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View Full Version : Citibank Refuses to Issue Credit to Gun Parts Makers



lgsracer
10-09-2010, 12:22 AM
I am not military but I do use Warne scope rings and this just fires me right up.



Citibank Refuses to Issue Credit to Gun Parts Makers

http://bulletin.accurateshooter.com/2010/10/citibank-refuses-to-issue-credit-to-gun-parts-makers/

Recently Charles Lake, President of Warne Scope Mounts, applied for a business line of credit at Home Depot. The application was initially approved, but a day later the credit line was rescinded based on Warne’s industry sector. Lake was expressly told that credit was denied because Warne “make[s] parts for the gun industry.”

Home Depot credit lines are managed by Citibank, so the decision to black-ball Warne Scope Mounts was based on Citibank policies. Rich Grassi, editor of the Tactical Wire, contacted Citibank to find out why Warne’s credit application was denied. Grassi received this reply from Citibank’s Elizabeth Fogarty (Public Affairs):

“Citi does not prohibit the financing of firearms purchases by individuals nor the financing of businesses that manufacture and sell them to individuals for recreational use. However, we do prohibit financing merchants in the non-ancillary military equipment industry, including the financing of businesses that manufacture and or sell firearms for military use.” In response to Grassi’s request for clarification, Citibank replied: “The policy prohibits financing businesses that manufacture and/or sell firearms for military use.”

Grassi Will Provide Updates on Gun Talk Radio Show
To learn more about this situation, read the “Politics of Credit” story on The Shooting Wire. This weekend, Rich Grassi will appear on Tom Gresham’s Gun Talk radio show to provide the latest updates on the Citibank vs. Warne controversy.

Hickory
10-09-2010, 04:45 AM
When these banks take government money.
They have to do what the government tells them to do.

Echo
10-09-2010, 10:39 AM
The NRA is looking into it...

Hardcast416taylor
10-09-2010, 11:05 AM
Whatever happened to a gov`t of "we the people..."? OH, that`s right - O`Bummer thinks that he is the people!Robert

scb
10-09-2010, 11:13 AM
Who owns CitiBank? If it is the Japanese their constitution forbids companies from having anything to do with military manufacturing in anyway. Not too long ago the president of a Japanese machine tool maker was sent to prison for selling machines to a US defence contractor. They don't kid around.

Trey45
10-09-2010, 11:20 AM
The last I heard, Citi-Bank is a Saudi interest..... go figure.

MtGun44
10-09-2010, 12:30 PM
scb,

I find that very hard to believe. Do you have a link to a source for that information?

For example, I know that Toshiba provided the (for the time) very advanced 5 or 6 axis giant
milling machines that the US Navy used to make our secret ultra quiet submarine propellors.
Toshiba stole a copy of the design software used to make the props and then sold the mill
AND OUR SOFTWARE to the Russians at the height of the cold war. Toshiba is on my
personal 'no buy' list, just like Jane Fonda.

Bill

scb
10-09-2010, 06:16 PM
Yea I know it doesn't/didn't sound right to me either but. The company I work for uses Swiss style screw machines. The ones we use are made in Japan. We recently purchased 3 or 4 new ones. We had always been able to get them directly from the manufacturer. This time we had to go thru a third party (no there was no increase in cost), the reason for doing so was the one I stated above in that we have a lot of contracts with the DOD. Maybe it's not so and the dealer was telling us a "tale'' to what end I don't know. Perhaps there has been a change in Japanese politics and those in power are not willing to look the other way. Don't really know - not up on Japanese law.

AkMike
10-10-2010, 02:36 AM
Toshiba is on my
personal 'no buy' list, just like Jane Fonda.

Bill


I might be mistaken but I thought you only rented women like that? :shock:




:bigsmyl2::bigsmyl2::bigsmyl2::bigsmyl2:

azcruiser
10-11-2010, 05:54 AM
WHO are Warne Scope Mounts, where are they how is their credit ?? think some one thought they were weaver their not .Think the bank was looking for an out . Would you loan them money ?? IF your company can't walk in home depot and buy what you need and you need credit
makes me wonder what kind of company do you run. No company MC /VISA/AMEX/ DIScover
Somebody needs to sit down with these people and at WARNE come on get real Home Depot
to buy your supply's ??
added ON CREDIT How much 6bucks $50.00 $500.00 $50'000.00 Home DEPOT??????

azcruiser
10-11-2010, 06:01 AM
Some of these talk shows just love to stir the pot Citibank Refuses to Issue Credit to Gun Parts Makers-----just like everyone else refused them credit / sounds like the people who were forced to buy houses they couldn't afford Sorry for rant it's 3 am here

housejam88
10-14-2010, 05:28 PM
My husband works for a competitor of Warner rings. They are a very credible company and are known for their quality in rings.
Home depot has the choice to switch lending companies for their credit card. This could be devastating to their business in the south east. So hopefully they will take action.

azcruiser
10-14-2010, 05:37 PM
What do you think they Warner buys from Home Depot ?? That requires credit ??

uncle joe
10-14-2010, 06:01 PM
I used to work with a guy that was a first cousin of the number 2 at citi bank. I will see if she still is there.

mike in co
10-14-2010, 06:36 PM
What do you think they Warner buys from Home Depot ?? That requires credit ??

its a business...could be anything....

i buy stuff there all the time.....a snow blower..an outbuilding...new office floors..who knows...


need and use credit are 2 different things. using credit( wisely) will build your credit history.


mike in co

82nd airborne
10-14-2010, 08:16 PM
Citi has ofered me cards tons of times, and I'm pretty sure they know what I do for a living.

Heavy lead
10-14-2010, 08:32 PM
CITI sucks, always has, always will. Generally their mortgage servicing is outsourced to Indian. I won't and don't use them, in fact Home Depot sucks. Piss poor quality of lumber (at least here in SW Michigan), grungy unkept stores and such.
The CITI corporation has been a failure, it was the first huge complete banking, investing, insurance, test corporation who had many investors in the beginning. They were mismanaged and way to diversified. They way more than the other big four (Wells-Fargo, Chase and Bank of America) invested in the "affordable mortgage" programs that targeted minorities pushed so hard by Barney Frank, Maxine Waters and their ilk (now those same people are "fixing" the problems that corporate America "caused").
...........And yes, they have been and still are very, very much held by the Saudi's.

JIMinPHX
10-14-2010, 10:03 PM
I recently spoke to some people at a (non firearms related) business back east. I was told that in order for them to get the line of credit that they wanted from their bank, (TD) they had to make a show of good faith. In their case, that was a 5% reduction in pay for every hourly on the payroll.

The banks are dictating a reduction in pay rates. That's bad policy in my eyes.

JIMinPHX
10-14-2010, 10:06 PM
If Homo Depo gives you a hard time, then just exercise your free market option & shop at Lowes.

jdberger
10-14-2010, 10:14 PM
IIRC MorganStanley SmithBarney purchased CitiBank as part of the TARP thingamajig.

ETA: the US Govt owns 27% of CitiGroup. Prince Alwheed (sp) owns 3.7% of and Citi/SmithBarney was purchased by Morgan Stanley as part of the TARP thingamajig - NOT Citibank.

Y'all might recall that CDNN had a problem with a CC processor because they were in the gun business. The processor was requiring a large reserve in the account and a couple other things. It took some time for CDN to find another processor.

ETA: The CC processor was Citi. (http://bulletin.accurateshooter.com/2008/01/citifirst-data-anti-gun-policies-stir-controversy-calls-for-boycott/)

firefly1957
10-15-2010, 09:49 PM
I dumped my citi bank card when they started to give them to illegals a few years ago. I figured that they would bill me for those that used the money to go back and not pay the bill. Now I see they have more stupid ideas than a company needs to prosper there share holders should take them to task for being stupid....Oh I forgot you can't cure stupid!

pmeisel
10-18-2010, 07:41 AM
Not uncommon for any bank to decide that a particular customer is not a good credit risk, and decline their business or put conditions on it....

That said, if you have watched the financial news for the last 5 or 10 years you would believe that Citibank is not a well managed operation. I have a rule that says "don't assume conspiracy when stupidity could be just as likely an explanation".

WILCO
10-18-2010, 07:52 AM
If Homo Depo gives you a hard time, then just exercise your free market option & shop at Lowes.

Best and correct answer. :coffee:

Adam10mm
10-18-2010, 01:31 PM
WHO are Warne Scope Mounts, where are they how is their credit ?? think some one thought they were weaver their not .Think the bank was looking for an out . Would you loan them money ?? IF your company can't walk in home depot and buy what you need and you need credit
makes me wonder what kind of company do you run. No company MC /VISA/AMEX/ DIScover
Somebody needs to sit down with these people and at WARNE come on get real Home Depot
to buy your supply's ??
added ON CREDIT How much 6bucks $50.00 $500.00 $50'000.00 Home DEPOT??????
Wow, you need to settle down with this stuff. Being all angry and high strung will lead to health problems. Sheesh.

Warne is a pretty good company. They've been around for a while.

Sometimes in business, a line of credit is better than a loan since it's usually short term revolving credit. Small businesses are usually better off using a supplier for a line of credit than a formal and arrogant banking facility. They are much easier to deal with than banks in most cases.

A lot of business can pay cash for things but use a line of credit to maintain a good credit history in case they need a formal loan or financing down the road. Think of it as those people that use credit cards for purchases but pay the bill in full when it comes. Same concept.

Maybe they wanted to add more bench space for more workstations or replace older ones with new wood. Who really cares what and how much?

As an aside, I did notice Citibank had a problem with companies supplying the military. So that makes Citibank anti-military and anti-veteran then? Hmmm.

Gee_Wizz01
10-18-2010, 10:06 PM
Citi Bank should not have a problem with the military, as they are THE official govt credit card. And most of those credit cards are held by military members. If you work for DOD and you travel you are required by law to have a govt credit card, and that card is issued by Citibank! Of course it wouldn't be the first time the govt screwed something up.
G