“The largest, wealthiest, most powerful organizations in the world [American corporations] are on the public dole. Where is the outrage?”

bag of money cc Well, there is a good bit of it on this website that’s for sure. And it is growing. Today crony capitalism is talked about openly. A few years ago few people knew the term.

(From The Deseret News)

A recent study found that between 2008 and 2010, 30 of the largest American companies paid more to lobby Congress (about $400,000 per day, including weekends) than they did in federal taxes. In fact, only one of them actually paid federal taxes, despite the groups’ combined profits of $164 billion. Not surprisingly, they also financed federal campaigns.

Outside the world of crony capitalism, bankruptcy and criminal behavior are punished. Not so within. After being bailed out in 2008, bankers paid themselves record bonuses rather than rebuilding their balance sheets. Yves Smith called this “a slap in the face to the public.”

Click here for the article.

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