Crony Capitalism Built That

Posted by on Jul 25, 2012 at 7:46 am

It’s not as sexy as investigating Ann Romney’s horse or quibbling over technicalities as to when Mitt Romney formally left Bain Capital. Besides, it’s only billions of taxpayer dollars going to Obama donors.

So move along, nothing to see here.

Such cronyism is not exclusive to the green energy sector. DreamWorks Animation CEO Jeffrey Katzenberg has bundled at least $500,000 for Obama’s reelection campaign, and is the largest contributor to Priorities USA, the Obama-allied Super PAC.

The Securities and Exchange Commission is currently investigating whether DreamWorks made illegal payments to Chinese officials in order to secure exclusive film rights in the communist nation. The New York Times reported that Katzenberg, as well as Vice President Joe Biden, were intimately involved in negotiating an agreement under which China would up its annual quota of foreign-produced films from 20 to 34 and allow studios to keep a greater percentage of box-office revenue.

DreamWorks announced a $2 billion deal with the Chinese government in February to build a production studio in Shanghai just days after Chinese Vice President Xi Jinping held an extensive meeting with Barack Obama in Washington, D.C.

Obama’s penchant for crony capitalism, critics say, explains his comment over the weekend that “If you’ve got a business, you did not build that—somebody else made that happen.”

“He thinks that government is there to pick who should succeed and who should fail,” Sununu said on the conference call. “It’s in his political genes.”

Investigating these scams certainly isn’t in the genes of Obama’s adoring press corps.

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