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Garrett: Boeing deal with Iran proves crony capitalism is alive and well

June 16,2016
the staff of the Ridgewood blog

Ridgewood NJ,  Rep. Scott Garrett (NJ-05) released the following statement in response toreports that Boeing has reached a multibillion-dollar deal to sell commercial passenger planes to Iran.  Boeing is one of the largest beneficiaries of the Export-Import (Ex-Im) bank which perpetuates corporate welfare to mega corporations by handing out taxpayer-backed loans.

“This agreement between Boeing and the world’s largest state sponsor of terrorism is extremely troubling and shows that crony capitalism remains alive and well in Washington.  Not only has Boeing lobbied for years to keep the taxpayer-backed Export Import bank alive, it now has also used its powerful position to take advantage of the ill-conceived nuclear deal with Iran.  This agreement is bad news, not just for taxpayers but for our national security.”

Boeing was lobbying Congress to keep their Ex-Im bank subsidies at the same time it was seeking carve outs from the Obama Administration to do more business with the dangerous Iranian regime. Garrett has been an outspoken critic of the Ex-Im bank and the Iran nuclear deal.