Well, well, well…apparently GE doesn’t bring good things to life! After you read about what’s happened here, see if you think what GE is doing will spread like a dangerous disease to other financial institutions.

This is via TB:

General Electric, Co. has been quietly informing gun shop owners that the company will no longer be providing lending services to them, the Wall Street Journal reports. GE Capital is apparently reconsidering its relationship to firearms companies following the Sandy Hook shooting.

Earlier this month, Glenn Duncan, owner of Duncan’s Outdoor Store in Bay City, Mich., claims he received a letter from GE Capital Retail Bank announcing its “difficult decision” to stop providing financial services to his business. Other gun shops have received similar notices, the Journal notes.

More from WSJ.com:

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 Inc.— which makes brands including Remington, Bushmaster, Marlin and H&R.

GE is based in Fairfield, Conn., and many of the GE’s employees live around Newtown, and several have children in the Sandy Hook elementary school, where the shootings took place. Peter Lanza, the father of Sandy Hook gunman Adam Lanza, is an executive at GE Capital. GE Chief Executive Jeff Immelt held a town hall meeting with affected employees after the shooting, and the board has been updated on efforts to help staff, a person familiar with the matter said.

A spokeswoman for Wells Fargo & Co. said bank officials decided to exit gun financing nearly a decade ago. Bank of America Corp., which got out of the business in 2008, didn’t respond to requests for comment. A spokeswoman for Citigroup Inc. said the bank doesn’t finance loans for firearms.

GE Capital spokesman Russell Wilkerson said the company’s policy changes are the result of “industry changes, new legislation and tragical events.”
GE Capital Quietly Cuts Off Lending to Gun Shops

The U.S. gun market brought in about $11.7 billion in sales last year, according to IBIS World. Additionally, financing is merely a “marginal activity” in the industry so GE’s actions shouldn’t have a huge impact on the gun market, WSJ.com reports.

But that’s not to say gun shops won’t feel it as more large banks refuse to provide lending services.

“Your options are very limited by being in our business,” said Rex McClanahan, co-owner of Buds Gun Shop in Lexington, Ky.

“Smaller lenders have helped fill the gap. Last July, Randy Frazier opened a new division of his direct-marketing business called Gun Financing, promising on its website to arrange loans for ‘hottest firearms.’ Mr. Frazier said his audience is young men with spotty credit seeking high-end rifles and equipment for sport shooting,” the Wall Street Journal report adds.

Still, GE’s decision carries symbolic weight (which gun control advocates will latch on to) and will no doubt be felt by companies that have come to rely on customers buying more products because of financing.

And although there are a number of things (mostly negative) that can be said about GE’s anti-gun decision, let’s let Zero Hedge have the last word:

GE Capital cuts off lending to gun shops. In a world in which Rwanda couldn’t borrow at 7% this might be a problem.

Throw in your two-cents…Fire Away – Inquiring Minds Want to Know!

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50 Comments

  1. majorityofone says:

    I guess financing one of the only industries that is doing well since Jug Ears was elected in no longer profitable for GE. Good, maybe some small local banks can pick up the slack.

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    • Yep…you can be sure Dear Leader and Jeffrey Immelt are proud of Peter Lanza. – Never let a crisis go to waste!

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      • These corporate creeps get along by going along – with equally creepy politicians. Many large companies are in bed with big government and play the game on the government’s terms. GE is one of the worst. They are sensitive to the sound of wallets slamming shut and little else draws their attention. It is a huge myth that big corporate execs are conservatives. Seldom is that the case.

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        • Exactly right…yet the msm always makes it out like all the big corporations are evil repubs…as do the leftist congress-critters. It do get old.

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        • Joe Stalin says:

          “It is a huge myth that big corporate execs are conservatives.”

          CBS’ “60 Minutes” had a piece on Jeffrey Immelt in which he was referred to as a “conservative,” if my recollection is correct.

          Yes, he was so “conservative” that he sent the GE Medical headquarters to CHINA. Bank of America’s internal corporate internet blocks access to gun makers and firearms websites, I’m told, so, perhaps the sporting goods industry might want to create their own financial support network of some kind.

          Oh yes, most gun owners have to buy products across state lines; well, the MAJORITY of Senators have just voted to tax INTERNET sales. Amazon seems to have perhaps given in and ebay is pushing for SMALL business exemption. Write your Congresscritters to OPPOSE all net taxes!

          Marketplace Fairness Act, S. 336.
          House Bill is H.R. 684

          http://en.wikipedia.org/wiki/M.....irness_Act

          http://www.huffingtonpost.com/.....27098.html

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          • Those dirty rotten SOB’s in the senate passed that internet tax?! We had better call all our congress-critters ASAP! – Color me furious!

            Thanks for the information Joe.

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  2. GE, to big to fail……in a pigs ass.

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    • I’d love to see GE fail…they aren’t any friend to what this country stands for any longer. I despise GE…I have for too many years to count, this is just the cherry on top of my reasons why!

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      • I always try to avoid buying anything from GE. Wal-Mart stocks huge quantities of GE light bulbs – disgusting. I buy bulbs elsewhere. Don’t get me started on government force light bulb issues. I’m stocking up on the old Edison bulbs, a great invention, cheapo and long-lasting. It was so good it must go. What would Tom Edison think about this stuff?

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        • MM,

          Ever try putting one of those little curly cue bulbs outside in cold weather… f–king joke.

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          • …and that subject is the one with GE that I despise the most! Leave us alone and let us decide what bulbs we want…not enforced on us. – I pray this gets changed someway…75 watt bulbs are now supposedly extinct.

            Plus, we could go on and on about the danger from those curly bulbs…and the cost etc etc.

            Immelt and Dear Leader, greenie-weenies are laughing all the way to the bank…in more ways than one. – At our expense.

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          • majorityofone says:

            Ever try thawing your well with one of those pig tailed things. The old 100 watt incandescent works perfect for that.

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          • Yep…pretty soon we’re going to have to buy our bulbs black market!

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      • ditto…….The bastards don’t pay taxes either…..screw GE

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      • These SOBs paid no corporate income taxes last year and shipped jobs to China..to hell with them!

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  3. Quartier LeBlanc says:

    There are plenty of small town bankers and state banks that would welcome the business. It does make you wonder why a bank officer would run off a profitable arrangement for a legal business. If I ran the show I’d hand out boxes to clean out their offices pronto and throw them out onto the street with a letter of reprimand and a no rehire under any circumstances statement.

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  4. Exactly ! When I read these comments I know I’m in the right place.

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  5. Hey I got a great idea!

    G.E. can replace the lost revenue from the gun companies by giving home loans to people that CAN NOT qualify for home loans

    That should fix it

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  6. You know what’s really sad, yet infuriating in this story, is that Adam Lanza’s father doesn’t seem to realize his son was attending a school with a ‘Gun Free Zone’…tell me friends, what doesn’t he understand about this picture in the whole scope of things? (puns not intended)

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  7. Could be wrong on this, but GE Capital was one of the worst offenders of book cooking but all was made right by the anointed one and the tax payer funded bail out. Immelt even escaped jail and ended up in the administration but now we see the chits being called in.
    As far as GE is concerned need we say more than they own NBC….aka Nothing But Communism!! Bringing you shows like: “The New Normal”, and “Ellen Degenerate” along with their usual nightly news….aka propaganda for the weak-minded. The MSN is the enemy of all who would limit government to their appropriate constitutional requiremnents.

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  8. Very simply… do not purchase anything by GE.

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  9. Curmudgeon 7 says:

    Somehow gun owners need to hurt these companies in their pocketbook. If enough companies run by folks who own guns would stop using the services of cerebus financial and ge financial (and any other d-bag financial outfit like them) they might rethink this so called strategy. Just my 2 cents.

    Curmudgeon 7 OUT

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  10. White Devil says:

    Boycott GE!

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  11. Speaking of Dear Leader, GE and other greenie-weenies like we were above….

    http://nation.foxnews.com/gree.....y-failures

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  12. Quartier LeBlanc says:

    These guys THINK that dumping guns will be good for business. STUPID. Firearm companies are among the most profitable in the country and SOMEONE is going to be more than happy to do their banking with them. I’ll be happy to do my banking with them as well. I’ll be a lot less inclined to do business with anything that has the GE logo. AWD cancelled Warner Cable. I won’t pay a nickel to see another movie that I can’t see for free. Screw Hollywood. This is the way you hurt them ultimately.

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  13. Telling ~

    http://nation.foxnews.com/gun-.....s-want-gun

    Shhh….don’t tell GE, Dear Leader and dem congress-critters…or any of the leftist-loons in the msm!

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  14. Crazy Uncle Joe would be proud…after-all, he used a shotgun!

    http://www.theblaze.com/storie.....-happened/

    Just thought I’d throw that in the mix since it’s the end of the evening.

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  15. SPURWING PLOVER says:

    Phooie on the GE dim-bulbs if they want to suck up to DER FUHRER let them we,ll just start using another light bulb like SLYVANIA i have Slyvania Bulbs anyway

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  16. Makes me no difference. I dont use GE products anymore. They are junk. and the gun companies will be just fine without them. F off GE!

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  17. I just called GE and closed my account. I owe them 1500 bucks, but I will be damned if they see another red cent from me. I don’t care if it hurts my credit, this just goes too far. I encourage everyone else to do the same.

    Remember, “they that would give up essential liberties to gain a little safety, deserve neither liberty nor safety.”
    Lets send a very loud and clear signal to these companies like GE and AARP, that if they do this, they loose customers and profits. Although I suppose if we do that, obummer will just bail them out.

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  18. The hypocrisy of Joe Scarborough!

    http://dailycaller.com/2013/04.....-revealed/

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  19. is there a list of companys that dont support our 2nd amendment rights that we can boycott? lets name them and quit buying from any of them also levi jeans and others.

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  20. Money talks bullS**it walks. Boycott anything affiliated with GE.
    GE is also one of the companies who refused to stop doing business
    with terrorists in Iran.

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  21. SPURWING PLOVER says:

    BOYCOTT GOVERMENT ELECTRIC

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  22. You can bet she doesn’t like GE!

    http://www.theblaze.com/storie.....her-shoot/

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