Congress should beware of cronyism and corruption regarding Elon Musk
Corporate cronyism is rampant in Washington.
There is an opportunity for President Donald J. Trump and the GOP Congress to end it. Cronyism happens when the government risks taxpayer money on investments often tied to political contributors that many times fails.
Crony capitalism was on display during the 2007 meltdown of the financial markets when Wall Street banks were bailed-out of worthless mortgage-backed loan instruments. Banks packaged up risky loans into large instruments causing a worldwide financial crisis. Rather than allowing the banks to suffer the consequences, President George W. Bush and the Congress shifted the losses to the taxpayers.
A recent case study in cronyism is the case of SpaceX. Elon Musk, a brilliant businessman who has a stake in the companies SpaceX, SolarCity and Tesla, has made some decisions that have been great for his company and…
