Capitalism Failed; Cronyism and Corruption Rule

[TexasTowelie]

The Washington Post and federal investigators are hounding Robert F. McDonnell, the Republican governor of Virginia, for taking more than $150,000 in cash and gifts from the CEO of Star Scientific, Jonnie R. Williams Sr.

Gov. McDonnell, a former businessman himself, apparently just didn’t understand that politicians can’t self-deal the way CEOs do. A state’s chief executive can’t accept a $6,500 Rolex watch engraved “71st Governor of Virginia” from a CEO with a history of trouble with the law and a clear desire to get something in return. But between corporate executives, well, there’s few holds barred on such shady transactions.

Capitalist theory asserts that CEOs rise to the top based on merit and moxey and deserve million dollar pay packages. Turns out, though, capitalism doesn’t really work that way. Conniving Jonnies rule the business world. First they ditched the philosophy that corporations are equally responsible to America, shareholders, workers, customers and communities. Then they enshrined CEOs as corporations’ primary beneficiaries, thus golden parachutes awarded to failed and fired executives. In the real world, CEOs rise to the top based on cronyism and corruption.

This is documented in a new report by the Institute for Policy Studies (IPS) titled “Executive Excess 2013: Bailed Out Booted Busted.” IPS looked at the performance of the CEOs who the Wall Street Journal deemed in each of the past 20 years to be the nation’s 25 best paid. The number of executives is 241 because some CEOs got the best big bucks several times.

More at http://ourfuture.org/20130910/capitalism-failed-cronyism-and-corruption-rule .

[xchrom]

1. du rec.

[Madmiddle]

2. The problem is

we have a corrupt government from the chief on down. The people are the only ones that can make that change.

[paleotn]

3. This is simply the logical outcome of "unbridled", deregulated capitalism

....this is our country's second experiment in letting unencumbered, baser forces drive our economy. The last time ended in global economic disaster. Oh, but this time it's different! Yea, uh huh.

[Hydra]

4. Exactly

This is how capitalism works. All of those things about merit and such are window dressing. If it's more efficient to bribe for or steal something than it is to purchase it, that's what a good capitalist will do to make it happen.

Greenspan the genius tried to sell the idea that capitalism is "moral." "We have a new God! It's this Golden Bull with an invisible hand!"

Old Testament fail.

[Doctor_J]

7. Regulations are of course laws.

So when the teabaggers say they want to "remove cumbersome regulations", what they mean is that businesses shouldn't have to follow any laws. And that's what's happened.

[polynomial]

5. The American tragedy the comedy of corruption

Many very famous companies in America use the technique to start a new department put all the people they don’t like into it. Then when the timing is right close the department and lay off the people. The dark side of capitalism, the Romney affect in that he likes to fire people is a cult connected style Krugman detailed in an editorial.

Business for profit or nonprofit that play this game all the time in our society it is disgusting and never, never, talked about in mainstream media business news. Worse the educational university system will make you walk on your hands to get into this system. The embarrassment is monumental while running right in front of our eyes with what we see today as the franchise. The biggest and creepiest being Wall Mart. Money banking systems of the cult push out the independent small business person. Here the Republican cult business people will tear down build certain types of business in a wink. However to give an individual especially a liberal or even a libertarian a business bank loan is not easy.

A person who can manage this is commonly called having thick skin. I call it having no social responsibility, and worse state laws many times do not correspond with each other. By that I suggest a law in Illinois is not compatible with a law say in Pennsylvania. Or better yet the Company Constitutional rules for nonprofit or profit, are totally incoherent that fail prosperity. For if you think about it all small business even though it might be considered a proprietor type that business man is the CEO that is punked by legislation.

The basic corruption is the educational system naturally butchered by the America Republican Cult.

[Fuddnik]

6. Kick and Rec!

And bookmarked.

[Doctor_J]

8. We are desperately in need of guillotines

there is no way to legally stop this corruption.