Crony Capitalism Or Raw Corruption?
Investor’s Business Daily
02/03/2011
Favoritism: Its good to have friends in high places. Last month, the White House issued tough new rules on CO2 emissions. This month, its biggest corporate supporter wins an exemption. Something smells here.
This has become a pattern for this administration: Impose costly new regulations on the economy, then let some corporations and unions avoid them.
Thats just what happened in California, with the so-called Avenal Energy project. That badly needed energy plant uses two natural gas-fired General Electric 7FA gas turbines and one General Electric steam turbine to generate electricity. Under the EPAs tough new rules, the Avenal project wasnt going to be built.
Dont get us wrong: We support the project. The nation needs energy. We just dont like how the White House seems to play favorites with who gets exemptions and who doesnt.”
Maybe GE CEO Jeff Immelts closeness to President Obama, and his broad support for Obamas agenda, had nothing to do with this exemption,” the WashingtonExaminer.com pointed out. “But we have no way of knowing that.”
Or maybe we do. Immelt heads Obamas Council on Jobs and Competitiveness. According to Washington Examiner writer Tim Carney, GE has spent $65.7 million lobbying the White House — more than any other company. Given the White House record over the past two years, its reasonable to assume its playing favorites.
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