Written by Crony capitalism is when businesses form shady relationships with government officials to gain benefits through favoritism in areas such as contracting, government grants, tax breaks, or even legal rulings. Most Americans are concerned there has been a frightening expansion of this activity over the last number of years. Perhaps the most despicable form of crony [...]
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Obama Empowers Jeffrey Immelt as the Ultimate Crony Capitalist
The appointment by President Obama of Jeffrey Immelt, Chairman and CEO of General Electric, to head the new President’s Council on Jobs and Competitiveness is just another sign of the commitment of the Obama Administration to “Crony Capitalism”. For over 100 years GE was known for business innovation and manufacturing excellence. But long gone are [...]
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