What crony capitalism? Rent seeking at the C-Level
“Increasingly CEOs are seeing the need to get engaged because the government more often than not is a business partner that can affect their bottom line positively, or negatively,” said Nick Calio, a Washington veteran who now heads the trade group Airlines for America.
. . .
CEOs have also been welcomed with open arms by political leaders looking to take on major issues like immigration reform, tax policy and the deficit and debt [Ed., and campaign contributions, all for the public good of course].
The Obama administration has brought business leaders into the White House repeatedly in his second term on issues like cyber security, immigration and the economy [Ed., and campaign contributions, all for the public good of course].
Earlier this month Obama met privately with energy CEOs in preparation for hurricane season. Attendees included: Tony Alexander of FirstEnergy, Chris Crane of Exelon, Lew Hay of NextEra Energy and Joe Rigby of Pepco.
He also huddled in April with Wall Street execs in an effort to sell them on his fiscal policy plans. That group included Lloyd Blankfein of Goldman Sachs, JPMorgan’s Dimon, Brian Moynihan of Bank of America, John Stumpf of Wells Fargo, among others.
[As the federal government gets bigger and bigger, enabled by Congress] “I think there’s more to lose now than there has been in the past,” said Ivan Adler, a headhunter with the McCormick Group. “So losing a big legislative fight has more of an impact on the bottom line than it did in the past, and therefore there’s a higher cost for failure.”
Goldman Sachs, Facebook, GE, JPMorgan, Bank of America, Wells Fargo, Exelon, NextEra Energy, Pepco, FirstEnergy, GM, Airlines for America, T. Boone Pickens, Warren Buffet – special interests and crony capitalists all, and all TBTF.
Buck McKeon’s family is getting into the defense lobbying game.
A firm run by the California Republican’s brother and nephews has landed five lobbying clients, according to newly filed disclosure forms. Each one lists “defense” as an issue area.
As chairman of the House Armed Services Committee, McKeon has major influence over the Pentagon’s annual spending plan — not to mention a last name recognizable to almost anyone in the defense industry. So, the congressman says he’s trying to avoid even the perception of any conflict of interest.
Buck McKeon kin join defense lobbing game
“avoid even the perception of any conflict of interest” – Too late.
For a good roundup about rent seeking, see “What happens when you try to give away money?”
We have the best political class, crony capitalists, and plutocrats our money can buy.
Unfortunately, it seems that the future Aldous Huxley predicted in 1932, in Brave New World, is arriving early. Mockery, truculence, and minimalist living are best, then enjoy the decline. However, we do need a Revolving Door Tax (RDT), learn what Members of Congress pay in taxes, and prosecute politicians and staff and their “family and friends” who profit from insider trading.
Tags: crony capitalism, cronyism, gSgUENZ9O94, LzQKM9O_7FA, Mark Zuckerberg, N8gypjHbYEo, plutocrats, rent seeking, TBTF
