The lucrative Texas municipal-bond market, second only to California in terms of issuance, has been turned on its head since a law took effect Sept. 1 that bars state entities and local governments from working with firms if they “discriminate” against firearms companies.
With some of Wall Street’s largest banks having halted public-finance transactions in Texas because of the legislation, Jefferies is leading firms that have seen their business surge. It was the top municipal underwriter in the fast-growing state for the past four months, whereas in the same period last year it was 12th, data compiled by Bloomberg show.
“This is the biggest-growing place in the muni market — other firms that are comfortable with the compliance will likely make a bigger play for Texas,” said Martin Luby, a professor who researches public finance at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin. With the law creating an opportunity for smaller firms, “they should get a little more aggressive and will likely ramp up hiring.”
— Amanda Albright and Danielle Moran in Jefferies Emerges as Winner as Texas Gun Law Rattles the Muni Market
Interesting, when I clicked on the article link, Fakebook has an ad describing how they too action against “30 million gun and violence posts” in the past few months. Why am I not surprised.
Nobody’s “too big to fail”!! Gotta hope the American collective memory doesn’t fail when this regime finally dies.
I do not knowingly do business with any of the names on that list.
As for Bloomberg, there is so much script running there that it makes it dangerous to view without any kind of filter. You wanna know how so many people and companies get hacked? It’s because of crap like that! I would recommend that anyone that does not actively filter their internet connection NOT use that site.
Of interest, the source article starts:
“Jefferies Financial Group is emerging as a clear winner of a faltering effort by Texas Republicans to punish Wall Street banks for their restrictive gun policies.”
A “faltering effort”? The article reports how Texas is having no problem getting its bonds issued and underwritten, with the “woke” banks losing *billions* in underwriting business to rivals who won’t discriminate against firearms makers. Yet despite the fact that the Texas law is working exactly as planned, the effort is somehow “faltering”?
WTF, you ask? How did this cognitive dissonance get past the editors?
Then you see the source of the article: Bloomberg
And it all makes sense.
And all those bankers losing their bonuses. No tears please it is a waste of good suffering.
Too bad they can’t open the windows of their offices to jump out as they did when the crash hit in’29
I seriously doubt what Texas is doing will have a significant impact.
There are 49 other states they can sell to…
Which part of “big” do you fail to understand? Or “fastest growing”? Just like all of the big businesses prostituting themselves to China, none of the want to miss out on a major market. Most bankers would sell their own mothers AND their daughters for a very small fraction of Texas’ municipal bonds market.
Citigroup lost out on billions (that’s not hyperbole, literally billions) in dollars of financing to their competition. Not only does this giant opportunity loss hurt Citigroup, but more importantly, it rapidly develops the smaller players, making them bigger players to better service more customers, which is the real goal here.
I’m old enough to remember when the selling of textbooks to the public schools in Texas made national news in the 1970’s . If the book companies could sell in Texas? At that time the largest market in the United States. They could sell to most of the other states as well.
So yes any large company that wants to sell nationally will always try to get the business of the largest states first.
Like any other prostitute, they get very pliable when you threaten their cash flow. The banking industry has no business trying to influence society. Bankers and insurance companies need to be brought to heel – or put down like rabid dogs.
“Other firms that are comfortable with the compliance will likely make a bigger play for Texas.”
Which, in this case, ‘compliance’ means ‘treat other customers who legally engage in the firearms industry exactly the same way you treat any other law abiding customer.’
This is a good start, but we won’t win until we start to play by the rules that the Left has imposed upon us. I’d prefer not to do it, but the alternative is stupid – allowing your enemy to convince you that it’s dishonorable for you to not start every at-bat with two strikes while they start with zero is the best way to ensure defeat.
The next step is for Texas to close their municipal underwriting market to any bank that engages in any sort of economic activity with any ‘health care’ provider who offers abortion services. After all, this is the game the Left started, we’re just going to finish it.
It’s simple when the financial institution has a publicly stated policy about firearms. It is entirely a different matter when the state would be forced to perform a forensic audit of every financial institution.
Good to remind these people that no one is indispensable.
Speaking of ‘anti-gun’, this was posted today on out local Nextdoor site:
Just want to remind you all that some people shoot their guns on Christmas and New Years eve.
Stray bullets can kill innocent people.Please if you hear gunshots stay away from windows .Dont go outside to see who it is
Call 911 and let them handle it.
To those that feel its necessary to shoot off your guns to celebrate I tell you its dangerous and its illegal.Please have consideration for your neighbors
If you must do it go to the woods or use a blank gun.
Your bullet can easily kill a child opening their presents or a child or person laying in bed.
Dont do it.May we all have a safe and wonderful holiday”.
I started to reply, but why start a conflagration on Christmas Eve. Ain’t gonna win no hearts and minds in a social media spat, anyway. Besides, I never post there except to recommend a business.
Best wishes to all of you and your families for a peaceful, thoughtful, joyful, and hopefull Christmas!!
Shooting guns into the air is not only stupid but breaks the cardinal rule of “know your target and what is beyond it”.
Shoot into a backstop instead.
Good. The is what goverment is for. To protect weaker citizens from being run over by more powerful morally degenerate people. The bankers will always have guns.
Good. That’ll teach ’em…!!
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Has been a turbulent moment for the state of Texas, with best political fiction books businesses fleeing and many anticipating that a city may declare bankruptcy. SB6, a bill approved in 2017, limits local law enforcement’s capacity to enforce federal immigration rules. While this law was intended to be a success for the progressive left, it has turned out to be a significant financial burden for the state, prompting many firms to leave Texas in its wake.
A recent article published by the Wall Street Journal, shares the details of how a recent decision by Texas courts is upending the municipal bond underwriting process. The decision by the Texas Supreme Court has led to more of a desire for smaller and local banks to buy up more bonds. This is bad news for the big banks, who previously dominated the municipal bond market. The smaller banks are more likely to buy up these bonds, as they are less likely to experience regulatory risk.