Ex-Im $32 million loan guarantee to Brazilian company supported 250 American jobs for … three days

hotair.com ^ | 08/17/2012 | Ed Morrissey

[bt_dooftlook]

The Washington Free Beacon’s CJ Ciaramella made a great catch on this story, which exemplifies the ludicrous nature of government interventions into markets they don’t understand, in order to make claims they can’t possibly keep. It starts with a PR announcement on August 3rd, apparently by the Export-Import Bank of the United States, heralding a $32 million loan guarantee to Brazilian firm Wind Power Energia. The loan, which applied to efforts to sell wind-turbine blades to Brazil, would safeguard 250 American jobs at LM Wind Power Blades Inc of Little Rock, Arkansas:

In line with its congressional mandate to increase support for renewable-energy exports, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $32.1 million loan guarantee to Wind Power Energia S.A. of Sao Paulo, Brazil, for the purchase of wind turbine blades manufactured by LM Wind Power Blades Inc. of Little Rock, Ark.

Ex-Im Bank’s financing, which guarantees a Bank of America loan, will support approximately 250 permanent American jobs at the company’s Little Rock, Ark., and Grand Forks, N.D., manufacturing facilities.

“The Bank’s loan guarantee will facilitate the export of American-made products to one of our nine key markets at a critical time,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “By doing so, it will simultaneously support American jobs in a valuable industry and boost Brazil’s clean-energy prospects.”

The wind blades will be used to complete a 180-megawatt wind farm in the Brazilian state of Bahia and another 211-megawatt farm in the Brazilian state of Ceara.

[bt_dooftlook]

So, let's see - we're lending a Brazilian company $32million taxpayer dollars (40% of which we are borrowing) to buy blades from a Danish company for a wind farm in Brazil to save 250 American jobs FOR ONE WEEKEND.

Read the whole thing; your blood will boil...

[fella]

Sounds like a Clintonista pay-off. Perhaps that’s why Hitlery had that little meeting at the White House, to get her bag of cash.

[liberalh8ter]

I don't think it would be too difficult to compile a flow chart of the looting of America by Obama and the dems. They keep doing it through loans to alternative energy companies under the guise of saving or creating jobs and supporting alternative energy.

The Mafia is jealous they didn't think of this.

[lowbridge]

Bump