A case of crony capitalism
President Ferdinand E. Marcos has ruled the Philippines since 1965, including eight years of martial law that ended only in January. Standing essentially unopposed for re-election in June, he won handily with 88% of the vote. But Marcos may face his greatest threat because of Dewey Dee, a textile magnate who fled the country eight months ago and left behind more than $80 million in debts. The incident threw Philippine financial institutions into turmoil and exposed as seldom before the cronyism and corruption that has characterized the Marcos...
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