This is hard to believe “this ninny CEO has placed his liberal values ahead of the company’s investors? Very simple solution – FIRE HIM or customers stop banking at Bank of America.
BofA CEO Won’t Answer for Anti-Second Amendment Stance
April 26, 2018 Joshua Paladino
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(Joshua Paladino, Liberty Headlines) A pro-free market investor confronted Bank of America CEO Brian Moynihan about the company’s costly decision to stop lending money to gun manufacturers.
Bank of America announced on April 10 that it will no longer invest in gun manufacturers that produce “military inspired firearms for civilian use,” which includes the AR-15, The New York Times reported.
Justin Danhof, director of the Free Enterprise Project at the National Center for Public Policy Research, accused Moynihan of putting his political ideology ahead of his responsibility to investors.
“Moynihan and Bank of America’s leadership team have decided to place liberal virtue signaling ahead of the company’s investors,” Danhof said, according to a press release. “If Moynihan wants to lobby against gun rights on his own time, that’s one thing.”
“But he instead put Bank of America’s significant financial and institutional weight behind a policy movement aimed at harming or abolishing the Second Amendment,” Danhof continued. “By using his position as CEO in such an overtly political manner, he is abdicating his responsibility to act in his company’s best interests.
“He doesn’t accurately speak for all of the company’s investors and customers – which surely include millions of Second Amendment supporters.”
Moynihan, who makes more than $20 million per year, did not express concern that investors would lose money or that the company would suffer.
The company made the decision in response to mass shootings that were committed with AR-15s.
“We want to contribute in any way we can to reduce these mass shootings,” said Anne M. Finucane, vice chairwoman at the Bank of America, The New York Times reported.
Danhof mentioned billionaire Berkshire Hathaway CEO Warren Buffet, who refused to mix politics and business, and said, “I don’t believe in imposing my views on [our] employees and a million shareholders.
I’m not their nanny on that… I don’t think that Berkshire should say we’re not going to do business with [gun folks]. I think that would be ridiculous.”
At the end of his BofA shareholder meeting remarks, Danhof asked Moynihan: “Can you tell us – your investors – exactly how much money we stand to lose because of this decision, and explain why you have this right while Warren Buffett has this wrong?”
“We’ve gone on the record with a statement that is much more limited than I think your comments imply,” Moynihan responded, ignoring the question. “One thing I want you to think about when you talk about our company”…[Employee help centers] “had to help…150 to 160 employees who directly lost a relative in a shooting over the last couple years. This comes from our teammates saying we have to help.”
It obviously never occurred to Moynihan that helping his employees and their families could have meant having increased, trained armed employees and security where their loved ones lost their lives, instead of advocating for fewer firearms.
Listen to the exchange between Danhof and Moynihan below: