UPDATE 1-US House could vote Wednesday on Ex-imbank deal -aide

May 7, 2012 Full story: Reuters 16

The U.S. House of Representatives is expected to vote on Wednesday on a bipartisan deal to renew the U.S. Export-Import Bank for three years, a House leadership aide said on Monday.

Full Story

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#1 May 7, 2012



Mistake.



The government bank provides direct loans and credit guarantees to help U.S. exporters make sales in oversea markets that private lenders consider too risky to operate on their own.

Boeing Co is the bank's biggest customer!!! W-T-F!!



Boeing should be Taking the Risk, NOT THE TAXPAYER. What a Sham.


“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#2 May 7, 2012
More fraud hits export bank



By Guillermo Contreras
Express-News
Saturday, June 26, 2010


The federal export-credit agency that was bilked out of millions of dollars by Andrew Parker of San Antonio — one of the largest thefts it has suffered to date — suddenly has a handful of similar fraud cases in El Paso.

On Friday, Mexican businessman Eduardo Rodriguez Davalos pleaded not guilty in El Paso to charges that he and three other people participated in a scheme to defraud the Export-Import Bank of the United States out of nearly $700,000 between 2006 and 2007.

That's the latest prosecution to come to light involving the bank. On June 9, seven people, including Jaime Galvan Guerrero, a prominent businessman in northern Mexico, were indicted on charges that they conspired to defraud the bank of $4 million between 2002 and 2009. And in February, Oswaldo Kuchle, a Mexican businessman who runs an El Paso restaurant, was charged with defrauding the bank of $3.1 million between 2003 and 2007.

The Export-Import Bank and the Internal Revenue Service, which is helping the bank's inspector general investigate the cases, declined comment because the probes are ongoing and suspects still are at large.

According to dozens of pages of court documents, the cases have similar allegations: A U.S. exporter has foreign business clients, and they seek loans from private commercial lenders who are backed by the Export-Import Bank.

The borrowers claim they'll use the money to buy farm machinery, construction equipment or other products from companies that hire U.S. workers.

But when the loans are made, the borrower splits the money with the exporting company or other loan brokers involved, and they wrongly purchase cheaper equipment from non-U.S. companies or don't buy anything at all — and they use shell companies, falsified financial statements, bogus shipping documents and other fake information to cover up the fraud and the borrowers' lack of liquidity.

Then they stop paying back the loans, which go into default, forcing the Export-Import Bank to make good on them.

Read more: http://www.mysanantonio.com/news/local_news/a...


“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#3 May 7, 2012

Here's WHY you don't want Gov in this kind of loan business:


They Borrowers stop paying back the loans, which go into default, forcing the Export-Import Bank to make good on them.


ENOUGH!!!


Read more: http://www.mysanantonio.com/news/local_news/a...

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#4 May 7, 2012


Shut it Down


The pattern of alleged fraud raises questions from its own internal watchdog of whether the Export-Import Bank is doing enough to prevent a repeat of the $107 million swindle involving Parker's San Antonio Trade Group and Mexican borrowers — or the $80 million that Philippine companies bamboozled from lenders and the bank, which backed the loans.

Both cases were publicly disclosed in 2007 and 2008. Some critics in Congress have called for pulling the bank's plug.

Eight people were sent to prison in the Philippines case. Parker is serving nearly 10 years in prison while an accomplice who turned informant, Victor Garate of Comfort, is awaiting sentencing and still cooperating.

In audits and reports to Congress in 2009, the Export-Import Bank's inspector general concluded those large fraud schemes could be replicated in the current underwriting of the bank's medium-term loan program.

Read more: http://www.mysanantonio.com/news/local_news/a...

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#5 May 7, 2012


Miami Resident Pleads Guilty to Conspiracy to Defraud the Export-Import Bank


Department of Justice: Office of Public Affairs
FOR IMMEDIATE RELEASE
Thursday, April 29, 2010

Miami resident Guillermo Sanchez, 55, pleaded guilty today to charges that he conspired to defraud the Export-Import Bank of the United States (Ex-Im Bank) of approximately $854,000, announced Assistant Attorney General Lanny A. Breuer of the Criminal Division and Osvaldo L. Gratacos, Acting Inspector General of the Ex-Im Bank.

Sanchez pleaded guilty in U.S. District Court in Washington, D.C., to one count of conspiracy to defraud the Ex-Im Bank and one count of mail fraud in connection with 10 loans guaranteed by the Ex-Im Bank.

According to court documents and testimony at the plea hearing, from approximately May 2006 through August 2007, Sanchez acted as a purported exporter of construction equipment to South America in 10 different loan transactions. The loans were obtained from a Florida bank and insured by the Ex-Im Bank. Sanchez admitted that he and a co-conspirator prepared and submitted to the Florida bank and the Ex-Im Bank loan documents, including commercial invoices, packing lists and bills of lading falsely reflecting that Sanchez purchased and shipped approximately $854,000 worth of generators manufactured in the United States to South American customers.

According to court documents and testimony, Sanchez’s company, ACE Products, received approximately $853,642 in loan proceeds based on the false representations and Sanchez retained a portion of the money for his own personal benefit and use. In or about August 2007, defaults on the loan transactions caused the Ex-Im Bank to pay the Florida bank’s claim for outstanding principal and accrued interest of approximately $854,161.

The Ex-Im Bank, an independent agency of the United States, is the official export credit agency of the United States and issues loan insurance to U.S. banks on behalf of creditworthy foreign companies for the purpose of purchasing U.S. goods. The Ex-Im Bank issues a loan insurance policy, which provides that if the foreign borrower defaults on its loan repayments to the lending bank, the Ex-Im Bank will reimburse the amount of the outstanding loan principal and interest to the lending bank.


http://www.justice.gov/opa/pr/2010/April/10-c...
conservative crapola

Whitehall, PA

#6 May 7, 2012
Where's the con leadership in boner's house? Oh, they don't listen to you either.

Bwaaaaa.

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#9 May 7, 2012


Why are progressives so flowking Stupid?


“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#10 May 7, 2012
In a statement provided to HuffPost, Delta downplayed the significance of the loan and tweaked the bank for making a statement about it.

"Delta Air Lines has provided engine maintenance for the Brazilian carrier GOL since being awarded a contract in 2010," said Delta spokesman Paul Skrbec. "Delta was not party to the loan transaction recently announced by the Export Import Bank for the Brazilian carrier GOL, but appreciate the Bank bringing it to our attention."

While the language is technically accurate, the statement is misleading. Delta is not, to be sure, a "party to the loan transaction"; that transaction is between a Brazilian company and the Ex-Im Bank. The bank, however, only authorizes such loans to benefit specific American exporters who are part of the application process. According to bank procedures, as the domestic exporter benefiting from the transaction, Delta would have been required to play a role in the application process, which began in October.

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#11 May 7, 2012



Boeing Taps D.C. Lobbyist in Export-Import Bank Renewal Push


By Eric Martin and Bennett Roth
March 20, 2012


Boeing Co.(BA) tapped two of Washington’s highest-paid lobbying firms to help overcome opposition from carriers such as Delta Air Lines Inc.(DAL) and Tea Party lawmakers in its push to reauthorize and expand the Export-Import Bank (EIBZ).

Boeing, the biggest U.S. plane manufacturer, retained Akin Gump Strauss Hauer & Feld (1117L) and the Podesta Group, according to Senate disclosure filings. They were the second- and third- highest-earning lobbying firms in Washington last year, according to nonpartisan Center for Responsive Politics.

Podesta is also an Obama Adviser.


Democratic Bill Fails

Democratic efforts to reauthorize the bank stalled today in the Senate, as lawmakers failed to advance a proposal by Democratic Senators Tim Johnson of South Dakota and Maria Cantwell of Washington. Graham and Shelby, who joined Democrats to co-sponsor the measure, voted in opposition at the urging of Senate Minority Leader Mitch McConnell, a Kentucky Republican.


Boeing’s ties to the Obama administration include Commerce Secretary John Bryson and former White House Chief of Staff Bill Daley, who have both served as Boeing directors.



http://www.businessweek.com/news/2012-03-20/b...

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#12 May 7, 2012
In fiscal year 2010, air transportation loans accounted for 47 percent of the bank’s $75.2 billion in total outstanding loans, according to the lawsuit.

“As is the case with any subsidy, taxpayer-backed loans result in market distortion and crony capitalism,” Heritage Action for America, a nonprofit lobbying affiliate of the Heritage Foundation, which says it promotes conservative political policies, said in a March 12 website posting.


http://www.businessweek.com/news/2012-03-20/b...

Since: Nov 08

Location hidden

#13 May 7, 2012
The laughing liberal wrote:
Why are progressives so flowking Stupid?
CBS News) WASHINGTON - A new Politico-George Washington University poll shows Mitt Romney leading President Obama by one point, 48 to 47 percent.
In that poll, independent voters prefered Romney by a ten-point margin.

“Truth to Power!”

Since: Apr 07

Wake Forest, NC

#14 May 7, 2012
Le Jimbo wrote:
<quoted text>CBS News) WASHINGTON - A new Politico-George Washington University poll shows Mitt Romney leading President Obama by one point, 48 to 47 percent.
In that poll, independent voters prefered Romney by a ten-point margin.



Real Americans are realizing Obama SUCKS.



Romney will attack the Problems.
Obama will attack the People.


Tony

Broken Arrow, OK

#15 May 8, 2012
End the Bank stop wasting tax payer money.
Tony

Broken Arrow, OK

#16 May 8, 2012
The Bank is more Republican corporate welfare for the big corporations and special interests.
Eric Gustafson

Newport News, VA

#18 May 10, 2012
The Export-Import Bank is not funded by Congress Appropriations.

Like any other commercial bank, often they borrow funds short term from the feds. Their income is generated from fees on the loans they underwrite.

The Export Import Bank guarantee payment for American companies doing business with foreign companies where the work keeps Americans on the job producing goods and providing services. American banks can not ensure payment from Foreign Governments for contracts and thus often will not make loans to American companies based on acknowledged Foreign Contracts.

Foreign Governments are willing to work with America through the Export Import Bank, and ensure payment to American contractors to stay in the good graces with America so that they can openly trade.

In any event the Export- Import Bank is not funded via Congressional Appropriations.

Eric Gustafson

Newport News, VA

#19 May 10, 2012
Tony wrote:
The Bank is more Republican corporate welfare for the big corporations and special interests.
That's not true. America banks are not always willing to fund corporations using Contracts with Foreign Governments, or Foreign Corporations as loan collateral.

Some Governments sign an agreement with the Ex-import Bank guaranteeing payment to American Companies and Corporations for contracted services and materials rendered. The Bank guarantees American vendors payment, and the Foreign Government settles those accounts of their Businesses if the foreign business should renege on payment.

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