Yeah, I know, another shocker.
Last week, the Washington Free Beacon broke the story about former Democratic governor of New Mexico Bill Richardson and his role in an arrangement that transferred tens of millions of dollars in federal loans to Spanish conglomerate Abengoa. It seems the former governor, who sits on the International Advisory Board for Abengoa, is also a member of the U.S. Export-Import Bank’s Advisory Committee. And wouldn’t you know it: the federal loan given to Abengoa came directly from, you guessed it, the U.S. Export-Import Bank.Let us not hear any more bleating about crony capitalism from its leading practitioners. Instead, ask yourself about the morality of hurting the standard of living of our children to line one's pockets by trading favors.
Don’t act so surprised.
The story about Mr. Richardson was picked up by a number of outlets, no doubt because Richardson’s tale is just one of many that re-enforces the now impossible-to-ignore truth: the Ex-Im Bank is an organization that exists to promote crony capitalism.