Cerberus to sell Freedom Group after shooting

[Don Ro]

Are we going to see more of this distancing?
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US private equity firm Cerberus Capital Management has said it will begin selling its investment in gunmaker Freedom Group in the light of last week's school shooting in Connecticut.
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Cerberus had come under pressure from the California State Teachers' Retirement System (CalSTRS) which said on Monday it was reviewing its investment with the private equity firm following the school shooting.
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"We do not believe that Freedom Group or any single company or individual can prevent senseless violence or the illegal use or procurement of firearms and ammunition," Cerberus said in a statement.
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Cerberus to sell gunmaker Freedom Group after US school shooting | World news | guardian.co.uk

[sammyg2]

Fook CalSTRS.
I say liquidate the scam and pay off California's debt.

[varmint]

how deep in the hole is the california pension system?

[craigster59]

And Walmart and Dick's Sporting Goods have pulled the Bushmaster carbine from their shelves. I guess we can all breath a sigh of relief.

[KFC911]

Originally Posted by sammyg2

Fook Ca.
I say liquidate the state and pay off USA's debt.

FIFY...nuthin' but libs and durn fuhrners out there anyways

[sammyg2]

Originally Posted by varmint

how deep in the hole is the california pension system?

Last I read was around $54 billion IIRC but that includes future liabilities.
I'll look it up when I get a round tuit.

We can still take what's in it to keep the politicians busy for a few months.

[sammyg2]

Worse that I thought. I was referring to calPERS, but there's more tuit.

As of June 30, 2009, the California Public Employees Retirement System (CalPERS) reported that its unfunded actuarial accrued liabilities in its main pension fund for state and local governments was over $49 billion-consisting of about $23 billion for the state and $26 billion for other public agencies.

Showing a bigger problem, a report by the bipartisan Little Hoover Commission found that the top 10 public employee pension systems in California - including plans for both state and local government workers - faced a combined $240 billion shortfall as of 2010.

A study by the Stanford Institute for Economic Policy Research more recently pegged the combined total unfunded pension liabilities of CalPERS, the California State Teachers Retirement System (CalSTRS) and the University of California retirement plan at $485 billion.

A growing problem for state and local governments
When pension costs rise, benefits are increased, or investments in pension portfolios perform below expectations, it is taxpayers that have to make up the difference as pensions are a legal obligation of state and local governments.

The current growing problem threatens General Fund support for K-12 education, higher education and law enforcement, and has put many local governments on the path the bankruptcy.

State pension General Fund costs for CalPERS has risen from $370 million in 2001-02 to $2.1 billion in 2011-12, a $1.7 billion increase. To put this in perspective, the state spends $2 billion annually to fund the 23 campus California State University System.

Adding in retiree health care costs makes the problem even worse. Combined General Fund costs for state retirement programs, including CalPERS retiree benefits and health care costs and State Teachers Retirement System (STRS) retiree benefits have grown over the years, and are projected to grow to nearly $7 billion by the 2014-15 budget year.

California Budget Fact Check

[sammyg2]

Originally Posted by craigster59

And Walmart and Dick's Sporting Goods have pulled the Bushmaster carbine from their shelves. I guess we can all breath a sigh of relief.

Pro-gun folks prefer big 5 sporting goods, anti-gun people like dicks.

I know I know, but the first time I heard that joke I pooped a little
(BC GW joke).

[BeyGon]

it's too bad the school teachers can't sell of their crazies, probably get more money.

[onewhippedpuppy]

Had he ran down a group of schoolchildren while waiting for a bus, would they have sold their shares of Ford? The stupidity of people, especially those paralyzed by political correctness, is simply staggering.

[sammyg2]

Originally Posted by onewhippedpuppy

Had he ran down a group of schoolchildren while waiting for a bus, would they have sold their shares of Ford? The stupidity of people, especially those paralyzed by political correctness, is simply staggering.

Hold on there a minute, you may be on to something.

We have a childhood obesity problem in this country which can be directly or indirectly tied to thousands of deaths per year, so we should boycott the makers of utensils.
Hell let's sue them for wilful negligence!
Damn fork-makers anyway.
And what about those plates?
Don't even get me started on pots and pans ..........

[onewhippedpuppy]

Originally Posted by craigster59

And Walmart and Dick's Sporting Goods have pulled the Bushmaster carbine from their shelves. I guess we can all breath a sigh of relief.

When I was shopping for an AR15 I didn't look at either of those stores, which gives you an idea how bad their rifle selection sucks. Looks like a convenient excuse to get publicity pulling an item from the shelves that probably didn't sell much anyway. Anything related to this tragedy is getting press, and now everyone is trying to take advantage. Sad world we live in.....

[Hard-Deck]

Tim McVey killed a bunch of kids and nobody sold off the rental truck company and it's still legal to rent moving trucks.....

[wdfifteen]

Originally Posted by onewhippedpuppy

Had he ran down a group of schoolchildren while waiting for a bus, would they have sold their shares of Ford? The stupidity of people, especially those paralyzed by political correctness, is simply staggering.

If Fords were made for the express purpose of killing people, yes, they might.
You shouldn't ask a stupid question like this and then comment on the stupidity of others.

[aigel]

They aren't pulling out for political reasons, rather than expecting the end of the black rifle boom with a pending ban.

G

[onewhippedpuppy]

Originally Posted by wdfifteen

If Fords were made for the express purpose of killing people, yes, they might.
You shouldn't ask a stupid question like this and then comment on the stupidity of others.

Is that the only use for a firearm? Killing people? Because I'm pretty sure hunters and target shooters would strongly object to that assertion. Go compare the statistics regarding death by car and death by gun then get back to me, you'll find that cars are actually far more dangerous than guns. Per the CDC (2009 report) accidents are the #5 cause of death, suicide #10, and homicide #15.

http://www.cdc.gov/nchs/data/nvsr/nvsr60/nvsr60_03.pdf

[biosurfer1]

#5 doesnt say automobile accidents, it just says "Accidents" as in unintentional deaths...where does that report say anything about car related deaths?

[onewhippedpuppy]

Originally Posted by biosurfer1

#5 doesnt say automobile accidents, it just says "Accidents" as in unintentional deaths...where does that report say anything about car related deaths?

My post said "go compare", as there is significant government data available on auto vehicle accident statistics. But I'll make it easy. Per the US Census Bureau, 33,808 auto vehicle deaths in 2009 (last year listed).

http://www.census.gov/compendia/statab/2012/tables/12s1105.pdf

Firearms homicide deaths 11,493 in 2009 per the CDC.

FASTSTATS - Homicide

Suicide actually exceeds both at 36,909 in 2009, again per the CDC.

FASTSTATS - Deaths and Mortality

So in 2009 there were almost 3x more deaths in car accidents than killed by firearms, and more than 3x more deaths by suicide. So in theory, a focus on mental health (suicide and diagnosing troubled "shooter" types) as well as auto vehicle safety could yield a significantly larger bang for the buck than a gun ban. But let's face facts, neither of those play as neatly into an established political and social agenda, do they?

[jyl]

Social restrictions on investments are nothing new. You want the business, you play by the customer's rules. For Cerebrus, Freedom Arms is just another investment to buy, trade, and liquidate.

[sammyg2]

Originally Posted by Snapper33

Tim McVey killed a bunch of kids and nobody sold off the rental truck company and it's still legal to rent moving trucks.....

That's outrageous. We need to get rid of rental trucks now.
Won't somebody think of the children?