{"id":98759,"date":"2018-10-08T12:46:02","date_gmt":"2018-10-08T16:46:02","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=98759"},"modified":"2018-10-08T12:46:02","modified_gmt":"2023-08-31T20:12:59","slug":"wells-fargo-stuns-nuns","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/wells-fargo-stuns-nuns\/","title":{"rendered":"Wells Fargo Stuns Anti-Gun Nuns, Floats Ruger a $40 Million Loan"},"content":{"rendered":"
\"Wells<\/a>

Wells Fargo still hasn’t caved to pressure from the anti-gun industry. (Photo: Wells Fargo Facebook<\/em>)<\/p><\/div>\n

Just weeks after a group of nuns and big-money investors forced Smith & Wesson<\/a> and Ruger<\/a> to account for their role in promoting \u201cgun violence,\u201d Wells Fargo threw some of its considerable financial resources behind one of the world\u2019s largest gunmakers, Sturm, Ruger & Co.<\/p>\n

The bank issued the company a $40 million line of credit last week, stunning members of the\u00a0Interfaith Center on Corporate Responsibility, who had been working with investors to force gunmakers to address the \u201crisks\u201d inherent in its products\u2019 association with gun-related violence.<\/p>\n

\u201cThis is shocking news because we are in sustained dialogue with Wells Fargo,\u201d Nora Nash, a sister at St. Francis of Philadelphia, told Bloomberg<\/a>. \u201cThis new busin\u00ad\u00adess relationship with Sturm Ruger is in direct conflict with ethics, culture and respect for human rights throughout the company.\u201d<\/p>\n

The nuns may have lost their habits, but Wells Fargo\u2019s move should come as no surprise to gun owners.<\/p>\n

SEE ALSO:\u00a0No Changes to What Ruger Makes and Sells to Law Abiding Citizens, Despite Shareholder Proposal<\/a><\/h2>\n

Earlier this year, the bank stood up to one of the nation\u2019s largest teacher\u2019s unions when it refused to change its company policies after the union threatened to pull their participation in Wells Fargo\u2019s home mortgage program.<\/p>\n

The bank didn\u2019t cave, explaining that legislators should decide gun control issues, not financial institutions.<\/p>\n

\u201cWells 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,\u201d the bank said at the time. \u201cWe remain firm in our belief that the American public does not want banks to decide which legal products consumers can and cannot buy.\u201d<\/p>\n

When contacted by Bloomberg for this most recent story, the bank issued the exact same statement.<\/p>\n

SEE ALSO:\u00a0Louisiana Halts $600 Million Deal with Banks over Corporate Gun Control<\/a><\/h2>\n

Ruger hasn\u2019t said how they plan to use the additional funds, and they didn\u2019t respond to a request for comment. But investors backing the Interfaith Center on Corporate Responsibility hope the gunmaker will use the $40 million to pay for research into smart guns.<\/p>\n

\u201cIn being optimistic we would really hope that a line of credit this large would be put to good use in really answering that call to have the gun manufacturers be a part of the solution to the increasing problem of gun violence in America,\u201d Laura Krausa, an investor in Sturm Ruger through the nonprofit Catholic Health Initiatives, told Bloomberg.<\/p>\n

Wells Fargo has issued $431 million in credit to gunmakers since 2012. This stands in stark contrast to other financial institutions like Citigroup<\/a> and Bank of America<\/a> that have pulled their funding to gun companies following the Parkland massacre.<\/p>\n

***Buy and Sell on GunsAmerica!<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"

Just weeks after a group of nuns and big-money investors forced Smith & Wesson and Ruger to account for their role in promoting \u201cgun violence,\u201d Wells Fargo took its considerable financial resources and threw them behind one of the world\u2019s largest gunmakers, Sturm, Ruger & Co. The bank issued the company a $40 million line of credit last week, stunning members of the\u00a0Interfaith Center on Corporate Responsibility, who had been working with investors to force gunmakers to address the \u201crisks\u201d inherent in its products\u2019 association with gun-related violence.<\/p>\n","protected":false},"author":54,"featured_media":98760,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[7,111,593,240],"tags":[132,469,617,122,73],"featured":[],"hunt365":[],"class_list":{"0":"post-98759","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gunsamerica-authors","8":"category-industry-news","9":"category-jordan-michaels","10":"category-this-week","11":"tag-buzz","12":"tag-gun-control","13":"tag-industry-news","14":"tag-r2kba","15":"tag-ruger"},"yoast_head":"\nWells Fargo Stuns Anti-Gun Nuns, Floats Ruger a $40 Million Loan<\/title>\n<meta name=\"description\" content=\"In an industry dead-set on sinking gunmakers, Wells Fargo is moving in the opposite direction. 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The bank issued the company a $40 million line of credit last week, stunning members of the\u00a0Interfaith Center on Corporate Responsibility, who had been working with investors to force gunmakers to address the \u201crisks\u201d inherent in its products\u2019 association with gun-related violence.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gunsamerica.com\/digest\/wells-fargo-stuns-nuns\/\" \/>\n<meta property=\"og:site_name\" content=\"Gun Reviews and News | GunsAmerica.com\/Digest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gunsamerica\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-08T16:46:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-31T20:12:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/10\/fargo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jordan Michaels\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@gunsamerica\" \/>\n<meta name=\"twitter:site\" content=\"@gunsamerica\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jordan Michaels\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/\"},\"author\":{\"name\":\"Jordan Michaels\",\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/#\\\/schema\\\/person\\\/a21614cb8c2dd3512bbbaa26c54521ad\"},\"headline\":\"Wells Fargo Stuns Anti-Gun Nuns, Floats Ruger a $40 Million Loan\",\"datePublished\":\"2018-10-08T16:46:02+00:00\",\"dateModified\":\"2023-08-31T20:12:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/\"},\"wordCount\":511,\"commentCount\":20,\"publisher\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/fargo.jpg\",\"keywords\":[\"Buzz\",\"Gun Control\",\"Industry News\",\"R2KBA\",\"Ruger\"],\"articleSection\":[\"Authors\",\"Industry News\",\"Jordan Michaels\",\"This Week\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/\",\"url\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/\",\"name\":\"Wells Fargo Stuns Anti-Gun Nuns, Floats Ruger a $40 Million Loan\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wells-fargo-stuns-nuns\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/wp-content\\\/uploads\\\/2018\\\/10\\\/fargo.jpg\",\"datePublished\":\"2018-10-08T16:46:02+00:00\",\"dateModified\":\"2023-08-31T20:12:59+00:00\",\"description\":\"In an industry dead-set on sinking gunmakers, Wells Fargo is moving in the opposite direction. 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With family in Canada, he's seen first hand how quickly the right to self-defense can be stripped from law-abiding citizens. He escaped that statist paradise at a young age, married a sixth-generation Texan, and currently lives in Tyler. Got a hot tip? Send him an email at jordan@gunsamerica.com.\",\"url\":\"https:\\\/\\\/gunsamerica.com\\\/digest\\\/author\\\/jordanmichaels\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Wells Fargo Stuns Anti-Gun Nuns, Floats Ruger a $40 Million Loan","description":"In an industry dead-set on sinking gunmakers, Wells Fargo is moving in the opposite direction. 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