Word: eximbank
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...EXIMBANK Santa Claus Lives
...five years, a time when AlliedSignal's financial numbers have been moving up smartly--profits increased 185%, to $1.2 billion, and dividends rose 82%, to $295 million--the company has collected more than $150 million in corporate welfare from federal and state governments. There have been federal export subsidies; Eximbank projects in China, India and Venezuela; and research contracts with the Department of Energy. Louisiana has excused the company from paying nearly $2 million annually in real estate taxes. Kansas came up with a package of incentives valued between $11 million and $14 million to persuade Allied to erect...
...comes from a variety of business tax credits, deductions and other incentives. During those same years, GE received contracts potentially worth half a billion dollars from the Department of Energy to conduct research in such areas as turbine systems for utilities--a core business of GE for decades. The Eximbank arranged more than $3 billion in financing or loan guarantees on some 40 GE projects in 20 countries. OPIC insured four GE projects worth $213 million...
...creating jobs. Over the past six years, Congress appropriated $5 billion to run the Export-Import Bank of the United States, which subsidizes companies that sell goods abroad. James A. Harmon, president and chairman, puts it this way: "American workers...have higher-quality, better-paying jobs, thanks to Eximbank's financing." But the numbers at the bank's five biggest beneficiaries--AT&T, Bechtel, Boeing, General Electric and McDonnell Douglas (now a part of Boeing)--tell another story. At these companies, which have accounted for about 40% of all loans, grants and long-term guarantees in this decade, overall employment...
Laker has already received two 30-day extensions on loans guaranteed by the Eximbank, and other lenders are expected to give the firm at least some easing of terms. Throughout the negotiations, Laker has insisted that he can come up with the money, if necessary, by dipping into company reserves. Although scheduled aircraft serving the North Atlantic run have been flying about two-thirds full on average, Laker Airways has been a consistent moneymaker since the company's founding in 1966. Last week a Laker spokesman dismissed the possibility that the airline would soon be forced to raise fares...