As the debate over gun control rages following the horrific tragedy in Newtown, Conn., one unlikely group is expected to play a central role in pushing back against any reform effort: the private equity industry.
It is often overlooked, but some of the biggest gun makers in the nation are owned by private equity funds run by Wall Street titans.
Besides Cerberus, Colt Defense, a spinoff from the manufacturer of the .44-40 Colt revolver made famous by John Wayne, is jointly owned by Sciens Capital Management, a fund advised by the Blackstone Group and another fund run by Credit Suisse.
On Colt Defense’s Web site, it markets weapons for law enforcement and the military, including a 9-millimeter submachine gun that looks like something out of the video game Call of Duty. These are weapons you hope never fall into consumers’ hands.
Even the folks running New York City’s pension are calling for systems like KRS to join them.
Why that’s important: Kentucky Retirement Systems is in bed – big time – with Blackstone.
Who/what is Blackstone?
- KRS Placement Agent Living The High Life [August 31, 2010]
- KRS Placement Agent Audit Could Be Messy [September 3, 2010]
- Fancy KRS-Affiliated Group In Another Big Scandal [May 27, 2011]
- KRS Hires Blackstone – Again – After All That Mess [September 6, 2011]
- KRS-Beloved Blackstone Rears Its Ugly Head Again [January 19, 2012]
- A Couple Big Kentucky Retirement Systems Things [August 2, 2012]
What was that, again, about the KRS being all puppies and rainbows?