Bushmaster's Corporate Overlords Leaving the Gun Business

| Tue Dec. 18, 2012 6:51 PM EST

The big-money buyout firm behind Bushmaster and many other gunmakers is getting out of the firearms business—and thanks may be due to public-sector workers in one of America's bluest states.

Chances are you didn't even know that Cerberus Capital Management, the Dan Quayle-employing, Manhattan-based private equity group that famously took a bath on Chrysler during the auto bailout, owned 15 gun manufacturers with $238 million in total sales last quarterincluding Bushmaster, which produced the assault rifle that was Adam Lanza's weapon of choice in Newtown last Friday. Cerberus managed this "family of companies" through a shell called Freedom Group, which grew so large that some rank-and-file NRA members feared a mysterious anti-gun purchaser was buying up the companies just to shut them down.

Get Mother Jones by Email - Free. Like what you're reading? Get the best of MoJo three times a week.