufacturers are paying a big price with DC Republicans


According to a Friday Bloomberg report, Republican SEC appointee Michael Piwowar — one of three Republican SEC appointees on the Republican-dominated committee — recently took Citigroup to task over its refusal to lend to gun manufacturers.

During what was supposed to be a fairly routine April 24 meeting about derivatives, Piwowar and the other four members of the SEC met with Citigroup executives and the conversation reportedly turned into a lecture on guns and social policy.

According to Bloomberg, Piwowar was “glowering and speaking emphatically” during the meeting, and reminded the Citigroup execs that they were given “billions in government bailout money after the financial crisis.”

Bloomberg reported that some of the group’s execs took Piwowar’s words as a “thinly veiled threat,” noting that Piwowar reportedly said that while he was aware Citigroup wanted the Securities and Exchange Commision to “ease regulations on derivatives and proprietary trading,” the group might “have trouble finding the votes” on the Republican-majority commission.  – READ MORE

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