Even more caving
Boehner want GOP to discuss gun laws. Given his fiscal cliff nonsense, I’m not surprised. When are they getting rid of this guy?
Speaking of caving, here’s Cerberus Capital’s statement on why they’re folding like a lawn chair.
9 Responses to “Even more caving”
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December 19th, 2012 at 1:51 pm
Here’s the discussion “Mr.” Boehner: You propose we give up a bunch more things to the grade-D politicians, and we kick you out of the R-rated party. End of discussion.
Eeegads. I mean, we all knew he wasn’t conservative, but he isn’t really even a Republican, is he?
December 19th, 2012 at 1:53 pm
Boehner blows. Seriously, he probably is garnering more enemies on the Right than the Left at this point.
December 19th, 2012 at 2:06 pm
don’t want to defend Cerebus, but their actions seem somewhat rational considering what they are – a hedge fund. Their concern, as much as we wanted to believe otherwise, isn’t conservative causes or the 2nd amendment. Their concern is to maximize value for their investors. Announcing the intention to sell Bushmaster now, not only addresses the political complaints of teacher union pension (who are major investors in Cerebus) but it also capitalizes on what should surely be an increase in sales of Bushmaster and correspondingly a significant increase in the price they recieve for it. Stocks may be down today, but with bills seeking to ban guns expected to be announced next month (none of which I can imagine will ever make it through both houses) I would think the timing is right to maximize the return they get for their investment in Bushmaster. And, who ever purchases Bushmaster likely isn’t going to seek to kill the company outright (otherwise, why would they pay good money for it).
Also, don’t forget, Cerebus was in with Obama from the get go and negotiated willingly to sell Chrysler to this corrupt administration.
I’m just glad we managed to keep their guy off the NRA board.
December 19th, 2012 at 2:45 pm
Countertop, what is rational about divesting an industry which has an average ROI of better than 30%? Even energy doesn’t get that good. Freedom Group, composed of major or controlling interest stakes in US firearms manufacturers, was probably the best sector that Cerberus had going. When you are an investment capital group, it’s all about the ROI. I can’t wait for the inevitable investor lawsuits.
December 19th, 2012 at 3:31 pm
With Republicans like Boehner, who needs Democrats
I say we offer them 1000 times what Newsweek sold for to take it off their hands. They wouldn’t want to profit from guns would they?
December 19th, 2012 at 3:34 pm
Boehner? Leadership? BWAHAHAHAHAHA!
December 20th, 2012 at 12:18 am
It’s just self-abuse to expect principles or backbone from politicians and corporations. They have not the organ for it. It’s not the business they’re in.
December 20th, 2012 at 12:43 am
Rivrdog,
Two things. One, just because they announced plans to sell, doesn’t mean they will actually sell. Second, its got a great ROI, but I assume much of Bushmaster’s business probably comes from military contracts. As everyone knows, there are serious negotiations ongoing about the fiscal cliff and budget sequestration. Military spending is going to take a massive hit. We are going to see a significant force reduction and overall decrease in all military spending. Preparing to sell now (or in reality a few months from now), when the sales are going through the roof and the stock is at an all time high is a smart move if you expect their business to take a significant hit in the future.
December 20th, 2012 at 11:54 am
They don’t “own it” so much as own most of the shares (controlling interest) and if they sell their shares, someone will be buying them. I might pick up a few hundred, myself. They’re just hosing themselves symbolically. Let them.