Corporate America is doing a full press in DC right now, even during the lazy days of the Congressional summer recess. The big boys don’t want the Export-Import Bank, the taxpayer backed corporate slush fund, to go away. Congress may stop funding it in September. If Congress does stop funding Ex-Im it will be a major win for everyday Americans and it will be a real loss for the crony capitalists.
Though the President called the Export-Import Bank of the United States “corporate welfare” when he ran for president, his message has changed. Many of his former staffers are pro-Ex-Im too as the attached report outlines. Who followed whom is unclear.
It sure would be nice if the old fashioned liberals stood up to what they once called “corporate greed” once in a while. But I guess times have changed. Corporatism is often more profitable than doing what is right.
(From The Washington Free Beacon)
Wolf is a major Ex-Im supporter. But unlike more academic or policy-oriented defenders of the program, he has a direct financial interest in keeping U.S. export subsidies flowing. His ability to sign clients depends, in part, on the continued availability of federal export financing for him to secure…
…Like many Obama bundlers, Wolf was rewarded with a federal appointment. He was selected to sit on the president’s Economic Recovery Advisory Board, which advised the White House on the disbursement of federal stimulus funds and other policies related to economic recovery.
Wolf was then the chairman of Swiss banking giant UBS’s operations in the Americas…
…After Obama’s reelection, he was tapped for another federal post. Since June of last year, he has sat on the President’s Export Council (PEC). That work has dovetailed well with his focus on export financing at 32 Advisors.