For 20 years, Americans have denounced the “crony capitalism” of Asia and post-communist Russia. But the recently completed “stress tests” of US banks are but the latest indication that crony capitalists have now captured America.
Buenos Aires – For 20 years, Americans have denounced the “crony capitalism” of Third World countries, especially in Asia. But, just as those regions have been improving their public and corporate governance – Hong Kong just witnessed a breakthrough court decision against a telecom tycoon who is the son of the province’s richest and most powerful man – crony capitalism is taking root in the United States, a country that the world long considered the gold standard of a level playing field in business. The recently completed “stress tests” of US banks are but the latest indication that crony capitalists have now captured Washington, DC.
Buenos Aires – For 20 years, Americans have denounced the “crony capitalism” of Third World countries, especially in Asia. But, just as those regions have been improving their public and corporate governance – Hong Kong just witnessed a breakthrough court decision against a telecom tycoon who is the son of the province’s richest and most powerful man – crony capitalism is taking root in the United States, a country that the world long considered the gold standard of a level playing field in business. The recently completed “stress tests” of US banks are but the latest indication that crony capitalists have now captured Washington, DC.