SEND LAWYERS GUNS AND MONEY.....
….to Anna Texas!
This week the city of Anna Texas, located a few miles north of Dallas stood up for its principals and it only cost them $277,000. The city launched a competitive (as opposed to negotiated) $100 million bond issue this week that ended up being a bit “less competitive”. From Bloomberg News
A Texas city declined to award a bond deal this week to Citigroup Inc. even though the bank submitted the most competitive bid, showing how Wall Street is still contending with a local GOP-backed law that seeks to punish financial firms for taking on gun policies.
Frances La Rue, a spokesperson for Anna, said in a statement that officials chose the second-lowest bid after discussions with the office of the state’s Republican attorney general and the municipality’s legal counsel and financial advisor. The attorney general’s office, which oversees most bond sales in Texas, said Friday that it is still reviewing Citigroup’s ability to comply with the state’s gun law.
I believe this is the first time I have ever seen this. The city, after consulting with the State Attorney General’s office, decided to reject Citigroup’s bid, which was the best one and take R.W. Baird’s lower bid because Citi enacted policies in 2018, following the Parkland Florida mass school shooting that restricted retailers from selling bump stocks or guns to people who haven’t passed a backround check or are younger than 21.
A big Wall Street bank finally tries to stand up for something that isn’t overtly heinous and look what happens, they lose the deal and probably the $3-4 million they had built in for themselves when they won it. That’ll teach em!
As for Texas, well I lived there and here’s a song from my favorite Texan, Hayes Carll