This Is Legal?

I didn't know the government could purchase corporations. Sounds a lot like nationalizing them:

The state of Florida has announced it will buy the U.S. Sugar Corporation for $1.75 billion so as to convert farmland to reservoirs. U.S. Sugar owns some 187,000 acres of land around Lake Okeechobee. The plan, which is part of the state's Everglades restoration effort, is to convert much of this land from sugar production to conservation purposes.

This just has to be illegal, doesn't it? If it isn't, what's to stop the government from 'buying' Exxon or 'buying' General Electric if they don't like the way they do business? I fear this story just put a lot of bad ideas in many crazy heads.

Posted by: Moron Pundit at 12:20 PM | Comments (5) | Add Comment
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