Citibank decides to infringe on business owners

Posted by  $  blarman 3 months, 4 weeks ago to Business
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Citigroup has the right to choose with whom they do business, but they have no business trying to tell their customers how to run those businesses. This one has lawsuit written all over it.

I simply refuse to do business with Citi. At all.
SOURCE URL: https://www.bloomberg.com/news/articles/2018-03-21/asian-stocks-face-mixed-start-dollar-sinks-on-fed-markets-wrap


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  • Posted by chad 3 months, 4 weeks ago
    Let them try to run someone else's business, the result will be those who like will stay or move to Citibank and those who don't will leave. Don't tell them how to run their business even when they try to tell others how to run theirs.
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  • Posted by brkssb 3 months, 4 weeks ago
    The interest rates are exorbitant and usurious, typically 22.6% or more, on credit cards hosted by Citibank. Why use them? I have several simply because the credit bureaus insist on lots of credit availability for their malicious calculations of worthiness. But is Citibank worthy?
    AT&T
    Amazon
    Radio Shack
    Choice Citi
    Verizon
    Bombay
    Lowes
    Sears
    Exxon
    Shell
    Office Depot
    Home Depot
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  • Posted by Solver 3 months, 4 weeks ago
    Since the original link is now wrong, Here are some others regarding this topic:

    http://freebeacon.com/issues/citibank...

    And this,

    http://thehill.com/policy/finance/379...

    “Citibank announced on Thursday that it would no longer do business with anyone who sells guns to any person under 21-years-old as well as anyone who sells so-called high capacity magazines.

    The bank, which nearly failed in 2008 but was saved by a massive taxpayer-funded bailout and now boasts a market capitalization of over $180 billion, said it wants to prevent guns from getting into the hands of the wrong people. It said it would be implementing a new policy directed at all the businesses with which it deals.

    "So [sic] our new policy centers around current firearms sales best practices that will guide those we do business with as a firm," a post on the company's website said.

    The new policy would require that any company using Citibank financial services "restrict the sale of firearms for individuals under 21 years of age" and stop selling "bump stocks or high-capacity magazines." The company did not specify what they believe constitutes a "high-capacity" magazine and did not immediately respond to multiple requests for clarification. Citibank did not answer whether it feared the blanket age requirement might lead to discrimination lawsuits like those Walmart and Dick's Sporting Goods are facing after implementing similar corporate policies...
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    • Posted by freedomforall 3 months, 4 weeks ago
      Just bankrupt the looting scum at Citibank who survived on the tax dollars of their customers after gambling away unethical fortunes made by creating credit from nothing.
      Evil incarnate scum.
      Take your retail businesses to local banks, and transfer most funds to the Bank of North Dakota.
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      • Posted by  $  allosaur 3 months, 4 weeks ago
        Due to past looting, perhaps Citibank thinks it can with future looting survive turning/chasing off customers and a potentially future customer like me, myself and I, who owns 6 firearms and fully intends to keep all of them.
        Me dino only had a shotgun (bought when invited to a dove hunt) and a pistol (for self-defense) before this country suffered an Obamanation.
        Me dino had 5 until I heard Candidate Shillary say, "I dream of open borders." That scary prospect prompted the purchase of a 9mm carbine and two 30-round clips. Me dino calls that carbine The Evil Hag.
        BTW, I now also have two bandoliers bristling with 12-guage double-aught buck shotgun shells. That pump-gun that I originally bought with bird-shot shells is actually the most dangerous weapon I have. It even beats my .357 Magnum due to the close groups of scattershot fired at close range.
        Me dino long ago read an opinion that bird-shot is more lethal at close range but me dunno.
        My shotgun is the Remington 870 I trained with for prison tower duty.
        Instructors would say "It can reach out and touch someone"~that a line taken from some old commercial.
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        • Posted by Eyecu2 3 months, 4 weeks ago
          Yes at close range bird shot is the most devastating. Where as buck shot reaches further. That's why I load bird shot in my home defense gun and keep several other toys around loaded with various other types of loads.
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          • Posted by  $  3 months, 4 weeks ago
            I also saw some very interesting specialty loads at a firearms show one time. One load had flechettes - miniature steel darts - guaranteed to bring the hurt but be stopped by any kind of hard surface. The rounds were about $5 a pop, so they weren't for casual use, but pretty cool nonetheless. Some of the others included incendiary rounds, hollow slugs, and other fun things.
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            • Posted by Eyecu2 3 months, 4 weeks ago
              Years ago when I had more "disposable" income. I tried a few of them and in specific instances each is marvelous. Additionally I learned how to load a few of my own with even more interesting version's.
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              • Posted by  $  allosaur 3 months, 4 weeks ago
                Would you (or any other Gulcher reading) know anything about 12-guage triple-aught. Bought a box I think at the same time I bought my pocket pistol at a gun shop I do not frequent.
                Me dino was there because I was having trouble finding a 9mm I could slip into my right front pocket, but there I found a Sig that did.
                I specifically wanted a 9mm after another gun dealer agreed with my theory that, if Big Brother made ammunition disappear, the last to go even on a black market would be 9mm rounds.
                (I do have a smaller Beretta Tomcat 32-cal for a backup gun and that 357/38 revolver~my carbine, car gun and pocket pistol are all 9mm).
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                • Posted by Eyecu2 3 months, 4 weeks ago
                  The 000 buck is slightly larger resulting in higher energy transfer since it is heavier. I use very few buckshot of either style preferring slugs or stepping up to a rifle.
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                • Posted by  $  3 months, 4 weeks ago
                  I can't comment on the triple aught other than to note at that point you are not that far from slugs...

                  As to popularity among ammunition types, I'd probably agree that 9mm is the most common simply because that is what the majority of law enforcement uses. Others of note are .38 Special, .40 and .45 out of the dozens out there.

                  For rifle calibers it would have to be the .223/5.62 and then the .308/7.62 ... after the venerable old .22 LR ;)
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                  • Posted by  $  allosaur 3 months, 4 weeks ago
                    Firing some slug rounds was part of annually NRA qualifying with the 12-guage while I worked for the Alabama Department of Corrections.
                    Slugs weren't included with tower ammo. It was just that NRA thing.
                    Now I'm recalling the prone position I began to fire from to NRA qualify with the AR-15 rifle that accompanied the shotgun on towers. Too bad I did my best shooting from the prone position. There's no way to shoot from a prone position on a tower catwalk, though I may find a way with someone shooting back.
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          • Posted by  $  3 months, 4 weeks ago
            The other argument I have heard is that in a home defense scenario you don't want the additional penetration of buckshot. A typical gypsum board wall does a pretty good job of stopping birdshot where it takes something heavier to stop buckshot.

            Remember one of the cardinal rules of firearm safety: know what is beyond your target!
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  • Posted by freedomforall 3 months, 4 weeks ago
    Cannot see what article you mean, blarman. How about posting the text here?
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    • Posted by  $  3 months, 4 weeks ago
      That's interesting. The article has been taken down and not even Google is registering it. And they want to talk about fake Trump+Russia collusion!

      The article was basically about how Citibank is going to start trying to tell its business partners - basically anyone who has a Citibank business account - that they can't sell firearms to anyone under 21, can't sell bump stocks or so-called "high-capacity" magazines, and that they can only sell to someone who has passed a background check.

      Here's an alternative link: https://www.usatoday.com/story/money/...

      I can only wonder if within hours of posting the article, Citi started taking heat and is now trying to downplay things so they asked their media sponsors to cooperate.
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      • Posted by jdg 3 months, 3 weeks ago
        Banking is a great example of an industry that's so over-regulated that consumers have effectively no voice, because it's next to impossible for new competitors to form legally.

        Maybe we should have a brainstorming session on how to start "the Uber of banking" without running afoul of money laundering laws. There ought to be a way to do it.
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        • Posted by CircuitGuy 3 months, 3 weeks ago
          "how to start "the Uber of banking" without running afoul of money laundering laws."
          Several years ago peer-to-peer lending companies such as Prosper were trying to be the Uber of banking. I was under the impression (maybe wrongly) that it turned out banks, and their ability to manage credit risk (people not paying) and rate risk (using short-term funds for longer-term loans) actually do a good job providing value to their customers.

          I would not be at all surprised if it turned out to be false and that banks had manipulated regulations in the wake of the financial crisis to tie the hands of P2P lending. There might be an interesting story in it for an investigative book: What happened to P2P lending?
          I heard so much interest it 10 years ago, and I have not heard much about it since.
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        • Posted by  $  3 months, 3 weeks ago
          Credit Unions were originally a competitor, but they've been pretty regulated as well.

          Of course what you're getting back to at its heart is a move away from a central currency controlled by the Federal Reserve. In the first 100 years of this nation, there were all kinds of banks opening up (and going bankrupt) because all currency was gold-backed.
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          • Posted by jdg 3 months, 2 weeks ago
            I don't see that competing currencies would help (though we are starting to see them, in Bitcoin and its counterparts). The government, in Operation Choke Point, tried to make it harder for some businesses to get access to dollars, but the most a bank can do in that regard is to decide that some people aren't creditworthy enough to be allowed to have checking accounts. (Though the banks have turned that into a near-total monopoly by sharing those decisions with each other via ChexSystems.) That situation has been around forever, and has always included the credit unions, but the check-cashing and payday-loan industries were created to enable victims to evade it. That's why bad guys like Elizabeth Warren want them destroyed.

            What really needs to go is regulation of the banking and money handling industries: the "money laundering" laws. And the best way to get there is to repeal or at least modify the 16th Amendment, so that government will no longer need to know what assets you have overseas in order to collect taxes.
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            • Posted by  $  3 months, 2 weeks ago
              Yes, the 16th Amendment allows for much more government control of all aspects of life than the Founders were comfortable with - to be certain. Those were the same people who rioted at the Stamp and Intolerable Acts - which were all taxes.
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