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Top 3 People Who Are Keeping Crony Capitalism Alive
Image Credit to Insider Monkey
I wouldn’t say that these are the top 3 crony capitalists out there. In fact as big as these crony fish are there are much bigger crony fish to fry. Warren Buffett, Lloyd Blankfein, Jeff Immelt, Carlos Slim, George Soros, all come to mind just off hand. But still the article is absolutely worth a read.
(From The Libertarian Republic)
Bill Ackman of Pershing Capital Management is one shining example of a billionaire hedge fund manager trying to use the power of government in increase his profit margin.
Ackman has waged a war to destroy the nutrition company Herbalife for profit. He is also knee deep in ownership of a pharmaceutical company Valeant that is highly reliant on government subsidies to make big cash. In both cases, Ackman has tried to use government to make large amounts of money by using the government to secure profits.
Vanity Fair reported in a piece titled “Is Bill Ackman Toast?” that Ackman is losing money because of terrible investment decisions. “Pershing Square, which had nearly $20 billion under management in March 2015, is down to around $11.4 billion after 18 months of massive losses in its concentrated portfolio of 11 companies, and in particular at Valeant Pharmaceuticals, where Ackman is the largest shareholder. This summer, Fortune reported that investorswithdrew $600 million from Pershing Square during the first six months of the year.” His investments are going belly up, yet he knows that he can continue to use his pals in government to bail him out.
http://www.againstcronycapitalism.org/
Source: http://www.againstcronycapitalism.org/2016/10/top-3-people-who-are-keeping-crony-capitalism-alive/
