Subsidizing Boeing sales

Tim Carney:
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.

Welcome to the "New Economic Patriotism," where the big get bigger and taxpayers bear the risk.

Ex-Im extended three $1 billion guarantees, and all went to Boeing customers: Ethiopian Airlines, LAN Airlines of Chile and Hong Kong's Cathay Pacific Airways. Ex-Im's fourth-largest guarantee (just under a billion dollars) didn't subsidize Boeing jets -- it subsidized satellites sold by Boeing Space and Intelligence Systems.
First, Obama's export czar is Boeing CEO Jim McNerney. 
Also, Obama holds the record for the most money ever raised from Boeing. In 2008, according to the Center for Responsive Politics, Obama raised $200,000 from Boeing employees and executives, which was more than double the previous record and more than five times John McCain's Boeing haul. In 2012, Obama raised slightly less from Boeing: only $170,000, which was still nearly 50 percent more than Mitt Romney raised. Michael Cassel, who runs Boeing's lobbying shop, is an Obama donor. 
Boeing's lobbyists during Obama's first term have had close Obama ties, including Linda Daschle, wife of former Sen. and current Obama confidant Tom Daschle. Boeing retains one of the most Obama-friendly firms on K Street -- the Podesta Group, co-founded by Obama's transition director, John Podesta.

It looks like a give away to the Machinist Union that represents most of Boeing's workers.  Obama is always looking for ways to pay back unions for their support of his and other Democrats' campaigns.  At this point it looks like another Obama corrupt bargain, like the auto bailouts.


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