Egypt says to resume talks with IMF in January






CAIRO (AP) — Egypt’s prime minister said Sunday his country will resume talks in January with the International Monetary Fund, after Cairo suspended its request for a $ 4.8 billion loan during this month’s political turmoil over the now-adopted constitution.


Hesham Kandil didn’t specify when the talks will resume. But he stressed that the loan is important to Egypt’s efforts to regain investor confidence as his country grapples with a crippling budget deficit and dwindling foreign reserves.






“We need the vote of confidence from the IMF,” he told reporters at the launch of a government initiative that appears aimed at calming worries about imminent austerity measures and the health of the economy.


“We hope to have more consensus on the government program. We hope there are no core changes to our plan with the fund,” he said.


Talks with the IMF were derailed during large protests against the country’s new constitution, passed in a referendum earlier this week. The protests turned violent, leaving at least 10 dead, while disagreement over the charter deeply polarized the country.


As the political turmoil unfolded, the government suspended its loan request, which had been awaiting final approval by the IMF, just after it suspended the spending cutbacks and tax hikes which had been part of the economic program it presented to secure the loan. The measures were likely to fuel more public discontent.


Now, with the constitution adopted, talk of the economic reform program is resurfacing. But the government needs to rally public support for measures that are likely to increase prices for a number of goods and cut back on a huge government subsidy program to ensure aid goes only to those in need.


President Mohammed Morsi has asked Kandil to carry out a limited government reshuffle, which has been highly criticized for failing to tackle Egypt’s political and economic crises.


In a speech Saturday to the newly convened legislature, Morsi warned against any further unrest that could harm the already battered economy.


Meanwhile, the central bank said that foreign currency reserves, which have been hemorrhaging for nearly two years, are at a “critical” level — the minimum needed to cover foreign debt payments and buy strategic imports. Reserves now stand at some $ 15 billion, down from $ 36 billion in 2010.


Over the past week, fears of an imminent currency devaluation led to a rush to buy dollars, putting further pressure on the Egyptian pound. The worries were fuelled in part by the government’s move to cap the amount of foreign currency people can take with them as they leave the country.


On Sunday, the central bank introduced a new auction system for banks buying and selling U.S. dollars. It had urged citizens to “ration usage” of foreign currency in favor of the Egyptian pound.


On Sunday, Kandil said the economic situation was “difficult and critical” but that there was no truth to talking about Egypt going bankrupt, echoing a point made by Morsi a day earlier.


“There is bright light at the end of this tunnel,” he said. “There is a plan and a vision for sure to get out of this tunnel. The length of this tunnel depends on us as Egyptians and on the government for sure.”


Kandil urged all political players to put aside their differences to work together. His news conference Sunday sought to underline government efforts to revitalize the economy and include stakeholders and the public in a discussion of its economic plan.


He provided little details of the plan, however. Ashraf el-Arabi, planning and international cooperation minister, said discussions will begin as early as Sunday, to ensure “ownership” of the government program so measures can be adopted quickly.


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Obama says failure to reach fiscal deal would hurt markets


WASHINGTON (Reuters) - Financial markets would be affected adversely if U.S. lawmakers fail to agree on a "fiscal cliff" deal before Tuesday, President Barack Obama said in an interview broadcast on Sunday, while urging Congress to act quickly to extend tax cuts for middle-class Americans.


Lawmakers are seeking a last-minute deal that would set aside $600 billion in tax increases and across-the-board government spending cuts that are set to start within days. If Congress does not make that happen, the first bill brought up in the new year would be to reduce taxes for middle-income families, Obama told NBC's "Meet the Press."


"Now I think that over the next 48 hours, my hope is that people recognize that, regardless of partisan differences, our top priority has to be to make sure that taxes on middle-class families do not go up. That would hurt our economy badly," Obama said in the interview taped on Saturday.


"We can get that done. Democrats and Republicans both say they don't want taxes to go up on middle-class families. That's something we all agree on. If we can get that done, that takes a big bite out of the 'fiscal cliff.' It avoids the worst outcomes," Obama added.


Low income tax rates first put in place under Republican former President George W. Bush are due to expire at the end of the day on Monday - the last day of 2012.


Obama said that failing to reach a deal would have a negative impact on financial markets.


"If people start seeing that on January 1st this problem still hasn't been solved, that we haven't seen the kind of deficit reduction that we could have had had the Republicans been willing to take the deal that I gave them ... then obviously that's going to have an adverse reaction in the markets," he said.


RARE SENATE SESSION ON SUNDAY


Obama met with congressional leaders at the White House on Friday and declared himself cautiously optimistic about the chances of an agreement, but he noted in the interview that nothing had materialized since then.


"I was modestly optimistic yesterday, but we don't yet see an agreement. And now the pressure's on Congress to produce," he said.


The Senate is scheduled to hold a rare Sunday session beginning at 1 p.m. EST (1800 GMT), but it was not clear whether the chamber would have fiscal-cliff legislation to act upon.


Obama sketched out what he believed to be the most likely scenarios the end the back-and-forth between both sides. Either the congressional leaders would come up with a deal, or Democrats in the Senate would bring a bill to the floor seeking an up-or-down vote to extend tax cuts for middle income earners.


"And if all else fails, if Republicans do in fact decide to block it, so that taxes on middle class families do in fact go up on January 1st, then we'll come back with a new Congress on January 4th and the first bill that will be introduced on the floor will be to cut taxes on middle class families," he said.


Obama chided Republicans for resisting his call for tax rates to go up for the top two percent of U.S. earners despite what he viewed as significant compromises on his part to cut spending and reform expensive social programs for the poor and elderly.


"They say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest Americans are protected. That seems to be their only overriding, unifying theme," Obama said.


"The offers that I've made to them have been so fair that a lot of Democrats get mad at me. I mean I offered to make some significant changes to our entitlement programs in order to reduce the deficit," he said.


(Reporting by Jeff Mason; Editing by David Brunnstrom)



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Michigan State edges TCU 17-16 in BWW Bowl


TEMPE, Ariz. (AP) — Michigan State labored on offense throughout the first half, unable to get anything going on the ground, in the air, anywhere.


For a team that had lost five games by a combined 13 points during the regular season, it was starting to feel familiar.


The Spartans changed their luck by turning to brutally effective running back Le'Veon Bell in the second half, setting up Dan Conroy for another game-winning kick in a bowl game.


Bell ran for 145 yards and a fourth-quarter touchdown, Conroy kicked a 47-yard field goal with 1:01 left and Michigan State rallied to beat Texas Christian 17-16 in the Buffalo Wild Wings Bowl on Saturday night.


"With so many close games and losing like we did during the season, to have one go our way was definitely sweet," Conroy said.


It wasn't always pretty for the Spartans.


Michigan State (7-6) managed 76 yards of offense during the first two quarters as TCU bottled up Bell.


The 237-pound junior started to wear down the Horned Frogs in the second half, grinding out 107 of his yards on a 32-carry night.


Behind Bell, the Spartans went on the longest drive in their bowl history in the third quarter, marching 90 yards to set up freshman Connor Cook's 15-yard touchdown pass to Aaron Burbridge.


Michigan State then recovered a muffed punt by TCU's Skye Dawson at the 4-yard line midway through the fourth and Bell scored two plays later by racing around left end for a 14-13 lead.


TCU (7-6) still had a little life after blowing a 13-point halftime lead, moving just far enough to set up Jaden Oberkrom for the longest field goal in the bowl's history, a 53-yarder that put the Horned Frogs up 16-14 with 2:42 left.


They just left Michigan State too much time.


Starting at their own 25-yard line, the Spartans moved 45 yards in eight plays, setting up Conroy for his second game-winner in a bowl after beating Georgia with a 28-yarder in the third overtime of the 2012 Outback Bowl.


Michigan State's defense held after that, sending the Spartans to their second straight bowl win after three consecutive losses.


"There was no doubt in my mind that after so many losses in similar fashion that we were going to come out on top in this one," Spartans linebacker Max Bullough said.


The Horned Frogs shut down Michigan State's offense in the first half and did just enough when they had the ball to put together three scoring drives.


In the second half, TCU couldn't get anything going against the Spartans' defense — 84 total yards — and its defense gave up the long scoring drive in the third quarter, along with the game-winner in the fourth.


Trevone Boykin threw for 201 yards and an interception on 13-of-29 passing for the Horned Frogs.


"A little bit empty feeling inside because we felt like we left a lot on the field," TCU coach Gary Patterson said.


TCU and Michigan State came to the desert with an awful lot of similarities.


The Horned Frogs opened their first season in the Big 12 with four straight wins before losing four of their final six games. Michigan State started 4-2, then lost four of six down the stretch.


Michigan State had the nation's fourth-best defense and was 10th in scoring defense during the regular season. TCU was 18th in total defense and 10th against the run.


Michigan State quarterback Andrew Maxwell was up-and-down in his first season as Kirk Cousins' replacement, throwing 13 touchdown passes and nine interceptions. Boykin took over after four games for Casey Pachall, who was suspended and later left the team, and threw for 15 touchdowns and nine interceptions.


The biggest difference between the teams was Bell.


He ranked third nationally with 137.3 yards rushing per game and had 1,648 on the season, second-most in Michigan State history and 242 fewer than TCU had as a team.


Early on, the Horned Frogs gave him nowhere to go.


Filling holes inside and stringing plays out toward the sidelines, TCU stuffed the bruising Bell on nearly every touch, holding him to 38 yards on 11 carries in the first half.


Of course, it didn't seem to matter what Michigan State did. The Spartans had 29 yards on 12 plays in the first quarter and weren't a whole lot better in the second, with Maxwell throwing two near-interceptions on consecutive passes and an ill-advised trick play that probably should have resulted in a turnover, too.


The Spartans still seemed to be stuck in the ruts in the third quarter before grinding out a 14-play scoring drive led by Cook, who replaced Maxwell for the second time in the game. They had their biggest play on a floating pass from Bell to fullback TyQuan Hammock (29 yards), then Cook threw his first career touchdown pass, a 15-yarder to Burbridge on a crossing route that cut TCU's lead to 13-7.


"I thought Connor did a good job on the 90-yard drive, gave us a little momentum," Spartans coach Mark Dantonio said.


TCU didn't exactly have its way with Michigan State's defense in the first half and missed some chances to build a bigger lead.


The Frogs started gashing the Spartans for decent-sized chunks with their option midway through the first quarter, setting up Matthew Tucker's 4-yard touchdown on an end-around.


Boykin had an impressive off-the-back-foot throw to freshman Kolby Listenbee for 59 yards on the last play of the first quarter and nearly had a 19-yard touchdown pass to open the second, but LaDarius Brown was bumped and dropped the ball in the end zone. Oberkrom followed with a 47-yard field goal and added another from 31 yards after Boykin hit Josh Boyce on a 61-yard pass to put TCU up 13-0 at halftime.


The Frogs couldn't keep it up in the second half.


With Michigan State clogging the running lanes and chasing Boykin around, TCU had 30 yards of offense in the third quarter and continued to struggle in the fourth. The Horned Frogs did manage the short scoring drive to set up Oberkrom's late field goal, but ended up going backward on their final drive after Conroy's kick.


"What I thought happened in the third quarter was Michigan State dialed up the heat and we didn't have an answer," Patterson said.


Michigan State did — for one of the few times this season.


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2013: A year for big issues in the courts












By Jeffrey Toobin, CNN Senior Legal Analyst


December 27, 2012 -- Updated 1445 GMT (2245 HKT)







Chief Justice John Roberts re-administers the oath of office to Barack Obama at the White House on January 21, 2009.




STORY HIGHLIGHTS


  • Jeffrey Toobin: 2013 will see pivotal decisions in several key areas of law

  • He says Supreme Court could decide fate of same-sex marriage

  • Affirmative action for public college admissions is also on Court's agenda

  • Toobin: Newtown massacre put gun control debate back in the forefront




Editor's note: Jeffrey Toobin is a senior legal analyst for CNN and a staff writer at The New Yorker magazine, where he covers legal affairs. He is the author of "The Oath: The Obama White House and the Supreme Court."


(CNN) -- What will we see in 2013?


One thing for sure: The year will begin with Chief Justice John Roberts and President Obama getting two chances to recite the oath correctly.



Jeffrey Toobin

Jeffrey Toobin



After that, here are my guesses.


1. Same-sex marriage and the Supreme Court. There are two cases, and there are a Rubik's Cube-worth of possibilities for their outcomes. On one extreme, the court could say that the federal government (in the Defense of Marriage Act) and the states can ban or allow same-sex marriage as they prefer. On the other end, the Court could rule that gay people have a constitutional right to marry in any state in the union. (Or somewhere in between.)





CNN Opinion contributors weigh in on what to expect in 2013. What do you think the year holds in store? Let us know @CNNOpinion on Twitter and Facebook/CNNOpinion


2. The future of affirmative action. In a case pending before the Supreme Court, the Court could outlaw all affirmative action in admissions at public universities, with major implications for all racial preferences in all school or non-school settings.


3. Gun control returns to the agenda. The Congress (and probably some states) will wrestle with the question of gun control, an issue that had largely fallen off the national agenda before the massacre in Newtown. Expect many invocations (some accurate, some not) of the Second Amendment.




4. The continued decline of the death penalty. Death sentences and executions continue to decline, and this trend will continue. Fear of mistaken executions (largely caused by DNA exonerations) and the huge cost of the death penalty process will both accelerate the shift.


5. Celebrity sex scandal. There will be one. There will be outrage, shock and amusement. (Celebrity to be identified later.)


Follow @CNNOpinion on Twitter


Join us at Facebook/CNNOpinion


The opinions expressed in this commentary are solely those of Jeffrey Toobin.











Part of complete coverage on







December 27, 2012 -- Updated 1445 GMT (2245 HKT)



Jeffrey Toobin says key rulings will likely be made regarding same-sex marriage and affirmative action for public college admissions.







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Frida Ghitis says that after years in which conservative views dominated the nation, there's now majority support for many progressive stances.







December 28, 2012 -- Updated 0316 GMT (1116 HKT)



John MacIntosh says gun manufacturer Freedom Group should be acquired by public-spirited billionaires and turned into a company with ethical goals.







December 27, 2012 -- Updated 0237 GMT (1037 HKT)



Bassam Gergi and Ali Breland says we should mourn for Newtown's victims, but also take steps to stop the slaughter of young people in inner cities








Get the latest opinion and analysis from CNN's columnists and contributors.







December 26, 2012 -- Updated 1445 GMT (2245 HKT)



Tseming Yang says the 25 major carbon emitters should come to an agreement just among themselves about fighting climate change.







December 25, 2012 -- Updated 1252 GMT (2052 HKT)



David Frum says the National Rifle Association's "Death Wish" style vision of America as a land of armed civilians fending off criminals is a fantasy.







December 27, 2012 -- Updated 0207 GMT (1007 HKT)



Lawrence Krauss says the nation must grieve with the families of Newtown after such a tremendous loss, but religion is not the right framework







December 28, 2012 -- Updated 1044 GMT (1844 HKT)



Jonathan Batiste says jazz is a complex, traditional and utterly contemporary art -- the language that we use to state our deepest, truest feelings







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Dean Obeidallah says "Zero Dark Thirty" and "Promised Land" present hot button issues that fire up people from the left and right.







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MADD started as a small grass-roots movement that grew and radically changed society's views on drunk driving, says Candace Lightner.







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David Gergen says the hope for cooperation is gone in the capital as people spar over fiscal cliff, gun control, and nominations







December 19, 2012 -- Updated 2054 GMT (0454 HKT)



William Bennett says having armed and trained people could help protect schools and other vulnerable places from gun violence


















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FBI removes many redactions in Marilyn Monroe file






LOS ANGELES (AP) — The FBI has re-issued files it kept on Marilyn Monroe, removing dozens of redactions from entries related to surveillance of the actress for communist ties.


A large section of the files obtained by The Associated Press focuses on Monroe’s 1962 trip to Mexico and her emerging friendship with Frederick Vanderbilt Field, who was disinherited from his wealthy family for leftist views. Field was Monroe’s guide on a trip in which she furniture-shopped for her new home.






The AP appealed the redactions in the file as part of a series of stories on the 50th anniversary of Monroe’s death in 1962, but the bureau previously said it no longer had access to the files. The bureau issued a new version after a request for details on the records’ locations.


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Stock futures drop before last-ditch effort at “cliff” deal






NEW YORK (Reuters) – Stock index futures fell on Friday as President Barack Obama and top lawmakers planned to make a last-ditch effort at budget talks to prevent the United States from going over the “fiscal cliff.”


Obama and lawmakers will meet at the White House Friday afternoon for talks before a New Year’s deadline to keep large tax hikes and spending cuts from taking effect and threatening the economy with recession.






Investors showed their skepticism about a deal coming in time as the benchmark S&P 500 index was on track for a fifth straight decline.


“Obviously all eyes will be on Washington and the headlines coming out of Washington will dictate today’s market movement,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.


“You do have some economic data coming in, but the market is probably not going to pay much attention to that. The big thing is whether Washington will reach a deal by Monday.”


U.S. stocks fell for a fourth straight session on Thursday but managed to recover most of their earlier losses after the House of Representatives, in the barest sign of progress, said it would return to Washington on Sunday night to work on avoiding the cliff.


Highlighting market sensitivity to cliff headlines, on Thursday stocks fell more than 1 percent earlier after Senate Majority Leader Harry Reid warned a deal was unlikely before the deadline.


With many market participants away for the holiday-shortened week, volume is expected to remain light, which could exacerbate market swings.


S&P 500 futures fell 8.5 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures lost 67 points, and Nasdaq 100 futures dropped 12.5 points.


Economic data expected on Friday includes Chicago PMI for December at 9:45 a.m. while the National Association of Realtors issues Pending Home Sales for November at 10 a.m. Economists in a Reuters survey forecast a reading of 51 for the main PMI index and a 1 percent rise in pending home sales.


MagicJack Vocaltec Ltd forecast over $ 39 million in GAAP revenue and over 70 cents per share in operating income for the fourth quarter and appointed Gerald Vento president and CEO, effective January 1.


European shares drifted lower in thin trade on Friday, showing little faith among investors that new talks can avert at least some version of a New Year budget crunch in the United States. <.eu></.eu>


The yen fell to its lowest level in more than two years, lifting Japanese stocks to 21-month highs on expectations of drastic monetary easing, while shares in the rest of Asia rose as Washington races to avoid a fiscal crisis.


(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)


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Mantra Venture Group Achieves Significant Milestones in 2012 and Looks to 2013 for Further Growth






SEATTLE, WASHINGTON–(Marketwire – Dec 28, 2012) – Mantra Venture Group (OTCQB:MVTG)(BERLIN:5MV) looks back on a tremendously successful and productive 2012 while heralding in a number of innovative prospects for 2013.


“We”ve had an exciting and beneficial year,” said Company president and CEO, Larry Kristof. ”We”ve developed strategic partnerships in addition to securing important patents. I”m confident we will continue to expand upon the successful foundations built in 2012.”






Highlights of 2012 include:


  • Substantial capital injection in the First Quarter that ensured the implementation of the Company”s Electrochemical Reduction of Carbon Dioxide (ERC) technology;
     

  • Expansion of the management team in the Second Quarter with the addition of Tom Unger as Vice President of Corporate Finance. Mr. Unger is a successful entrepreneur and venture capitalist;
     

  • Securing the patent for the Electrochemical Reduction of Carbon Dioxide technology;
     

  • Technology Development Agreement with Powertech, a proven leader in designing and testing clean technology solutions. Powertech will provide testing at its facility of the ERC technology and offer its expertise to advance the technology behind the process. Powertech has developed a CO2 concentration technology which will increase the CO2 content of the Lafarge stack gases from 20% to 80%, making it much easier for the CO2 conversion process. Powertech will begin the scaleup of the concentrator in January to match the requirements for the Lafarge pilot unit;
     

  • A Technology Development Agreement with Tekion (Canada) Inc to accelerate the field trials for the ERC process. Tekion has developed some very novel electrode designs and is currently working on materials screening prior to scale up. These new designs will provide some significant patent opportunities and provide additional flexibility in the design of the Lafarge trial unit;
     

  • Securing a patent for the mixed reactant fuel cell (MRFC) technology;
     

  • Completing the construction of a fully integrated ERC and MRFC demonstration unit.

“We are continuing to further develop our ERC and MRFC technology,” said Company president and CEO, Larry Kristof. ”2013 will see the Company forging more strategic partnerships as we continue to develop and refine the technology.”


Highlights for 2013 include:


  • Identifying an engineering partner and additional strategic partners;

  • Construct and install the ERC demonstration plant at the Lafarge cement plant in Richmond, BC ;

  • Further expansion of the management team;

  • Receiving additional ERC and MRFC technology patents;

  • Applying for new technology patents;

  • Continuing to highlight the ERC and MRFC technology to investors and industry leaders at international trade shows.

Mantra Venture Group wishes you and yours a happy, healthy and prosperous New Year. As you appreciate the final days of 2012 and prepare to ring in the New Year, enjoy our latest video demonstrating the innovative ERC and MRFC technology that converts CO2 into renewable energy: http://www.youtube.com/watch?v=o5ORK48MquI. 


About ERC:


The ERC process, defined as the Electrochemical Reduction of Carbon dioxide, combines captured carbon dioxide with water to produce high value materials, such as formic acid and formate salts, which are conventionally obtained from the thermo chemical processing of fossil fuels. However, ERC has an advantage over the established thermo chemical methods for converting carbon dioxide to liquid fuels.


While thermo chemical reactions must be driven at relatively high temperatures that are normally obtained by burning fossil fuels, ERC operates at near ambient conditions and is driven by electric energy that can be taken from an electric power grid supplied by hydro, wind, solar or nuclear energy.


About Mantra Energy Alternatives:


Mantra Energy Alternatives Ltd. is a subsidiary of Mantra Venture Group Ltd. Its mission is to become the world leader in production of high value, carbon negative chemicals and fuels. Mantra”s ERC system will reduce the problem greenhouse gas CO2 and convert it into a series of valuable chemicals, a form of carbon capture and recycling (CCR). There are currently 27 billion metric tons of CO2 emitted annually from fossil fuel combustion, providing an inexhaustible supply of feedstock. The first product is formic acid (HCOOH), which commands a market of approximately USD $ 1 billion.


Mantra is a public company quoted on the OTC QB under the symbol MVTG and on the Berlin Stock Exchange under the symbol 5MV.


Stay up to date with Mantra on Twitter: http://www.twitter.com/mantraenergy


For more information go to: http://www.mantraventuregroup.com


Forward-Looking Statements: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Mantra Venture Group”s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.


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Wall Street opens down before talks on "cliff" deal


NEW YORK (Reuters) - Stocks fell at the open on Friday as President Barack Obama and top lawmakers planned to make a last-ditch attempt at a budget deal to prevent the United States from going over the "fiscal cliff."


The Dow Jones industrial average <.dji> dropped 76.30 points, or 0.58 percent, to 13,020.01. The Standard & Poor's 500 Index <.spx> dropped 8.93 points, or 0.63 percent, to 1,409.17. The Nasdaq Composite Index <.ixic> dropped 19.94 points, or 0.67 percent, to 2,965.97.


(Reporting By Edward Krudy; Editing by Kenneth Barry)



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Wade suspended game for action against Sessions


NEW YORK (AP) — Miami Heat guard Dwyane Wade was suspended one game without pay by the NBA on Thursday for flailing his leg and making contact with the groin of Charlotte Bobcats' Ramon Sessions.


The incident happened with 8:12 left in the fourth quarter of the Heat's 105-92 victory over the Bobcats on Wednesday night. Sessions was called for a foul on the play. Wade will serve the suspension Friday night when the Heat visit the Detroit Pistons, and return Saturday night in Milwaukee.


"I'm far from being a dirty player, (plus) my intent was never 2 kick Ramon Sessions. I just reacted to the contact that I got from him," Wade tweeted Thursday night. "More than anything, I think of my boys watchin me be4 retaliating 2ward any player."


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A gunmaker ripe for an ethical takeover




Several .223 caliber rounds near a Bushmaster XM-15; the manufacturer's owner is putting its gun companies up for sale.




STORY HIGHLIGHTS


  • The owner of America's largest gunmaker is putting firm up for sale

  • John MacIntosh says billionaires should lead effort to acquire the gun manufacturer

  • He says they should change corporate practices to discourage violence

  • MacIntosh: One leading company could push gun industry in a more ethical direction




Editor's note: John MacIntosh was a partner at Warburg Pincus, a leading global private equity firm, where he worked from 1994 to 2006 in New York, Tokyo and London. He now runs a nonprofit in New York.


(CNN) -- In the 1970s and '80s, when corporate America was plagued with inefficiency, a new class of financially motivated takeover investor emerged to prey on the fattest in the corporate herd and scare the rest into line.


Today, as pockets of corporate America are plagued with immorality, we need a new class of socially motivated takeover investor to prey on the sociopaths in the corporate herd, turn them around and perhaps scare (or shame) others into line.



John MacIntosh

John MacIntosh



The upcoming sale by Cerberus Capital of the Freedom Group, the largest gun manufacturer in the United States, is a perfect opportunity to usher in this new era of muscular, socially responsible capitalism:


First, Michael Bloomberg, George Soros, David Geffen and the like should establish a nonprofit SPAC (Special-Purpose-Acquisition-Company) called BidForFreedom.org (BFF) with a mission to reduce needless deaths through gun violence in the United States and encourage the passage of sensible gun control regulations.



They should appoint George Clooney, Angelina Jolie and Matt Damon to the fundraising committee and recruit a loud-mouthed, poison-penned, but good-hearted activist hedge fund titan as chief investment officer (Bill Ackman? Dan Loeb?).


Opinion: Forgotten victims of gun violence


To be credible, BFF will probably need to start with at least $250 million in cash and commitments (no problem given the billionaire status of the sponsors) with additional firepower raised as needed from well-heeled individuals, foundations and through a broad-based Internet solicitation to an outraged-by-Newtown public.


Second, BFF should lobby all public pension funds that are part owners of the Freedom Group (by virtue of their investment in Cerberus) to roll their investment into BFF to reduce the need for outside funding, naming and shaming any unwilling public investors.


Newtown shooter's guns








Third, BFF should pay "whatever it takes" to acquire control of the Freedom Group in the upcoming auction by Cerberus (which has a fiduciary obligation to sell to the highest bidder) and then immediately implement a "moral turnaround" plan under which the Freedom Group:


(i) Appoints a high-profile CEO with impeccable credentials as a hunter and/or marksman who is nevertheless in favor of gun-control.


Opinion: Guns endanger more than they protect


(ii) Elects a new board of directors including representatives from the families of victims killed in Newtown (and/or other massacres perpetrated with Freedom Group weapons), military veterans and trauma surgeons with real experience of human-on-human gunfire, and law enforcement and mental health professionals.


(iii) Operates the business as if sensible gun laws were in place (this may turn out to be a wise investment in future-proofing the company): discontinuing sales of the most egregious assault weapons and modifying others as necessary so they cannot take huge-volume clips; offering to buy back all Freedom Group assault weapons in circulation; micro-stamping weapons for easy tracking; and providing price discounts for buyers willing to go through a background check and register in a database available to law enforcement.


(iv) Voluntarily waives its rights to support the NRA and other lobbying groups.


(v) Creates a fund to compensate those who, despite its best efforts, are killed or wounded by its weapons.


(vi) Agrees that if the effort to provide moral leadership in the weapons industry doesn't succeed within a year, BFF should consider corporate euthanasia, even though it entails a risk of allowing more retrograde manufacturers to fill the void in the market left by the then-deceased company.


Opinion: The case for gun rights is stronger than you think


In the face of horrors like Newtown, BFF would recognize that it's time to take a stand by acknowledging the impossibility of reaching closure after such a monstrous act while an unreconstructed Freedom Group continues to sell a huge volume of guns and ammunition rounds each year even if it is operating under new owners.


Like any Trojan Horse strategy, this is a long shot, but it must be tried. History suggests that only after the first company "turns" will an industry gradually return to the realm of the human (think of big tobacco). And without the tacit agreement, if not the outright support, of at least one important insider, policymakers seem utterly unable to pass tough regulations in the face of the predictable, but withering, assault by industry lackeys shrieking that any such regulation would be "impossible, impractical or too expensive."


In the face of a recalcitrant industry, we have to acknowledge that it is only the market for corporate control -- the real possibility that an outsider will take over one of the companies -- that puts limits on the behavior of board members and executives who, while perhaps decent enough in their family lives, display a limitless tolerance for the "banality of evil" at the office.


Opinion: Not man enough? Buy a gun


We must accept that the conventional, kid-gloves approach to socially responsible investing -- divesting shares in "bad" companies that nevertheless continue to exist -- is too weak an instrument to force change and its well-meaning practitioners too soft to enter the fray when emotionally and politically charged battles need to be fought.


And regardless of the viability of socially motivated takeovers in general, the Freedom Group looks like a great target. Cerberus is a motivated seller, the political macros look favorable, and it's a bite-sized company compared with many of the larger sociopaths in the corporate herd.


I'm even cautiously optimistic that the current impasse over gun regulation is a bad-equilibrium that few consumers actually want, and that a reconstructed Freedom Group, fighting for sensible change as a fifth column from within the industry, might well find that many people -- even a significant portion of the NRA's members -- would buy from a truly responsible (and high quality) gun maker if given the chance.


All in all, it's a pretty exciting deal, so if Mike and George are up for it, count me in.



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The opinions expressed in this commentary are solely those of John MacIntosh.






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