Boeing Received Nearly $10 Billion Over Two Year Period
WASHINGTON, Nov. 9 /PRNewswire-USNewswire/ -- The Export-Import Bank (Ex-Im)--the official government agency subsidizing U.S. exports of goods and services--provided nearly two-thirds of its long-term loan guarantees over the last two years to a single corporate entity, according to analysis released today by Pew's Subsidyscope project. In FY2007 and FY2008 combined, Ex-Im issued $15.3 billion in long-term loan guarantees. Of that total, almost $10 billion, or an average of 65 percent, went toward the purchase of commercial aircraft made by the Boeing Company, the world's largest manufacturer of commercial jetliners and military aircraft combined.
According to its charter, Ex-Im contributes to the employment of U.S. workers through the provision of direct loans, loan guarantees, working capital guarantees, and export credit insurance to finance and promote U.S. exports abroad. The greatest portion of Ex-Im's financial commitments, however are tied up in long-term loan guarantees, where Boeing is the largest beneficiary by far. FULL STORY
