Wednesday, April 24, 2013

General Electric ceases lending trade with gun shops

The Wall Street Journal reports today:
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.
Did Bloomberg's hand (and his billions) play a hand in this? I also note GE is based in Connecticut.

Sadly, this news didn't break until today, the same day GE held its annual shareholder meeting in New Orleans. The late disclosure effectively preempts stock holders from mounting protest at an annual meeting until next year.

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