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Can Obama's Powerful Cronies Save Ex-Im Bank?

President Obama and Crony Robert Wolf on Golf Links

Earlier this summer we thought the Right and Left might unite to kill the Export-Import Bank in a shared rejection of Big Business cronyism that boded well for the development of a populist alliance against the continued looting of the Treasury by special interests.

So far, quite the reverse has happened.

The White House has come out in favor of reauthorizing the Ex-Im Bank and Senate Majority Leader Harry Reid has been saying "The Export Bank is so very, very important to the country."

Stranger still, the Ranking Democrat on the House Financial Services Committee, California liberal Maxine Waters, told National Journal’s Billy House “If, for some reason, the chairman [Jeb Hensarling] does not cooperate and participate in bringing forward a reauthorization, I do believe that the leadership would have to really take a look at how to get it done.”

In other words Democrats are asking the Republican leadership to roll one of the GOP’s own committee chairs to reauthorize a corporate welfare program.

And, as our friends over at The Washington Free Beacon reported, “Robert Wolf joined the president on the links this month in Martha’s Vineyard, the latest of his frequent outings with the president. The foursome also included private equity financier Glenn Hutchins and Cyrus Walker, cousin of White House adviser Valerie Jarrett.”

As WFB reported, “Wolf is the founder and chief executive of 32 Advisors, which describes itself as ‘the pre-eminent cross-border business advisory firm servicing domestic and international corporations, public entities, governments, financial services firms, and high growth businesses.’”

Accord to The Free Beacon’s Lachlan Markay those services involve Wolf in the ongoing debate over the Export-Import Bank, which finances the purchase of U.S. exports by foreign governments and corporations.

Wolf is a major Ex-Im supporter reports Markay, “But unlike more academic or policy-oriented defenders of the program, he has a direct financial interest in keeping U.S. export subsidies flowing. His ability to sign clients depends, in part, on the continued availability of federal export financing for him to secure.”

It also depends on his ability to actually secure that financing. To that end, 32 Advisors has recently beefed up its staff with executives with strong Ex-Im ties, some of which have served in senior positions for the agency.

You would think that ending this blatant example of corporate welfare would be a no brainer for Democrats and liberals, like Massachusetts Senator Elizabeth Warren, but so far the Left is MIA in this important fight against cronyism and corporate welfare.

Indeed, the last Ex-Im Bank reauthorization vote drew no Democratic opposition. When the reauthorization passed the House 330-93 in 2012 all opposing votes were cast by Republicans.

Conservatives in the House, led by House Financial Services Committee Chairman Jeb Hensarling, have mounted a sustained campaign to kill the taxpayer-funded Export-Import Bank, and they are making some headway.

Newly elected House Majority Leader Kevin McCarthy and Speaker John Boehner have both indicated a preference for handling the reauthorization according to “regular order,” which is code for deferring to the wishes of the Committee Chairman. And McCarthy went so far as to observe on Fox News Sunday that the Ex-Im Bank's lending "is something government does not have to be involved in," adding, "The private sector can do it.”

But House conservatives may not have reckoned with just how deeply entrenched in the White House and Democratic Party the Wall Street – Washington – Silicon Valley Axis has become.

Robert Wolf raised half a million dollars for Obama’s campaign in 2008 and in 2012 he bundled another half-million, and personally maxed out to the president.  And Wolf is just one of a team of Wall Street executives liberal billionaire George Soros brought into Obama’s orbit.

Back in 2008, before Barack Obama became the crony of Soros, Wolf and the rest of the vampires who are lobbying to preserve the Ex-Im Bank he said Ex-Im was a “fund for corporate welfare.” (check this link for the video if you don’t believe us)

What happened?

Well, Club for Growth Spokesman Barney Keller recently put it this way, "2014 Obama should follow the lead of 2008 Obama, who called the Export-Import Bank a ‘fund for corporate welfare.’ While reauthorizing the Export-Import Bank may mean millions in profits for the President's golfing buddies, it also means billions in taxpayer exposure to just a few politically connected companies.”

We’re with Barney; the Export-Import Bank is a slush fund for corporate cronyism and it should be eliminated.

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