Political donations are the best investment in a crony economy
Tim Carney at the Washington Examiner brings us another heartwarming tale of crony capitalist success, demonstrating once again that campaign donations are the best investment you can make in a politicized economy:
James Torrey of Greenwich, Conn., has bundled more than $1 million for Barack Obama's presidential runs, is a huge donor to Democratic Senate campaigns (including Obama's 2004 race) and gave about $80,000 combined to Obama's 2008 and 2012 presidential races.
This couldn't have hurt his appointment to the board of directors of the Overseas Private Investment Corp. -- a federal agency that subsidizes U.S. businesses investing in foreign countries.
Torrey is also on the board of the microfinance company MicroVest. After Torrey joined OPIC’s board, MicroVest went from being a moderate customer of OPIC to a leading recipient of OPIC subsidies: $57 million in taxpayer-backed financing and another $20 million in OPIC-provided insurance.
$77 million returned in benefits and subsidies on a little over $1 million in Democrat donations? Not too shabby.
Naturally, a bunch of Republican killjoys, led by Sen. Pat Toomey (R-PA), are asking questions about Torrey's role in securing that sudden tsunami of taxpayer loot for his company. Obviously they don't understand how the world works now. I look forward to Freedom of Information Act lawsuits prying the relevant documentation out of OPIC sometime around 2017, so we can know the rest of the story.