By Gregory B. Hladky
11:01 AM EST, December 18, 2012
Word is that Cerberus Capital Management, the big Wall Street private equity firm that owns the maker of the pseudo-assault rifle used in the Sandy Hook massacre, plans to get out of the gun business.
According to news reports, Cerberus may lose money by selling now because gun stocks are down. Apparently lots of investors are rethinking the wisdom of putting money into items like the Bushmaster semiautomatic .223 that slaughtered all those kids and teachers in Newtown.
On the other hand, it doesn't seem likely that a company that chose as its name and symbol the three-headed dog guarding the gates of Hell is doing this out of some warm-and-fuzzy ethical consideration.
Far more likely is the pressure being put on by teachers' retirement funds that are thinking of divesting themselves of gun-related investments. And, in the sadly remote possibility of serious national gun control being passed, those gun companies could see sales declines.
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