Sunday, April 23, 2006

Business As Usual

They call it crony capitalism, as if it is somehow different from capitalism in general. It ain't it's business as usual.

Prosecutors have been investigating Hyundai Motor over allegations that it embezzled money from affiliates. The money allegedly went into a slush fund that was used to bribe government officials. Over the past month, prosecutors have raided offices of Hyundai and its three affiliates, Kia Motors, logistics unit Glovis Co. and auto parts maker Hyundai Autonet, questioning key officials. Hyundai chairman to be questioned in S. Korean bribery scandal

Their real crime is their closing their plant in Canada to move south to non-union state's like Alabama and Georgia. And of course demanding tax breaks to move there.

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