Senator Paul, please call your office: Ex-Im Bank Fraud

Siemens exported three dozen wind turbines to two Peruvian wind farms in 2014, and the U.S. Export-Import Bank provided $65 million in taxpayer financing, because all of the blades and some of the nacelles (the gear mechanisms inside the towers) were manufactured in the U.S. This subsidy won Ex-Im’s “Deal of the Year” presented this week at Ex-Im’s annual conference.

But the timing of this deal was odd, and it highlights a hole in the arguments made by the agency and its defenders. Here’s the thing: Siemens had already completed the sale to both wind farms, months before Ex-Im approved the loan.

via Export-Import Bank’s ‘Deal of the Year’ subsidized a sale that had already been made |