The Export-Import Bank is a taxpayer-backed agency that finances U.S. exports, primarily though loan guarantees.
You'd think the bank would spread the money around to nurture up-and-coming businesses. You'd be wrong, very wrong.
In fact, President Obama's export subsidy agency funneled 82.7 percent of its taxpayer-backed loan guarantees to just one exporter: Boeing. Out of $14.7 billion in long-term loan guarantees in fiscal year 2012, $12.2 billion subsidized Boeing sales, according to Ex-Im's annual report issued last week.
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