Chronicling Crony Capitalism
Posted By Don Boudreaux On December 12, 2010 @ 11:57 am In Competition,Financial Markets,Intervention,Other People's Money,Politics | Comments Disabled
Here’s a letter to the New York Times:
You report that Goldman Sachs, JPMorgan Chase, and Morgan Stanley are using their influence over newly established derivatives clearinghouses to line their own pockets by suppressing competition (“A Secretive Banking Elite Rules Trading in Derivatives [1],” Dec. 12). Now that’s a shocker!
Who would have dreamed that these politically connected Wall Street behemoths, after being bailed out with taxpayer money, would now be able to rig – for their own monopolistic advantages – the operation of the clearinghouses that our very own, democratically elected government engineered into existence in the wake of the 2008 financial meltdown? Surely you’re correct to describe this startling phenomenon as an “irony.”
What bad luck.
Sincerely,
Donald J. Boudreaux
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[1] A Secretive Banking Elite Rules Trading in Derivatives: http://www.nytimes.com/2010/12/12/business/12advantage.html?_r=1&hp=&pagewanted=all
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