The Export-Import Bank of the United States is giving a $64.5 million direct loan to a company in Uruguay for the purchase of wind turbines made by a Spanish company at one of its plants in Pennsylvania, according to the bank.
The $64.5 million direct loan to Astidey S.A. , in Montevideo,
Uruguay” is for “the purchase of U.S.-manufactured wind-turbine generators
being exported by Gamesa Technology Corporation Inc., headquartered in
Feasterville-Trevose, Penn.,” reads the July 10 press release from the Ex-Im Bank.
Gamesa, a
Spain-based company, has offices around the world, including three in the
United States: two in Pennsylvania (Fairless Hills and Trevose) and one in
Minneapolis, Minn.
The Ex-Im Bank, which was initially chartered by Congress
in 1934 and is up for renewal in Septembe02r, is supposed to finance and insure
the purchase of U.S. goods by foreign entities. The bank calls itself an “independent federal agency that
creates and maintains U.S. jobs by filling gaps in private export financing at
no cost to American taxpayers." In 2008, then-Senator Barack Obama described the bank as
“little more than a fund for corporate welfare.”
However, President Obama announced on Aug. 6 that he supports re-charting the
Ex-Im Bank for another 3-year term......To Read More.....
My Take – All these “alternative” energy schemes are
failing all over the world, and if this one fails - I should say, when it fails - who will pick up the bill? The American taxpayer! If you've been interested enough to read this article you should be interested enough to read Export-ImportBank 101: The 'it makes a profit' argument, By Timothy P. Carney
July 29, 2014, and his May 24, 2014 article Export-ImportBank costs taxpayers $2 billion a decade .
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