Wells Fargo Is the Go-To Bank for Gunmakers and the NRA
Wells Fargo Is the Go-To Bank for Gunmakers and the NRA
By Shahien Nasiripour, Polly Mosendz and Brandon Kochkodin
March 7, 2018, 5:00 AM CST Updated on March 7, 2018, 8:27 AM CST
Wells Fargo & Co. has emerged as the preferred financier for the U.S. gun industry.
The bank has helped two of the biggest U.S. firearm and ammunition companies access $431.1 million in loans and bonds since December 2012, when the gun control debate gained steam after the school shooting in Newtown, Connecticut, according to data compiled by Bloomberg. That puts it on the top of the list of banks arranging funding for gunmakers.
Wells Fargo also has a long relationship with the National Rifle Association, inherited from banks that Wells took over. The San Francisco-based Wells Fargo created a $28 million line of credit for the NRA and operates the primary accounts for the pro-Second Amendment group, financial documents show.
https://www.bloomberg.com/news/articles/2018-03-07/nra-s-banker-wells-fargo-climbs-to-top-of-gunmaker-debt-market