For the Good of Illinois

OpenTheBooks Oversight Report - Export/Import Bank

June 1, 2015 08:40 AM
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How is bankrolling of dictators, subsidizing authoritarian regimes,propping up green energy and destabilizing entire industries good for growth?
 
Forbes
 
THE EXPORT - IMPORT BANK AND THE 
ART OF PICKING LOSERS
By Adam Andrzejewski | Forbes Editorial
June 1, 2015
 
 
Should the Export - Import Bank be reauthorized by Congress??
Deadline June 30, 2015
 Federal_Transport_Report_Logo
 
EXPORT - IMPORT BANK
 
RAISING FOUR QUESTIONS & EXPOSING MUCH MORE: 
 
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), or El Salvador (the murder capital of South America) and many, many more...
 
3. Is EX-IM just 'The Bank of Boeing?' Since 2007, incredibly, $1 of every $3 in EX-IM financed a Boeing Corp transaction.
 
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+).
 
 
AMONG OUR FINDINGS:
 
  • $172 billion in Federal Transfer™ EX-IM loans, guarantees, and insurance flowed to 25,438 transactions with 6,885 exporters (FY2007-2014). Yet, the Top Ten companies received half of all bank activity.
  • Total taxpayer exposure outstanding could run as high as $140 billion.
  • 45 of the TOP 50 importers are comprised within just two industries: foreign airlines (29) and energy companies (16). 
  • Top Ten Importing Countries received $84.19 billion: USA ($20.311B); Mexico ($12.729B); India ($9.874B); United Arab Emirates ($8.438B); Saudi Arabia ($7.803B); Ireland ($5.946B); Australia ($5.318B); Turkey ($5.21B); South Korea ($4.371B); and Columbia ($4.179B).
  • EX-IM on steroids: 248% increase FY 2008 ($14.4B) - FY2012 ($35.8B)  Here's the breakdown by year: $12.6B (2007), $14.4B (2008), $21.0B (2009), $24.5B (2010), $32.7B (2011), $35.8B (2012), and $27.3B (2013).
 
AMID THE EX-IM CREDIT RECIPIENTS ARE:
 
- Solyndra ($9.6 million) - within six months, company went bankrupt.
 
- Pemex-Exploracion ($7.21 billion) - the leading oil conglomerate in Mexico. 14 primary U.S. exporters, including: Schlumberger ($200M), Halliburton ($800M), Noble Drilling ($1.4B), & Solar Turbines ($1.9B)- Caterpillar subsidiary. 
 
- Eleven foreign governments "owned" 18 companies and received $26.39 billion from our EX-IM Bank.
 
- EX-IM transactions financed deals in Russia, Australia, Saudi Arabia, United Arab Emirates, Pakistan, Columbia, Ethiopia, El Salvador, Uganda, even Angola... & much, much more! 
 
- Learn what U.S. companies are on both sides of the EX-IM loan... as exporter AND importer!
 
  
LEARN THE FAST FACTS OF EXPORT-IMPORT BANK:
 
- Who was the EX-IM employee caught for fraud who received performance bonuses and salary spikes? Are there really 40 going-on investigations of fraud now?
 
- Did $650 million in taxpayer funding through EX-IM Bank threaten to destabilize the U.S. iron ore industry?
 
- Did EX-IM Bank finance $3.4 billion into Chinese companies owned by the Chinese government?
 
- Does Boeing EX-IM financing really give a $2 million per plane discount to foreign airlines?
 
- How did a quarter billion dollars for airplanes end up in Angola - a nation where citizens are malnourished and people starve?
 
- Did the EX-IM employee payroll really outpace inflation by 104% since 2007?
 
- Did EX-IM public data really hide $25.6 billion in transactions under headings of "Undisclosed" or "To be determined" since 2007?
 
- Did EX-IM lend $800 million to a South African company known for fraud and mismanagement with executives currently on trial?
 
- What's the top interest rate that EX-IM Bank charges on a long-term loan?  Can't be 3.48%, or could it?
 
  
Who's receiving a slice of EX-IM pie in Your Hometown?  Click here to slice, dice and display the list of 25,400  EX-IM transactions by state, town, recipient, or sort by amount at OpenTheBooks.com.
 
Your feedback to us is much appreciated, just respond to this email.
 
Matthew Tyrmand
Deputy Director
 
Adam Andrzejewski
Chairman & Executive Director
 
P.S. Your help is needed today. Please help us post "every dime online in real time" across America. Your gifts make these oversight reports possible:  Please make a tax deductible gift of $25, $50, $100, $250 or $500 today.
 
 

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