Monday, May 11, 2009

Obama to grab S&W?

I was talking to a friend the other day and he mentioned hearing that the Obama regime was attempting to seize Smith and Wesson. It should be noted here that S&W is doing very well financially due in large part to the public's fears of what sort of new gun control laws Obama and the Democrat controlled congress will force upon the nation.

I wanted to bring this story to the attention of my readers so I searched for it and could only find this on a blog called Jumping in Pools:

Seemingly in line with other corporate seizures, the United States government appears to be attempting to gain a majority stake in prominent firearms company Smith & Wesson.

Smith & Wesson, one of the oldest weapons companies in the United States, is currently on sound economic footing. However, a clause in the 2009 Stimulus Bill calls for the federal government to seize industries and companies that are essential to the economy or 'government function.'

The Treasury Department contacted the company in March 2009, asking to buy shares at $10 above market price. However, this offer was sharply rebuffed. Similar offers have been made to Remington.

After this rejection, the Treasury Department has declared that it will use mechanisms in the Stimulus Bill in order to override the corporate decision. Smith & Wesson's board of executives have also been informed that this decision by the Treasury Department could not be appealed to any superior court.
The problem is that there is no link back to any news story or even any mention of a source. Now on the one hand this sort of has the feel of an Internet rumor. But the friend I was talking to gets his news mostly from the cable news channels, especially FOX, not from surfing conspiracy blogs and he's smart enough to have a well tuned BS detector.

And this is the Obama regime we are talking about. Does anyone seriously doubt that Hussein wouldn't love to get his claws into S&W so that he could announce the new board of directors chaired by Sarah Brady.

If this ever came to pass rather than shut the company down or start selling only to military and law enforcement I think that the Bamster would announce that Smith was going to single-mindedly devote itself to developing practical "smart gun" technology. This would mean that in a couple of years S&W would come out with something that would work as advertised more than half the time and an executive order would be signed instructing the BATFE to only certify as "suitable for sporting purposes" firearms incorporating that technology.

But that is only if the story is true and I can't find anything to confirm or disprove it, even Snopes doesn't have it yet.

If anyone has any information on this I would appreciate hearing from you.

I'm calling this one out as an urban legend. I've seen no mention of it anywhere other than the blog where I found it so unless someone sends me a link to a credible source I consider the matter closed.