Ron Paul Dear Colleague on Export-Import Bank
(J. Bradley Jansen was Ron Paul’s legislative staffer for these issues at this time)
Ex-ImBank Worse than Whitewater and Watergate
If you loved the political intrique and blatant corruption of the
(insert your favorite scandal here),
you’ll love the shennanigans by the directors of the Export-Import Bank. Consider Ms. Maria L. Haley, one of the five Bank directors.
She is a long-time “Friend of Bill” from Arkansas who ran then-Gov. Clinton’s program to attract foreign investment in the state. She advocated approval of loans to Pauline Kanchanalak (a Thai native living in Virginia) to set up Blockbuster video stores in Bangkok, Thailand. The Ex-Im Bank had never approved financing for franchise rights; retail stores abroad do not create U.S. jobs. Ms. Kanchanalak contributed $85,000 on June 18, 1996, the same day DNC fundraiser John Huang arranged for her to be invited to a White House coffee. Mr. Huang called her that day and twice more in August. The DNC eventually returned $250,000 of Ms. Kanchanalak’s donations because of questionable foreign origin.
It is clear that the Bank sometimes acts as a slush fund to repay political favors–it is, however, not their money to lend. It is the taxpayers’ money.