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Crony Capitalism: The Obama Administration
How the Obama administration profits from crony capitalism
APPLETON, WIS. – April 2, 2012 – Crony capitalism is when people and businesses buy governmental favors to advance their business dealings. There is clear-cut evidence that shows that the Obama administration is full with it.
In Brian Koenig’s recent article, “Obama’s Crony Capitalism and His Top 2008 Donors,” Koenig depicts how the Obama administration has used crony capitalism.
Some of the biggest donors to Obama’s 2008 campaign were Goldman Sachs (donated $1,013,091), Google Inc. (donated $814, 540), Microsoft Corporation (donated $852, 164), General Electric (donated $529,855), and WilmerHale (donated $550,668).
Multiple people from these organizations are now key players in the Obama administration, all joined after 2008. For example in 2009, Mark Patterson, a registered lobbyist for Goldman Sachs, joined the Obama administration to serve as Chief of Staff to Treasury Secretary Timothy Geithner. Geithner’s top aide played a role in overseeing the $10 billion that Goldman harvested from the TARP bailouts.
Another example is Steven VanRoekel, a former Microsoft executive who was appointed by the President in 2011 as Chief Information Officer of the United States. After VanRoekel was appointed into an executive position, Microsoft benefited from several pivotal legislative measures. Mircosoft also provides a wide range of products for the federal government.
“The federal government is the world’s largest customer for IT services and products – and VanRoekel has been handed the government’s credit card,” Koenig states.
Koenig concludes, “Some of these interactions between the Obama administration and these companies may seem coincidental, but when taken as a whole, it’s hard not to conclude that there’s a potent brand of cronyism filtering throughout the Obama administration.”
Please contact Hannah Brems directly to schedule an interview with Koenig to discuss the cronyism that has spread deep into the Obama administration.
The New American, which was established in 1985, is printed twice monthly and is also published online with new stories daily. The New American is the essential news source for freedom-loving Americans. It unearths the abuses of the principles of limited government, personal responsibility, and God-given rights. The magazine is a wholly owned subsidiary of The John Birch Society.