• 827 days Will The ECB Continue To Hike Rates?
  • 827 days Forbes: Aramco Remains Largest Company In The Middle East
  • 829 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,229 days Could Crypto Overtake Traditional Investment?
  • 1,233 days Americans Still Quitting Jobs At Record Pace
  • 1,235 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,238 days Is The Dollar Too Strong?
  • 1,239 days Big Tech Disappoints Investors on Earnings Calls
  • 1,240 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,241 days China Is Quietly Trying To Distance Itself From Russia
  • 1,242 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,245 days Crypto Investors Won Big In 2021
  • 1,246 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,247 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,249 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,249 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,252 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,253 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,253 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,255 days Are NFTs About To Take Over Gaming?
What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

  1. Home
  2. Markets
  3. Other

The Crony Tribute System

Lobbying, Influence Peddling & Campaign Contributions are Sooo Passé!

It isn't so much that they have stopped because in fact they have increased significantly. However, they have diminished in relative importance. Why? Because of the size of money now involved.

As one blatant example, the total settlements on mortgage penalties (at the root of the 2008 Financial Crisis) paid by the banks adds up to about $106 Billion. About $32 Billion of that may go to actually help borrowers. However, foreclosure actions totaled $2.8 TRILLION! Bank penalties were less than 4% of the foreclosure actions. Bank profits on what has been found in court to have been a crime are miniscule in comparison to the size of profits earned!

Maybe even worse, no one went to jail, executive bonuses paid out for these activities were not "clawed back" and no one was even fired! This is because of the new Crony Tribute System.

To understand how the new Crony Tribute System works we need to understand its roots and evolution.

Click here to read the article.

The Crony Tribute System

 

Read the Report

Back to homepage

Leave a comment

Leave a comment