Crony capitalism is a pejorative term describing an allegedly capitalist economy in which success in business depends on close relationships between businesspeople and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, and so forth.
'Extortion',
outwresting, or exaction is a criminal offense which occurs when a person unlawfully obtains either money, property or services from a person, entity, or institution, through coercion. Refraining from doing harm is sometimes euphemistically called protection.
Well, that didn’t take long…
Rep Barney Frank (D-Mass.) won a stay of execution on Thursday for a General Motors plant in his district that the automaker had announced it would close.
No other lawmaker has managed to halt the GM ax. As chairman of the House Financial Services Committee Frank oversees the government's bailout program, known as TARP. Frank's staff said the lawmaker spokes with GM CEO Fritz Henderson on Wednesday and convinced him to keep the Norton, Mass. plant open for at least 14 months.
"I greatly appreciate General Motors' willingness to take into consideration the wider needs of the company and especially the community," Frank said in a statement. "Keeping the facility open for this extra time gives workers a chance to look at other opportunities, while at the same time continuing to provide for their families."
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4 comments:
Check out the John Murtha airport if you want to see over the top cronyism
http://abcnews.go.com/Video/playerIndex?id=7415354
Short commercial, but amazing that ABC news would air this. Maybe the worm is begining to turn!
Hooway fow Bawney!
I would luve to get Mr. Lloyd's, "Bushes fault" take on this.
Somebody didn't get the memo, from Obama: What we are not doing -- what I have no interest in doing -- is running GM.
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