Take Two®

News and culture through the lens of Southern California. Hosted by A Martínez

Private equity firm drops investment in Bushmaster gun maker

by Take Two®

52366 full
Bill Saxler of Milwaukee holds a Bushmaster rifle 19 May, 2006, during the 135th National Rifle Association (NRA) Annual Convention in Milwaukee, Wisconsin. The show runs through 21 May. JEFF HAYNES/AFP/Getty Images

In rapid response to criticism, a large private equity firm says it's selling its holdings in the company that makes the rifle used in Friday's Sandy Hook School shooting.

Cerberus Capital Management Group says it will sell its stake in Freedom Group, a conglomerate of gun companies that includes brands such as Remington and Bushmaster.

The firm issued this statement:

"It is not our role to take positions, or attempt to shape or influence the gun control policy debate. That is the job of our federal and state legislators. There are, however, actions that we as a firm can take. Accordingly, we have determined to immediately engage in a formal process to sell our investment in Freedom Group... Our thoughts and prayers are with the families and communities impacted by this tragic event."

This comes after California state treasurer Bill Lockyer suggested the state's public pension funds should pull investments in gun firms. The move also happened very shortly after the New York Times Dealbook published a piece about Wall Street's investments in arms companies.

Andrew Ross Sorkin of the New York Times joins the show.

blog comments powered by Disqus

Enjoy Take Two®? Try KPCC’s other programs.

What's popular now on KPCC