2G spectrum scam example of crony capitalism: YechuryBy IANS
Friday, December 17, 2010
KOLKATA - Communist Party of India-Marxist (CPI-M) leader Sitaram Yechury Friday termed the 2G spectrum scandal an example of “crony capitalism”.
“In order to earn more profits, non-telephone companies had bought licenses for 2G and sold them to the telephone companies at a rate between nine to twelve times more than what they had paid for the license,” said Yechury, delivering a lecture at Indian Institute of Management Calcutta (IIM-C).
Capitalism is motivated by quest for profits and crony capitalism takes place when the rules and regulations of a state can be bent for the benefits of a certain group of companies, he added.
Yechury also cited destruction of the environment caused by illegal mining as another example of crony capitalism.