Citigroup CEO Michael Corbat today reversed his admission that Citi’s aggressive anti-gun stance had cost the company money, dodging a question from the National Center for Public Policy Research’s Free Enterprise Project (FEP) about whether taxpayer bailouts present an additional obligation for the company to not discriminate against companies that engage in activities protected by the Second Amendment.
During the virtual annual shareholder meeting, FEP Coordinator Scott
Shepard asked Corbat:
Last year at this meeting Citicorp admitted in response to a question from us that the corporation is losing money because of its aggressive anti-gun stance. It refuses to lend to some gun manufacturers and sellers, even though their activities are legal and constitutionally protected.
Now we see Citicorp and other American banks getting a second set of bailouts and government supports in a dozen years, even while its directors and management have profited handsomely during the intervening years. Don’t you owe it to your taxpayer subsidizers to lend indiscriminately, without enacting a narrow partisan agenda?
After the meeting, Shepard added:
Throwing away good business and solid investments is a bad move for investors. It’s a slap in the face to more than a hundred million Americans who take their Second Amendment rights very seriously. And it runs the risk that those snubbed taxpayers will demand additional oversight of, and interference with, Citigroup’s business.
Audio of the full exchange can be heard here.
The National Center for Public Policy Research is a communications and research foundation supportive of a strong national defense and dedicated to providing free market solutions to today’s public policy problems. We believe that the principles of a free market, individual liberty and personal responsibility provide the greatest hope for meeting the challenges facing America in the 21st century.
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