October 8th, 2010

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 The application was initially approved, but a day later the credit line was rescinded based on Warne’s industry sector.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.

Gun Talk Gresham