Bank stress tests reveal America's crony capitalism
For 20 years, Americans have denounced the “crony capitalism” of Third World countries
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 government had allowed bankers to “negotiate” the results, like a student taking a final examination and then negotiating her grade
Wall Street’s titans, however, had convinced Obama and his team that their continued stewardship was essential
They successfully portrayed themselves as victims of a firestorm, rather than as accessories to arson.
Like swine flu, crony capitalism has migrated from corrupt Third World countries to America, once the citadel of sound public and private governance. Is it any wonder that China is perceived as an increasingly credible model for much of the developing world, while the US is now viewed as a symbol of hypocrisy and double standards?
clipped from: www.welt.de 