Arianna Huffington -- The A-B-Cs of crony capitalism

Wall Street's credibility (another "C" word, but not a very popular one these days) was downgraded to junk status last week after it came to light that former superstar telecom analyst Jack Grubman had upgraded his rating of AT&T stock after his boss, Citigroup Chairman Sandy Weill, donated $1 million in company funds to help Grubman get his twins into a very exclusive New York City nursery school. Think of it as a neat little example of corporate Quid Pro Play-Doh. Or, as Grubman's finding out -- "D'oh!"

Our fragile economy is in the slippery grip of a crony capitalism practiced by a small group of insiders who sit on each other's boards, join each other's country clubs, help each other's kids get into the best schools, and line each other's pockets -- even if that means fleecing America's little-guy investors, pension funds and 401(k)s.

I use Arainna as another example, like David Brock, that there is still hope for younger Republicans.