GE Capital Stops Lending Money to Gun Stores

GE Capital Stops Lending Money to Gun Stores

4/25/2013
Dow Jones Newswires

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.

GE is at least the second big financial firm to retreat from the gun business following the school shootings, which claimed the lives of 20 first-graders and six adults in December.

Days after the killings, private-equity firm Cerberus Capital Management LP said it would try to sell the gun company it owns — Freedom Group — which makes brands including Remington, Bushmaster, Marlin and H&R.

The moves highlight how companies, closely attuned to the concerns of investors and employees, have reacted to public horror caused by the attacks, even as complicated political considerations doomed new gun-control legislation in the Congress.


Related Articles

Trayvon Martin and George Zimmerman Case Overview

Zimmerman Charged With 2nd-degree Murder On Wednesday, April 11, 2012, Florida special prosecutor Angela Corey announced that George Zimmerman, the

Missed Warning Signs in the Murder of UVA Lacrosse Player

The violent history of the University of Virginia (UVA) lacrosse player charged in his ex girlfriend’s death – including a

Private Investigator Exposes Fraud in $400 Million Ponzi Scheme

Michael G. Kessler Featured on CNBC’s American Greed as Private Investigator New York, NY Friday, May 04, 2012 Michael G.

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*


*