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Crony Capitalism

Chrony Capitalism is seen as special favors granted by government to special people.  Examples are government contracts awarded to friends with government guaranteed loans.  If or more likely when the company goes bankrupt, the loans are paid by the government using the taxpayers money.  Thus there is a transfer of money from the taxpayer to a special friend of the government official deciding to whom to give the money.  Another example is using charitable foundations to avoid paying taxes.  Charitable foundations can spend unlimited amounts of money tax free for the benefit of charitable causes.  The rich place their money in a charitable foundation and then work for the foundation.  Any expenses are paid tax free by the foundation.

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Crony Capitalism : Definition

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