Tag Archives: Bank of America

BANK OF AMERICA FREEZES GUN MANUFACTURER’S ACCOUNT, COMPANY OWNER CLAIMS

By Gregory Gwyn-Williams, Jr.
January 7, 2013

Bank of America has reportedly frozen the account of gun manufacturer American Spirit Arms, according to its owner, Joe Sirochman.
In a Facebook post dated December 29, Sirochman wrote the following:
“My name is Joe Sirochman owner of American Spirit Arms…our Web site orders have jumped 500 percent causing our Web site e-commerce processing larger deposits to Bank of America. So they decided to hold the deposits for further review.
“After countless hours on the phone with Bank of America, I finally got a manager in the right department that told me the reason that the deposits were on hold for further review — her exact words were — ‘We believe you should not be selling guns and parts on the Internet.’”(emphasis added)
Sirochman also wrote that he told the bank manager that “they have no right to make up their own new rules and regs” and that “[American Spirit is a] firearms manufacturer with all the proper licensing.”
He also noted that he has been doing business with Bank of America for over 10 years, but will now be looking for a new bank.
According to Unlawful News, this isn’t the first time Bank of America has targeted a customer involved in the firearms industry.
McMillan Group International was reportedly told that its business was no longer welcome after the company started manufacturing firearms – even after 12 years of doing business with the bank.

Moody’s Slashes 15 Banks In Ratings Bloodbath – TheStreet

NEW YORK (TheStreet) — Moody’s  slashed the ratings of 15 of the largest world banks late Thursday …

Deutsche Bank Sees 40% Upside for Goldman Sachs (Update 2)Bank of America: Downgrade Threat Loser (Update 2)Morgan Stanley Just Got a $6.8 Billion Headache

Moody’s cut Morgan Stanley(MS_) by two notches to Baa1, instead of a possible three notch cut. The agency also cut JPMorgan Chase(JPM_), Citigroup(C_) and Goldman Sachs (GS_) by two notches and Bank of America(BAC_) by a notch in a sweeping ratings change that still gives the nation’s largest banks a negative outlook.

via Moody’s Slashes 15 Banks In Ratings Bloodbath