Cerberus Pulls Stake in Gun Maker

Who’s going to push back against gun control? The New York Times’ Andrew Ross Sorkin points to the private-equity industry, which owns some of the nation’s most prolific gun makers. The firms, owned by Wall Street bigwigs, will be reluctant to advocate for reforms that may hurt their investments. On the other hand, investors may be wary of pouring money into companies like the Freedom Group, which made the gun that Adam Lanza used in the Connecticut elementary-school shooting. But since the publishing of Sorkin’s column, Cerberus Capital Management said that it will sell its stake in Freedom Group, saying that the Sandy Hook tragedy was a “watershed event.” Maybe it is time for a change.