The folks at Crony Chronicles ask: “Children used to have aspirations to achieve greatness in the private sector. But what are they learning now?
“Totally Unrelated” (actually, totally related): “Obama relaxes regulations when it suits his campaign” (bolds are mine) —
… when Obama wants to, he’s relieved the regulatory burden on businesses that matter to him, like a refinery in Philadelphia that was set to close, which would have killed union jobs and increased fuel prices, potentially hurting his reelection effort.
… According to a recent Wall Street Journal story , the main oil refinery in Philadelphia would have closed had it not been for the intervention of the White House in convincing a private equity group to buy it.
“Gene Sperling, director of Mr. Obama’s National Economic Council, helped kick-start discussions to sell the refinery to Carlyle Group.”
… in order to make the deal, Sperling and the administration had to agree to relax Clean Air Act regulations.
“A key issue Carlyle identified was a 2005 consent decree with the Environmental Protection Agency under which Sunoco agreed to limit emissions at its refineries. Carlyle wanted to work on the refinery without triggering costly environmental reviews.”
Guess what? Carlysle got their excemption and can now pollute more. Carlysle also got a sweet deal since they didn’t have to pay anything for a majority stake in the refinery. The company is shouldering the burden for upgrades.
This is what’s known as a “bailout” — the ultimate in cronyism.