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Ex-Im Bank is to Crony Capitalism what Michelangelo is to Fine Art

by Douglas Kellogg / /

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.

Read the full story from Townhall; and check out last week’s “Speaking of Taxpayers” podcast, which featured TPA’s David Williams discussing the Ex-Im Bank.