"John Broder of The New York Times has an interesting piece on Al Gore’s financial profit tied to his global warming alarmism and push for renewable energy. Gore’s venture capital firm invested in Silver Spring Networks, a company that makes hardware and software to improve efficiency in the...
Crony Capitalism, Chicago-Style
"New York gave us banks too big to fail. Washington bequeathed us Fannie Mae and Freddie Mac. Still, when it comes to crony capitalism, no one quite matches Chicago.
Soon the Illinois state legislature will meet in special session to consider the Chicago machine's latest favor: legislation designed to deliver tax relief to three of the state's largest companies. These tax breaks for the lucky few come just 10 months after the Illinois legislature approved what has been described as the largest tax increase in the state's history. It's no coincidence that both have been supported by Gov. Pat Quinn and other top leaders of the state's Democratic Party.
In so doing, Chicago is giving America a window into the logic of crony capitalism: Raise taxes on everyone—and then cut side deals with those big enough to lobby for special relief.
The legislature is considering this limited tax relief because three corporate mainstays of greater Chicago have threatened to leave without it. One is the CME Group, operator of the Chicago Mercantile Exchange, the world's largest futures exchange by volume. Another is the Chicago Board Options Exchange (CBOE), the world's largest options exchange. The last is Sears, one of America's oldest and most famous retailing giants."
More About This Topic...
Click thumbnails below to view links