Billions Meant for US Small Business Went To Behemoth Companies: Boeing, Bechtel, General Electric, and to Corrupt Countries: China, Russia, Nigeria. Much Is Untraceable. Did US Politicians Benefit?

Posted by freedomforall 1 week, 3 days ago to Politics
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"Small businesses seeking to grow their overseas sales are supposed to be the primary beneficiaries of loan guarantees by the U.S. Export-Import Bank (EX-IM), but a new analysis by a nonprofit government watchdog finds most of the funds go to corporate giants and corrupt regimes overseas.

“Small businesses, supposedly the intended beneficiary of the Export-Import Bank, received only $54.8 billion of the over $234 billion in total assistance since 2007, or about 23 percent” of the bank’s total funding, according to the report by Open The Books (OTB), a Chicago-based nonprofit that monitors government spending.

By filing more than 40,000 federal Freedom of Information Act requests and posting the checkbooks of 49 state governments, OTB has posted to the internet more than $6 trillion in public spending. The non-profit’s goal is to “post every dime in real-time.”

By far the biggest beneficiary of EX-IM lending is the Boeing Corporation, the largest U.S. aircraft manufacturer and one of the world’s most successful designers and builders of commercial airliners.

Boeing’s headquarters is currently in Chicago, but the company is planning a move to Arlington, Virginia, in the near future.

“The Export-Import Bank has been nicknamed ‘Boeing’s Bank’ by critics, and it is easy to see why. From 2007-2021, the aircraft giant received 33 percent of all of the Export-Import Bank’s assistance, totaling over $66.4 billion, while the second largest vendor received just over $5 billion. That’s more than all small businesses received combined,” the OTB report said.
“While the United States sent billions of aid to some of the most corrupt countries and repressive regimes in the world, equally disturbing is the amount that went to wealthy countries that don’t need our aid.”

Ranked by countries, the largest beneficiary of U.S. taxpayer-guaranteed EX-IM loans is Nigeria, ruled by a regime that is ranked among the world’s most corrupt. “Ranked 149th in the world on a scale from least to most corrupt by Transparency International in 2020, importers in Nigeria received over $570 million from the Export-Import Bank.

“It would be a miracle if any of those dollars actually reached their intended recipient,” the OTB report said."

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