The Crony Boondoggle For Ex-Im Bank Insiders

(Forbes, Washington, 15 June 2015) [Comment/blog from Adam Andrzejewski of American Transparency, Burr Ridge IL] Between now and the end of June, Congress will decide the fate of the federal agency, Export – Import Bank (Ex-Im) of the United States, either by doing nothing and letting the bank expire or by voting to let the bank continue. Critics say the bank is the epitome of cronyism, corruption and corporate welfare. Supporters, on the other hand, argue the bank boosts our national security, supports domestic jobs, and levels the global economic playing field. American Transparency (OpenTheBooks.com) fact checked the claims of politicians and pundits with the release of a 30 page Federal Transfer Report – Export – Import Bank. One special section of our oversight report addresses a topic that hasn’t received much attention. We looked at large private banks that have processed more than $125 billion in Ex-Im supported transactions since 2007. These private-sector bank beneficiaries processing Ex-Im supported transactions around the world have so far avoided intense scrutiny. They include Citibank, JPMorgan Chase, New York Mellon, Deutsche, Bank of America, and many others.