December 18, 2012, - 11:35 am
**** UPDATE: Sadly, Cerberus caved and is selling Remington. Hmmm . . . is this the dog guarding the gates of hell or the one opening the gates of hell to wreak havoc upon us? Isn’t this the same outfit that made a mess of Chrysler at one point in recent history?****
The attacks on the Second Amendment and gun makers, in the aftermath of the mass shootings at Sandy Hook Elementary School, are getting really ridiculous beyond anything we’ve seen before after other school shootings. It’s the biggest hijacking of a tragedy yet by the gun grabbers. Now, the country’s largest teacher pension fund is looking at pulling $500 million in investment capital from a private equity firm because of its ownership in a gun maker. What if guns were not available to Adam Lanza, and he detonated a bomb instead and killed even more people, even more kids? What then? Would we divest from and ban basic household substances and chemicals?
Really? This is really happening? Sadly, yes, and it could be the start of a disturbing trend:
Pension giant California State Teachers’ Retirement System, or Calstrs, is reviewing a $500 million investment commitment to Cerberus Capital Management LP because of the private-equity firm’s ownership of the maker of a weapon used in Friday’s school shooting in Newtown, Conn.
Cerberus created the gun maker in 2007 after acquiring Bushmaster Firearms International. Now known as Remington Outdoor Co., the company acquired several gun makers under Cerberus’s ownership and is the maker of a rifle found near the body of the suspected shooter at Sandy Hook Elementary School.
New York-based Cerberus continues to own the Madison, N.C., gun maker. Earlier this year, the gun maker named George Kollitides, one of the original Cerberus executives assigned to build the company, as chairman and chief executive.
Big institutional investors like Calstrs can wield considerable clout, and pension funds have protested a variety of issues from gender diversity on corporate boards to factory closures. The funds typically take such stands for symbolic reasons, and it is rare that they effect real change.
Let’s hope that “rarity” remains in effect.
Calstrs has so far invested $461 million of its $500 million commitment to the Cerberus fund that owns the gun maker, said Ricardo Duran, a spokesman for the pension fund. He added that Calstrs expects to hear from its members in the wake of the shooting. “We are looking into the investment with Cerberus in light of the terrible tragedy on Friday, to make sure it aligns with our policies,” Mr. Duran said.
It’s now come to light that the killer, Adam Lanza, spent hours and hours playing the popular “Call of Duty” video games (which have been very effective in training soldiers and do not involve the killing of civilians in the games). Will the teacher pension fund seek to punish video game makers, too? Will they seek to outlaw the First Amendment along with the Second?
It’s just absurd. Crazy things happen when disturbed people snap. It cannot be prevented. And punishing those who make the LEGAL products, which enable the rest of us to exercise our Constitutional rights and defend ourselves against criminals, is just disgusting.
Tags: Bushmaster Firearms International, California State Teachers' Retirement System, Call of Duty, Calstrs, Cerberus, Cerberus Capital Management, Cerberus Capital Management LP, Divestment, George Kollitides, gun control, guns, Remington, Remington Outdoor Co., Remington Outdoor Company, Ricardo Duran, Sandy Hook Elementary School, Sandy Hook Elementary School massacre, sandy hook elementary school shooting, Sandy Hook shooting