Private Equity Firm Selling Its Stake in Maker of Rifle Linked to Newtown Shooting
(NEW YORK) — The private equity firm Cerberus will sell its stake in a firearms company that produced one of the weapons believed to have been used in the shootings at an elementary school in Newtown, Conn., calling it a “watershed event” in the national debate on gun control. While saying that it’s not its role to take positions or attempt to shape or influence the gun control debate, Cerberus said it is taking what action it can by selling its stake in the Freedom Group, which makes the Bushmaster rifle. On Friday, 20 children were killed, 26 people in all, at Sandy Hook Elementary School in one of the worst mass shootings in U.S history. The gunman, Adam Lanza, is believed to have used a .223-caliber Bushmaster AR-15 rifle in the attack. The AR-15 is a civilian version of the military’s M-16. Versions of the AR-15 were outlawed in the U.S. under the 1994 assault weapons ban. That law expired in 2004, and Congress failed to renew it under immense pressure from the gun lobby. ...
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PIMCO's Gross cites structural hurdles to recovery
NEW YORK - PIMCO's Bill Gross, in his final investment letter of the year, reiterated his sober outlook, stating "there may be no miracle policy drugs" for structural impediments to recovery in the U.S. and global economies.
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Reuters
The Other Side of Warren Buffett’s Common Sense Tax Argument
Over the years, Warren Buffett has gotten a lot of miles out of his folksy charm and ability to distill elaborate financial concepts into plain English. And recently, proponents of higher tax rates for the wealthy have gotten a lot of miles out of those qualities too — as the world’s fourth richest man has advocated repeatedly for just that policy. This week, Mr. Buffett was at it again — this time in the New York Times Op-Ed section — calling for, among other things, a higher capital gains tax rate. For years, capital gains have generally been taxed at a lower rate than ordinary income, partly in order to spur investment. The idea is that if taxpayers spend their money by investing in wealth-creating enterprises, then we’ll all be better off than we’d be if they simply spent their money consuming luxury goods or expensive vacations. (MORE: Why the Fiscal Cliff Is the Wrong Thing to Worry About) But Warren Buffett took aim at this logic, writing: “Suppose that an investor ...
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Why the Fiscal Cliff is the Wrong Thing to Worry About
When asked what it was like living through the German bombing of Crete during World War II, British novelist Evelyn Waugh replied that it began impressively enough but went on far too long. The same might be said for the current debate over the Fiscal Cliff. This issue loomed large during the Presidential campaign, but now promises to become an endless and tedious dispute. In the end there will probably be an unsatisfying compromise that avoids disaster but solves nothing important, while little attention is paid to America’s fundamental economic problems. The essence of the debate is that the Federal government has been running an ultimately unsustainable deficit of more than $1 trillion a year. A variety of changes in taxes and government spending are scheduled to go into effect in 2013 that would reduce this deficit by as much as $645 billion. That would bring the deficit down to a tolerable level, but poses two problems. First, more than two-thirds of the financial burden of this ...
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California contest tops outside spending in House races
Friday, October 5, 2012 - 10:05 YouTube/Screenshot Rep. Dan Lungren, R-Calif., has been hit by environmental groups for his support of increasing oil drilling. This ad from the Sierra Club highlights his votes. The U.S. House race between Republican Rep. Dan Lungren and physician Ami Bera in central California has already seen more outside money than any other House race, and with a new campaign from the nonprofit League of Conservation Voters Inc. , the money continues to pour in. The League of Conservation Voters Inc. reported spending nearly $382,000 opposing Lungren in California’s rejiggered 7th District this week as part of its “Flat Earth Five” campaign, which targets five Republican representatives for their denial of global warming. The $2 million campaign includes telephone calls to voters, direct mail and television ads in an effort to unseat Lungren and Republican Reps. Dan Benishek of Michigan, Ann Marie Buerkle of New York, Francisco Canseco of Texas and Joe ...
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