“Such access to government leaders in a crony capitalist economy is worth a lot. How much? Here is one measure. When word of Timothy Geithner’s selection to be President Obama’s treasury secretary leaked, the stocks of companies considered close to him immediately jumped by an average of 15%.16 This is hardly surprising. Geithner had already saved many of these companies billions of dollars when, as president of the New York Fed, he had quietly vetoed a plan for banks to take losses on their contracts with failed insurer AIG, and had instead decided that the government, that is the taxpayers, would absorb the loss.”
“Wall Street made as much profit in the first three years under Obama as in the prior eight years under Bush.”
Excerpt From: Lewis, Hunter. “Crony Capitalism In America.” AC2 Books. iBooks.
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