For the Good of Illinois

Flashback- Oversight of the U.S. Export - Import Bank (2007-2014)

April 13, 2017 07:29 AM
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OpenTheBooks Oversight Report – Export-Import Bank (2007-2014)

Overview of the Import–Export Bank of United States, a federal lending agency.

Download a free PDF copy of our oversight report, click here.

 

Which businesses are able to find Uncle Sam’s favor? Who in your area won EX-IM loan approval in your ZIP code or nearby. Click here to slice, dice and display the list of 25,400 transactions by state, town, recipient, or amount at OpenTheBooks.com

 

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DOWNLOAD A FREE PDF OF COPY OF OUR OVERSIGHT REPORT, CLICK HERE

 

forbes

The Export-Import Bank and the Art of Picking Losers

by Adam Andrzejewski, CEO of OpenTheBooks

Read our Forbes editorial, click here.

 

FROM OUR OVERSIGHT REPORT:

 

As the official export credit agency, the New Deal era mission of the Export-Import Bank is to help the underdog: "…level the playing field, so that American companies can create more goodpaying jobs by facilitating the export of U.S. goods and services." Therefore, when private sector lenders are unable or unwilling to provide financing, EX-IM fills the gap for American businesses by equipping them with the financing tools necessary to compete for global sales. 

 

But proponents of Export-Import Bank (EX-IM) loan programs will be hard pressed to justify many of the examples cited within our report. 

 

Basic questions regarding the EX-IM must be asked… 

 

  1. What is the public purpose to lend multi-billions guaranteeing transactions with companies owned by other national governments? Isn’t that just called ‘foreign aid?’ 
  2. Countries with the worst human rights violations, or where public corruption runs wild, received U.S. taxpayer backed loans. Why? For example: Congo (allegations of 400,000 rapes per year), Angola (1,000 Christians massacred, massive defense spending while citizens starve), El Salvador (the murder capital of South America), or Morocco (authoritarian King with allegations of torture) and many, many others. 
  3. Is EX-IM just ‘The Bank of Boeing?’ Since 2007, incredibly, $1 of every $3 in EX-IM financed a Boeing Corp transaction. It’s no wonder why EX-IM Bank is called "The Bank of Boeing." The bank is certainly open to ‘crony-capitalism’ charges.
  4. Isn’t EX-IM just a legalized money laundering scheme to license partner banks to print profits? 732 banks did joint lending with EX-IM on $152 billion in trading credit (2007+). 

 

Which businesses are able to find Uncle Sam’s favor? Who in your area won EX-IM loan approval? See who’s receiving a piece of the federal pie in your ZIP code or nearby. Click here to slice, dice and display the list of 25,400 transactions by state, town, recipient, or amount at OpenTheBooks.com

 

Or, Download our free Open The Books mobile app for Apple and Droid. 

 

Why must working and middle class families fund these extravagant giveaways? Under what hypothesis does the EX-IM Bank use to reallocate taxpayer money to a small selection of businesses and/or blatantly corrupt global hotspots? How were these industries, countries, and companies chosen? 

 

 

 

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