Few Americans would be surprised to learn that a government agency that hands out generous loans and credit guarantees to a select number of corporations is corrupt and poorly managed. This impression has been repeatedly affirmed by the Export-Import Bank’s inspector general. The bank has a long history of dealing with dodgy firms and doling out suspiciously large amounts of loans to certain companies.
But now we don’t have to rely on reading between the lines of IG reports. It was revealed on Monday that four employees of the bank are being investigated by the Justice Department for allegedly accepting payments and gifts from Ex-Im beneficiaries. One of them has already been placed on leave from the bank (generally fed speak for “fired”)….
Via The Ex-Im Bank: Crony Capitalism in Action @ National Review Online.