Levin Report

Corporate America Second-Guessing Association with Mass Murder

Companies are severing ties with the National Rifle Association en masse.
national rifle association
By Chip Somodevilla/Getty Images.

If there’s one clear point that’s emerged from the Parkland shooting, it’s that change in gun-control policy is not going to come from Washington politicians. Exhibit A: even as he was being absolutely flayed by teenagers during a town-hall debate on Wednesday night, Senator Marco Rubio, whose constituents were murdered in the massacre, refused to say he would stop taking donations from the National Rifle Association, a group whose primary purpose is to influence gun legislation. But another notion that’s come out of the tragedy is that kids too young to vote are going to do the job their representatives—whose ability to walk upright sans spines continues to defy logic—will not. And because we’re living in the era of social media, they’re going to do it through the president’s favorite social-networking service.

After many of the Parkland survivors got the ball rolling by telling politicians exactly what they thought of their policies via Twitter, activist Michael Skolnik posted a list of companies offering discounts to N.R.A. members and requested that his followers “please tell them nicely to end their partnership,” using the hashtag #BoycottNRA. The hashtag quickly jumped to the top of the trending section, with concrete consequences: since then, Enterprise Holdings, Wyndham Hotel Group, security systems maker Simplisafe, LifeLock owner Symantec, and insurance giant MetLife have all cut ties with the organization. “Symantec has stopped its discount program with the National Rifle Association,” a company spokesperson told Bloomberg, while a spokesman from MetLife said, “we value all our customers but have decided to end our discount program with the N.R.A.”

Meanwhile, First National Bank of Omaha, which for the last decade has issued N.R.A.-branded cards that provide a cash-back bonus equivalent to the group’s annual membership fee, announced on Thursday that it will no longer serve as the “official credit card of the N.R.A.” BlackRock, the world‘s largest asset manager whose C.E.O. urged companies in January to prioritize social responsibility, told CNBC that in the wake of calls from investors who don’t want their money associated with the gun industry, the firm is “working with clients who want to exclude from their portfolios weapons manufacturers or other companies that don’t align with their values.” On Friday, insurer Chubb said it had notified the N.R.A three months ago that it would “discontinue participation in the N.R.A. Carry Guard insurance program under the terms of our contract.”

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(Others have stood by the organization; “Our company provides discounted rooms to several large associations, including the N.R.A.,” Tim Hentschel, the co-founder of HotelPlanner.com, said in a statement, adding, “These associations greatly benefit our customers by buying discounted rooms from groups that might otherwise be charged a penalty by hotels for not using all of the rooms in their block,” which is apparently the worst thing that can happen to a person, short of not getting a chocolate on their pillow during turndown service.)

So far there’s little evidence that the Twitter-shaming campaign will have a huge effect on the N.R.A.’s bottom line—after all, they still have millions of paying members. But it has had a cultural impact, reinforcing the idea that the N.R.A. ought to be barred from polite society. It’s also more proof that any policy change will start not in Washington, but elsewhere; as Andrew Ross Sorkin opined on Monday, the way to really stick it to the N.R.A.—which, in an amazing bit of delusion, said this week that gun control advocates “don’t care about our schoolchildren” and are simply pushing their agenda to “make all of us less free”—is through the banks. In his column, Sorkin noted that since the finance industry collectively has “more leverage over the gun industry than any lawmaker,” it would make sense for credit-card companies, credit-card processors, and banks to effectively cut gun sellers off at the knees by changing the terms of their services to state that they “won’t do business with retailers that sell assault weapons, high-capacity magazines and bump stocks”—something PayPal, Square, Stripe and Apple Pay did years ago.

It’s not like there isn’t precedent: earlier this month, Bank of America, Citigroup, and JPMorgan Chase banned using their cards for the purchase of cryptocurrencies. And from what we can tell, Bitcoin is just a little less dangerous than a semiautomatic rifle.

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Donald Trump Jr.’s life is very hard, part XIVI

In an interview in New Delhi on Friday, the president’s eldest son complained that he could “be doing 10 times the business in India [that the Trump Organization is] doing now,” but because his father has the unfortunate distinction of being president, they’ve had to “take a back seat . . . with new projects.” Donny Jr., who is in India pitching million-dollar condos this week, also said that daddy’s job has been personally hard on him, cutting in on the amount of time they would normally spend together. Sometimes, the 40-year-old man told the audience, he has to stop himself from calling his dad, unless it‘s urgent. “It has been difficult,” he said, somehow not tearing up just thinking about the hardship.

Trump’s alma mater pans his infrastructure plan

The Wharton School is not impressed:

The proposal, unveiled earlier this month, calls for heavy reliance on additional funding from state and local governments and from private investors. The idea is to have the federal government put up about $200 billion over the next 10 years in grants and other incentives to attract an overall investment of at least $1.5 trillion. . . . But a review of the plan by analysts at the Wharton School found that most of the incentives would fail to attract anything close to the $1.5 trillion goal.

In fact, each new dollar of federal spending could actually reduce spending by state and local governments because they often already qualify for the proposed new grant money within their existing infrastructure programs, the analysts said.

Report: Excitement about free candy transcends age, socio-economics

In fact, one might argue that wealthy Wall Street men and women get even more amped up at the prospect of free Hershey’s Kisses that they could easily buy for themselves at a cost of 1/9828237740193747763634242345672228875282861238749832798732497th of their net worth, if an annual conference in Boca is any indication:

There’s a palpable excitement in the air. The rush will be intense. And brief. Within minutes, all the best stuff—the classic Hershey’s bars, the Reese’s Peanut Butter Cups—will be gone. Someone impatiently lunges for a Kiss, snares it and is reprimanded by the hotel staff.

Elementary-school kids? No. Cash-strapped college kids? Not them either.

They’re Wall Street analysts, congregated at the posh Boca Raton Resort and Club in Florida for an annual convention where consumer companies try to convince the analysts that their stocks are worth investing in. Each afternoon during the five-day event, known as CAGNY, one company lays out piles of samples for the ravenous crowd. Ostensibly, it’s an opportunity to show off new items, and to build good will with the crowd of equity numbers crunchers...What causes wealthy Wall Street men and women to run, elbow and lunge for candy bars—and then pack them into boxes to be shipped home—is something of a mystery. It’s just one of those phenomena that seems to build on its own reputation. The lore of the scrums of past years begets ever-more intense free-for-alls.

Elsewhere!

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Elizabeth Warren and Mick Mulvaney trade barbs over payday lenders, arbitration (MarkWatch)

Secretive Chinese bitcoin mining company may have made as much money as Nvidia last year (CNBC)

Gun stocks surge as Trump warms to gun control (Reuters)

If you own these funds, you are an investor in the major gunmakers (CNBC)

Mnuchin Says New Sanctions Against Russia Are Coming in “Weeks” (Bloomberg)

New Jersey’s Highest-in-the-U.S. Property Taxes Are Rising Again (Bloomberg)

KFC issues full-page apology for its chicken “crisis” (N.Y.P.)