Veronique de Rugy and Diane Katz have the scoop:
…the primary beneficiaries on the buyer side of the transactions are also very large firms. Among the top 10 buyers, 5 are state-controlled and rake in millions of dollars from their own governments in addition to Ex-Im Bank subsidies.
Five of the top ten buyers are related to the production of oil or natural gas. The other five top buyers are airlines. Number one on the list is…can you guess it? Pemex. Clearly a company worthy of further subsidy, and from the American government too.
On the sell side, 80 percent of Ex-Im financing goes to support the exports of large American firms, note that the number one firm — Boeing — already receives plenty of implicit subsidy from DOD contracts. Is there no limit to strategic trade policy? And to the extent carbon emissions are important, how is the Ex-Im Bank doing on that scorecard?