Wednesday, April 18, 2012

Crony capitalism

John Key's excuse for prostituting New Zealand law to SkyCity over its convention centre proposal?

you can’t expect [SkyCity's] shareholders to invest for six years without certainty of their investment
Really? But I thought capitalism justified profits because investors took risk. Here, Key seems to be saying the opposite: SkyCity's investors should be guaranteed profits regardless (and at the expense of Auckland's poor, no less). But I guess the rules are just different when it comes to national's cronies...