Banks and corporations should stay out of politics, just like government should stay out of business. But when one or the other crosses the line, the other side has to push back or roll over.
Texas Attorney General Ken Paxton and crew are pushing back.
Paxton’s office has deemed that Citigroup Inc. “discriminated against the firearms sector,” according to Reuters. Because of this, the banking giant was barred from underwriting most municipal bond offerings in the state.
This is no small thing. Citigroup was recently eliminated from the group of banks set to handle the biggest-ever municipal-bond transaction from Texas. The deal was reportedly worth $3.4 billion.
Governor Greg Abbott chimed in on the move, tweeting, “We won’t be bullied or discriminated against by woke ESG policies.”