GE Takes Big Stand Against Gun Industry

[Dont Taz Me Bro]

I have a credit card through GE Capital which I will be cancelling when I get home from work.

General Electric is quietly cutting off lending to gun shops, as the company rethinks its relationship to firearms amid the fallout from the school shooting in Newtown, Conn.
This month, Glenn Duncan, owner of Duncan's Outdoor Store in Bay City, Mich., said he received a letter from GE Capital Retail Bank in which the lender said it had made "the difficult decision" to stop providing financing services to his store. Other gun dealers have received similar notices.

"Industry changes, new legislation and tragic events" led GE Capital to reexamine its policies on financing firearms, spokesman Russell Wilkerson said.

The company's exit has little overall impact in a U.S. gun market, where sales last year totaled $11.7 billion, according to IBIS World. While a typical handgun can cost more than $300, financing remains a marginal activity.

GE's ban applies only to retailers whose sole business is selling firearms, an "insignificant and immaterial" part of GE Capital's business, Mr. Wilkerson said. The lender is still doing business with merchants with more diverse lines of business [e.g., Wal-Mart, Dick's Sporting Goods]

Daily Kos: GE Capital Cuts Off Lending to Gun Shops

 

[RDD_1210]

Good for GE. I mean, this is the free market at work, right? It's in their right to do this.

 

[Claudette]

Sure it is. Just as its their right to ship all those jobs overseas and use those loopholes to pay no taxes.

 

[bendog]

I don't get the IBIS quote. It's probably true that GE has little involvement in financing the purchase of individ firearms by consumers, but I'd think GE's biz has more to do with lending to retailers for the purchase of inventory and equipment to repair, customize, service and practice with firearms.

No big deal. GE probably wants to limit exposure in this market that has the potential for ... volitility.

 

[boedicca]

Obama's good buddy, GE CEO Jeff Immelt has cut off lending to some gun shops.

I guess this is part of the executive branch gun control program.

General Electric Co. is quietly cutting off lending to gun shops, as the company rethinks its relationship to firearms amid the fallout from the school shooting in Newtown, Conn.

This month, Glenn Duncan, owner of Duncan’s Outdoor Store in Bay City, Mich., said he received a letter from GE Capital Retail Bank in which the lender said it had made “the difficult decision” to stop providing financing services to his store. Other gun dealers have received similar notices. ...

GE Capital cuts off lending to gun shops - MarketWatch

 

[NYcarbineer]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market decide!!

 

[OriginalShroom]

I will have to see if I have a GE backed Credit card, and if I do, I will simply cut it up and send it back to them in peices.

I know I have no loans through them, so that is not a problem.

 

[theDoctorisIn]

The CEO of GE Capital is Michael Neal, not Jeff Immelt.

 

[Dot Com]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market decide!!

yep. Randianism wins in the end. If he couldn't come up w/ the money on his own then perhaps he's not a good businessman and needs to fall by the wayside. Maybe he forgot to read Atlas Shrugged as a college Repub

 

[OriginalShroom]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market decide!!

This isn't the market deciding.

If it were a market decision, then only if the gun company was causing GE to lose money would they be cancelling their cards.

Nope, this is anything but.

This is more like anyone refusing to do business with Planned Parenthood.

BTW, I hope they are not in California.. It is illegal to do this there. Just ask the woman who is being sued because she won't sell flowers for gay weddings.

 

[OriginalShroom]

It may just might be illegal for them to cut them off.

Is it a woman owned or minority owned business?

Is it in an "economically deprived" area?

You Lefties may have made doing this a crime.

 

[hazlnut]

Obama's good buddy, GE CEO Jeff Immelt has cut off lending to some gun shops.

I guess this is part of the executive branch gun control program.

General Electric Co. is quietly cutting off lending to gun shops, as the company rethinks its relationship to firearms amid the fallout from the school shooting in Newtown, Conn.

This month, Glenn Duncan, owner of Duncan’s Outdoor Store in Bay City, Mich., said he received a letter from GE Capital Retail Bank in which the lender said it had made “the difficult decision” to stop providing financing services to his store. Other gun dealers have received similar notices. ...

GE Capital cuts off lending to gun shops - MarketWatch

So, you no longer support capitalism and the free market?

And as far as your laughably moronic linking this to Obama...

Well click on this link and feel like a real asshole.

GE 2012 Contributions:


Mitt Romeny $332 Million

Barack Obama $139 Million


Democrats got $360 Million
Republicans got $545 Million

Dem PACS $662 Million
GOP PACS $1.04 Billion

 

[theDoctorisIn]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market decide!!

This isn't the market deciding.

If it were a market decision, then only if the gun company was causing GE to lose money would they be cancelling their cards.

Nope, this is anything but.

This is more like anyone refusing to do business with Planned Parenthood.

BTW, I hope they are not in California.. It is illegal to do this there. Just ask the woman who is being sued because she won't sell flowers for gay weddings.

The 3rd largest company in the world doesn't make decisions based on "ethics" or "morals".

They'd get the shit sued out of them by their shareholders.

Every decision that GE and all of it's subsidiaries makes is based purely on profit, and nothing else.

This decision implies that GE Capital believes that it'll make more money based on this publicity than it'll lose.

 

[tinydancer]

The free market rears its ugly head!!!

lolol

you rightwing nuthouse inmates should be giving this a standing ovation. Let the market

decide!!

I believe in it.

You are going to broke really quick.

 

[Lonestar_logic]

Obama's good buddy, GE CEO Jeff Immelt has cut off lending to some gun shops.

I guess this is part of the executive branch gun control program.

General Electric Co. is quietly cutting off lending to gun shops, as the company rethinks its relationship to firearms amid the fallout from the school shooting in Newtown, Conn.

This month, Glenn Duncan, owner of Duncan’s Outdoor Store in Bay City, Mich., said he received a letter from GE Capital Retail Bank in which the lender said it had made “the difficult decision” to stop providing financing services to his store. Other gun dealers have received similar notices. ...

GE Capital cuts off lending to gun shops - MarketWatch

Their are plenty of other lending institutions to fill the void. And I'm sure those voids would be filled very quickly. Gun sales are still doing pretty good.

 

[Lakhota]

By Ernest Scheyder

April 24 (Reuters) - General Electric Co discovered it was financing a small number of firearm purchases in the wake of the Newtown, Connecticut, school shootings - despite deciding five years ago to avoid the practice - and moved to stop future loans, the company said on Wednesday.

Many of the conglomerate's employees live in or near Newtown, about 25 miles (40 km) from GE's Fairfield, Connecticut, headquarters. Peter Lanza, the father of the Newtown gunman, is a GE executive.

The company's GE Capital unit stopped providing consumer financing in 2008 at retailers whose primary business was firearms, except to less than 75 grandfathered businesses. After Newtown, it stopped financing even those handful of stores, spokesman Russell Wilkerson said Wednesday.

More: GE Moves To Stop All Loans To Gun Shops

I expect others will follow.

 

[buckeye45_73]

Those homos also force us to buy bullshit exspensive light bulbs....all so they can keep their enormous manisons....which I thought you hated that?

 

[TemplarKormac]

LOL Lakhota. This is funny. How's those mercury filled alternative lightbulbs working for you?

BAHAHAHA!

 

[Claudette]

Is that the same GE that sends jobs overseas and using a loophole pays no taxes??

 

[Stephanie]

Lakhota would cheer anyone who takes a stand against us American citizens