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The Myth of the Free Market

Mark Ames butt-hurts libertarians by explaining that there is no rational free market system.  In corporate America, well-connected executives loot publicly-held companies.  Here are a few examples from his Meg Whitman polemic: * In 2002, the same year she was slapped with shareholder lawsuit and targeted in high profile Congressional probe, Whitman lost $1 billion on eBay?s purchase of PayPal. That same year, Whitman got eBay?s shareholder suckers to buy a $30-million corporate jet for their beloved CEO?a top of the line French three-engine craft with a carrying capacity of 19 and the longest flight range in its class, as well $3 million in annual upkeep fees. She then proceeded to rack up a $3.2 million bill jetting around the world over the next five years, spending nearly four times more than all of eBay?s executives combined...continue to full post

Full post as published by Crime & Federalism on November 03, 2010 (boomark / email).