crony capitalism

Sometimes in politics appearing guilty can have more consequences that actually being guilty (though the two frequently are related). And this latest development in the Solyndra scandal certainly looks bad:

The Los Angeles Times opened up a new front in the Solyndra scandal on Friday (and there are too many fronts to count at this point), reporting that Steve Spinner, another prominent Obama donor, served as a top official in the Energy Department program that made the half-billion dollar loan to the now bankrupt solar panel maker. In Spinner's defense, he did recuse himself from the decision to grant the loan—because his wife works at a law firm that represented Solyndra.

In her speech to a Tea Party gathering in Indianola, Iowa on Saturday, Sarah Palin criticized what she called "crony capitalism:" 

I’m not a movie critic and I read Atlas Shrugged decades ago when I was in the Army. So it wasn’t exactly fresh in my mind when I attended a special screening in Washington this week of the film version of the novel by Ayn Rand. I had low expectations. But it turns out to be a terrific movie.

Uh oh. First, Russ Feingold came out swinging at General Electric for not paying any taxes and now The Daily Show tears into NBC for not covering the scandal involving their parent country. It seems that Obama's favorite CEO is officially in hot water on the left:

General Electric paid no American taxes in 2010, the New York Times reports:

The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.

Before he started the late New York Sun, Ira Stoll had a great blog called Smartertimes.com, in which he pointed out the Gray Lady's errors, inconsistencies, and absurdities on a regular basis.

Paul Krugman is, I think, right to be amazed by Obama's embrace of the $17 million bonus given to JPMorgan Chase Chief Executive Officer Jamie Dimon and the $9 million issued to Goldman Sachs CEO Lloyd Blankfein.