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So.. Friend of mine that I worked with in the past who bought a Pawn Shop just had his accounts at Suntrust bank terminated. Why? Because of Operation Choke Point.
I'm on the fence as to who to point the finger of blame at on this.. In a way, I understand Suntrust's position.. They're going to have to deal with the consequences.. And sometimes, it's just easier to say "No, we won't deal with you anymore because of the BS we'd have to deal with".. I equated it to someone walking into his pawn shop covered in insulation and ceiling tile dust wanting to pawn jewelry that had someone else's initials carved into it.. He'd likely send them on their way because he wouldn't want to deal with the possible/likely headaches of buying stolen merchandise.
yep, obummer and holder figure if they can't ban guns, they will use other ways to stop sales legal or not on their part.
How do you think it would go over if they govt told the banks they can no longer issue credit to jewelry stores, or auto shops ?
The perception that progressives want all guns banned is delusional and made up simply to gain allegiance. Clearly it works. I'll keep my guns and my ammo right where it's at in my safe.
I have no problem with the government pressuring banks to stop funds going to scammers, child porn sites, illegal drugs or any other illegal business.. But to something that is a totally legal business?
Expand this from the pawn shop, which is what I mentioned because that's the shop that Morris owns and he's the one that I know that this happened to.. What about the marijuana dispensaries in Colorado? Same thing is happening to them. Is that right? It's not DIFFERENT. So, if you agree that they should be doing it to gun/pawn shops.. You must therefore agree that it's right to do it to marijuana dispensaries. and that it would be right to shut down a fireworks stand. Or any retailer that sells lottery tickets.. Or any of the other perfectly legal businesses on that list.
But.. My main point on this at the start is.. How much blame should the bank take? Because, that's who he's railing against.. he's been all over local radio here.. I'm putting it to him that his anger is really kinda misplaced by going at the bank. They deserve SOME ire.. But, the real question is.. Do you blame the bank at all?
So.. Friend of mine that I worked with in the past who bought a Pawn Shop just had his accounts at Suntrust bank terminated. Why? Because of Operation Choke Point.
I'm on the fence as to who to point the finger of blame at on this.. In a way, I understand Suntrust's position.. They're going to have to deal with the consequences.. And sometimes, it's just easier to say "No, we won't deal with you anymore because of the BS we'd have to deal with".. I equated it to someone walking into his pawn shop covered in insulation and ceiling tile dust wanting to pawn jewelry that had someone else's initials carved into it.. He'd likely send them on their way because he wouldn't want to deal with the possible/likely headaches of buying stolen merchandise.
Why not just move on to another bank? Seems like I wouldn't want to do business with them either after that exchange.
My understanding is that all banks are doing this. Whether Wells, specifically has done it at all, I can't tell, but they are listed as the only bank that didn't close accounts of payday lenders.. Which are not illegal businesses.. Unethical, perhaps, but not illegal.
Suntrust, i am hearing, does it to a small number of businesses in an area so as to attempt to not garner a large amount of attention.
Supposedly, the FDIC released some updates on this last week telling banks they should NOT be doing this. I can't find details on that, though.
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