Corporate Cronyism: How Big is the Revolving Door?

By:  Joe Wolverton, II
04/23/2012
       
Corporate Cronyism: How Big is the Revolving Door?

In a well-researched article published online last month by The New American, Brian Koenig succinctly described capital cronyism. Koenig writes:  

 In a well-researched article published online last month by The New American, Brian Koenig succinctly described capital cronyism. Koenig writes:

 
Crony capitalism, also referred to as “cronyism,” takes place when entities use the power and authority of government to capitalize in the marketplace. These entities, which are often large corporations, commonly receive lavish government favors after offering public endorsements and bulky bundles of donations during an election season.
 
Koenig goes on to chronicle some of the present Oval Office occupant’s more cronyish connections:
 
During the 2008 election cycle, Obama raised a record-breaking $745 million, with some of his largest campaign contributions streaming from Google, Microsoft, General Electric, WilmerHale, and Goldman Sachs. Indeed, Obama’s top 20 donors doled out $13,382,825 in 2008, more than three times the $4,034,622 contributed by John McCain’s top 20 donors.
 
With those names and numbers in mind, the idea of a “Government-Sachs Conspiracy” doesn’t seem so far-fetched.
 
Consider, also, this related story reported late last year from a respected news source — Reuters:
 
What on earth did Hank Paulson think his job was in the summer of 2008? As far as most of us were concerned, he was secretary of the US Treasury, answerable to the US people and to the president. But at the same time, in secret meetings, Paulson was hanging out with his old Goldman Sachs buddies, giving them invaluable information about what he was thinking in his new job.
 
Goldman Sachs isn’t the only mega-corp with a sweet spot on the government gravy train. Agri-giant Monsanto is right there with them, according to the tale told in this story:
 
Click here to read the entire article.
 
Photo:  Former Treasury Secretary Robert Rubin campaigning with Democratic presidential candidate, then-Sen. Barack Obama: AP Images
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