Veronique de Rugy:
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... the Ex-Im Bank overwhelmingly benefits some of the biggest, most politically connected firms in America, like Boeing, General Electric, and Caterpillar. In the process, the bank subsidizes wealthy foreign borrowers — like Australia’s richest woman, mining heiress Gina Rinehart, owner of the Ex-Im-financed Roy Hill Iron Ore Mine — who who could easily find private capital without government privileges. The bank also subsidizes cash-poor foreign borrowers — like the government-owned Ethiopian Airlines — who are pushed to borrow beyond their means and expose U.S. taxpayers to their substantial default risk in the process. Finally, lenders benefit from Ex-Im finance by earning interest on loans whose risk is borne by American taxpayers. In the candid words of one JP Morgan banker (whose firm just happens to be the biggest private lender that benefits from Ex-Im), the bank is “free money” — that is, for the firms who know the right people.
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There is much more, but this gives you a hint at why conservative Republicans are opposing the continue funding of the boondoggle.
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