e·gre·gious -- outstandingly bad; shocking |
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It pays to have cronies in high places, especially at the Export-Import Bank it seems.
The Ex-Im Bank gave millions in taxpayer-backed loans for Spanish green energy company Abengoa International – while former Gov. Bill Richardson (D-NM) sat on the advisory boards for both.
Here are the deal details:
Richardson joined Ex-Im’s advisory board near the end of 2012, around the same time that two Ex-Im Bank loans benefitting Abengoa were issued. Those taxpayer-backed loans totaled around $150 million.
As one newspaper noted, “critics say Richardson’s holding a seat on both Abengoa and the Export-Import Bank’s advisory boards is just another example of cronyism at the bank.”