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Ex-Im Bank is to Crony Capitalism what Michelangelo is to Fine Art
November 26, 2013
There’s “crony capitalism” without the Ex-Im Bank, but does any government-related entity truly match their maniacal genius?
As reported this week, and well summarized by David Williams of Taxpayers Protection Alliance (TPA) in Townhall, the Ex-Im Bank has created a twisted masterpiece in giving preliminary approval to a $694 million loan deal with Roy Hill, a mining company owned by the richest person in Australia Gina Rinehart.
The deal will allow Roy Hill to buy equipment from Caterpillar. While Caterpillar is U.S.-based, this arrangement subverts free market competition, hurting other American manufacturers.
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