Wells Fargo is not a perfect bank.
It’s dealt with numerous scandals in recent years, whether it was sales goals forcing employees to open up fraudulent accounts or various data breaches. The bank’s issues have been big enough for even President Donald Trump to comment on them.
Fines and penalties against Wells Fargo Bank for their bad acts against their customers and others will not be dropped, as has incorrectly been reported, but will be pursued and, if anything, substantially increased. I will cut Regs but make penalties severe when caught cheating!
— Donald J. Trump (@realDonaldTrump) December 8, 2017
Wells Fargo also was listed as one of the major companies pulling funding from the Republican National Convention back in 2016.
But we have to give credit where it’s due.
The beleaguered bank has ignored the crazed calls of anti-Second Amendment leftists for years, according to a Bloomberg report titled “Wells Fargo, the NRA’s Bank, Doubles Down on Gun Industry.”
The report said Wells Fargo gave a $40 million line of credit just last week to gun manufacturer Sturm, Ruger & Co., the world’s largest publicly traded gun manufacturer.
That $40 million line of credit is on top of the $431 million in debt that Wells Fargo has arranged for various gun manufacturers since December 2012. Bloomberg chose that date because it’s when the tragic Sandy Hook shooting occurred — a flashpoint for gun control efforts.
Unsurprisingly, many gun control advocates have expressed concern over Wells Fargo’s continuing support of the firearms industry.
“This is shocking news because we are in sustained dialogue with Wells Fargo,” said Nora Nash, a sister at St. Francis of Philadelphia who was meeting with the bank as a member of the Interfaith Center on Corporate Responsibility. “This new business relationship with Sturm Ruger is in direct conflict with ethics, culture and respect for human rights throughout the company.”
In a refreshing statement in April, Wells Fargo spelled out exactly why it continues to support the gun industry while working with groups like the Interfaith Center.
“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,” the company said.
— Stephen Tatasciore (@statasiore) October 5, 2018
As Bloomberg noted, whereas several other prominent banks — including Bank of America and JPMorgan — distanced themselves from the gun industry in the wake of the horrific shooting at Florida’s Parkland High School in February, Wells Fargo has done no such thing.
Banks are not always your friend. As Wells Fargo has shown, banks don’t always follow the rules.
But kudos to Wells Fargo for taking a stand against the crazed anti-gun, anti-Second Amendment mob.
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