Ruger being pressured by bank over NRA support

axshon · Apr 25, 2018

Saw this a couple of times on the webz but no threads here turned up.

https://bearingarms.com/tom-k/2018/04/24/bank-threatens-ruger-nra-support/

If you look at the dude writing the letter, it seems pretty clear that his bank purchased shares of Ruger (and probably others) specifically to apply this kind of pressure. Not listed as one of their top shareholders but who knows.

I've really enjoyed the work that Ruger has been putting into the precision bolt-action market in the last few years. It would be a shame if they bowed to this kind of ridiculousness.

If they cave, I won't be buying any more Rugers. If they don't cave I'll have to get an extra factory barrel for my RPR and a Precision Rimfire just to bump their revenue.

dist1646 · Apr 25, 2018

Ruger will not cave to this!
Note that McMillan was threatened by the bank they used so, they started their own.

Biggfoot44 · Apr 25, 2018

Noooo, Ruger would never cave in, to gain a percieved business advantage .

( For the benefit of the young, and those with short memories , this is reverence to Rugers previous support of mag bans .)

danb · Apr 25, 2018

Natural selection: Companies that sell rifles stay in bidniz. Companies that support the right to buy rifles stay in bidniz. Companies that dont support the right of the people to buy rifles go out of bidniz.

The civilian small arms market is way bigger than the military market, and has always provided valuable feedback for new weapons before they were given to soldiers.

Law enforcement carve outs are anathema to the constitution, there is no special class of civilians (govt employees are civilians no matter what the union marketing brochure says). We should not do business frankly with companies that continue this unconstitutional practice.

MigraineMan · Apr 25, 2018

Amalgamated sent a letter, dated April 19, to Ruger’s board urging them to adopt corporate policies for gun makers recommended by gun control group Everytown for Gun Safety. The policies range from endorsing universal background checks and increasing funding for federal regulators and gun violence research to monitoring inventory distribution and investing in gun safety technology (ie smart guns).

Sooo ... Amalgamated basically is advocating that Sturm, Ruger & Co. do everything possible to damage their business and marketplace. Awesome.

I wonder how Amalgamated's shareholders feel about them advocating that one of their holdings intentionally reduce its intrinsic value ...

axshon · Apr 25, 2018

Check out Amalgamated’s web site: ‘the nations largest values-based bank’. That’s why I stated that they purchased stock in Ruger SPECIFICALLY to apply pressure. They are a progressive, leftist financial organization and this is what they do. What Ruger hopefully realizes is that no Amalgamated employees or shareholders are likely Ruger customers. Perhaps their bodyguards but that’s another thread.

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ohen cepel · Apr 25, 2018

Biggfoot44 said:
Noooo, Ruger would never cave in, to gain a percieved business advantage .

( For the benefit of the young, and those with short memories , this is reverence to Rugers previous support of mag bans .)

Bill has been dead for many years, let it go.

ohen cepel · Apr 25, 2018

This is some PC activist, dreaming bank, they bought some shares and now want to shoot their mouth off. Nothing will come from it, aside from the free press they are now getting. Hadn't heard of them before this and likely won't again after their 15mins of fame.

Dogabutila · Apr 25, 2018

Union owned bank.... duh.

EL1227 · Apr 26, 2018

MigraineMan said:
Sooo ... Amalgamated basically is advocating that Sturm, Ruger & Co. do everything possible to damage their business and marketplace. Awesome.

I wonder how Amalgamated's shareholders feel about them advocating that one of their holdings intentionally reduce its intrinsic value ...

axshon said:
Check out Amalgamated’s web site: ‘the nations largest values-based bank’. That’s why I stated that they purchased stock in Ruger SPECIFICALLY to apply pressure. They are a progressive, leftist financial organization and this is what they do. What Ruger hopefully realizes is that no Amalgamated employees or shareholders are likely Ruger customers. Perhaps their bodyguards but that’s another thread.

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is a 'values-based bank'.

Along with being heavily regulated, aren't banks in business to make a profit and money for their shareholders ? Aren't there fiduciary laws that Amalgamated's officers and board are required to abide by or are they exempt from FDIC regulations because they are just a bunch of suit-wearing SJWs ? What's next, sharia banking ? Oh, wait ...

axshon · Apr 26, 2018

EL1227 said:
is a 'values-based bank'.

Along with being heavily regulated, aren't banks in business to make a profit and money for their shareholders ? Aren't there fiduciary laws that Amalgamated's officers and board are required to abide by or are they exempt since they are just a bunch of suit-wearing SJWs ?

You need to stop being such a racist, homophobic, alt-right, hate mongering KILLA and just let them implement common sense laws.

Oh and you bet yer a$$ it’s for the non-gendered, snowflake, 34-year-old, mom-still-does-my-laundry children.

Agree with me or else you don’t deserve any of your rights.

*sigh*

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danb · Apr 26, 2018

ok, I had never heard of Amalgamated bank but now I get it:

We work side-by-side with over 1000 unions to get what's best for teachers, steelworkers, firefighters and others keeping us safe, smart and strong. We oversee $40 billion in custody and investment assets under management, support the development and financing of community housing for community workers, have even given strike loans to workers walking picket lines.

I vote Amalgamated buy some of the IL , CT, NY, NJ, and MD union pension debt. Put their money where their mouth is.

RedTide · Apr 26, 2018

EL1227 said:
Aren't there fiduciary laws that Amalgamated's officers and board are required to abide by or are they exempt from FDIC regulations because they are just a bunch of suit-wearing SJWs ? [/URL]

Don't you know that you can't go around assuming people's lenders anymore? Sheesh. #trigglyfunds

axshon · Apr 26, 2018

Found this on the site: https://www.amalgamatedbank.com/firearms

So if I read it correctly, Ruger has no banking relationship with them. Rather Amalgamated is threatening to pull their customer's money out. The threat is so fusile, it's ridiculous. The page above also mentions S&W and Vista Outdoors so I suppose we'll see more inane letters sent out soon.

NateIU10 · Apr 26, 2018

https://www.facebook.com/Ruger/posts/1792085600855887

Many of you have asked whether Ruger has any reaction to the recent letter we received from Amalgamated Bank (“AB”). Rest assured that Ruger has no plans to submit to the demands of AB. As “Arms Makers for Responsible Citizens,” we here at Ruger are proud of our rich history of promoting the safe and responsible ownership and use of firearms. We remain staunch supporters of the Second Amendment, the NRA, and our law-abiding customers in the exercise of their constitutionally protected rights.
In case you have not seen it, we are including a link to a letter signed by both our Chairman of the Board and CEO dated March 12, 2018. This letter addresses many of the claims made by AB and clearly outlines the Company’s view on these matters. Finally, to clarify any misunderstanding, we note that Ruger does not have (and has never had) a banking relationship with AB. Rather, AB is a modest shareholder which owns approximately 8,000 shares of Company stock.
Here is the link: https://ruger.com/corporate/PDF/8K-2018-03-12.pdf #Ruger

RepublicOfFranklin · Apr 26, 2018

NateIU10 said:
https://www.facebook.com/Ruger/posts/1792085600855887

Many of you have asked whether Ruger has any reaction to the recent letter we received from Amalgamated Bank (“AB”). Rest assured that Ruger has no plans to submit to the demands of AB. As “Arms Makers for Responsible Citizens,” we here at Ruger are proud of our rich history of promoting the safe and responsible ownership and use of firearms. We remain staunch supporters of the Second Amendment, the NRA, and our law-abiding customers in the exercise of their constitutionally protected rights.

In case you have not seen it, we are including a link to a letter signed by both our Chairman of the Board and CEO dated March 12, 2018. This letter addresses many of the claims made by AB and clearly outlines the Company’s view on these matters. Finally, to clarify any misunderstanding, we note that Ruger does not have (and has never had) a banking relationship with AB. Rather, AB is a modest shareholder which owns approximately 8,000 shares of Company stock.

Here is the link: https://ruger.com/corporate/PDF/8K-2018-03-12.pdf #Ruger

Nice! That just bumped a Blackhawk further up my “want to buy” list

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BeoBill · Apr 26, 2018

The last time this was tried the banks were told it was a monopolistic practice that restrains Interstate Commerce and the backed down. Apparently they forgot Holder's "Operation Chokepoint." Maybe we should remind them.

axshon · Apr 26, 2018

The response from Ruger is pretty satisfying. Serious and obviously edited by lawyers but also very clear and consistent with constitutional values. It also speaks directly to the everytown crowd's list of demands.

:party29:

NateIU10 · Apr 26, 2018

axshon said:
The response from Ruger is pretty satisfying. Serious and obviously edited by lawyers but also very clear and consistent with constitutional values. It also speaks directly to the everytown crowd's list of demands.

danb · Apr 26, 2018

Also worth noting what I saw on Cato blog today:

https://www.cato.org/blog/departmen...ts-are-not-fiduciary-best-interests-investors

The DOL declared that financial managers can no longer justify pushing environmentally or socially beneficial investments on the grounds that they are inherently beneficial for shareholders. Specifically, it wrote that:

“fiduciaries may not sacrifice returns or assume greater risks to promote collateral environmental, social, or corporate governance (ESG) policy goals when making investment decisions.”

Click to expand...

The Labor Department’s actions effectively make it more difficult for activists to pursue social policy via proxy battles, which is precisely how it should be. Such efforts represent nothing less than an attempt to effectively tax the retirement wealth of savers to advance a political agenda.

Also see here:
https://www.bloomberg.com/news/arti...t-says-do-good-investments-not-always-prudent

Ruger being pressured by bank over NRA support

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