Warren Buffett, America’s Greatest Crony Capitalist
The article at Reason.com by Peter Schweizer is entitled Warren Buffett: Baptist and Bootlegger.
Frankly, Buffett is an insult to both Baptists and bootleggers: he lacks the Christian morality of the Baptists and the entrepreneurial spirit (so to speak) of the bootleggers, preferring instead to rig the game by having Washington steal from the people. He is, or has become, a plain and simple crony capitalist.
Does crony capitalism pay? Sadly, using taxpayer money (and borrowed at that), far too well.
Finance professors Ran Duchin and Denis Sosyura found that politically connected firms, despite the infusion of federal funds, were outperformed by unconnected firms. In other words, poorly run but well-connected companies got the [TARP] loot.