Wednesday, October 22, 2008

It Just Got Worse: Checking Out TARP's New Chief Investment Officer

I'll let John Carney report the sorry news on this character:

The head of the Export-Import bank just got named as the chief investment officer for the Trash Asset Relief Program. Be afraid. Be very afraid. And not just because we've got another of Bald midwestern ex-Wall Streeter running our banking system.

James H. Lambright will serve as the interim Chief Investment Officer for the Tarp. He comes to us after three years of running the Ex-Im Bank, one of the greatest corporate welfare boondoggles running. His great accomplishment at Ex-Im was removing its Congressional oversight and running it as an off-balance sheet special purpose vehicle.

The government describes the Ex-Im bank’s huge liabilities and off-balance sheet chicanery as Lambright’s qualification for the job of being top investment officer for the Tarp.

John's brother Timothy Carney was sniffing out the Ex-Im scam a year ago:

Ex-Im is a posterboy for corporate welfare. Its mission is to transfer money from U.S. taxpayers, through foreign buyers, and ultimately into the pockets of American companies. While the agency touts its support for small business, a vast majority of its money goes to subsidize sales by the largest corporations in America.

The money from Ex-Im loans and loan guarantees — the agency’s biggest transactions, and the only kinds that are itemized in Ex-Im’s annual report — goes overwhelmingly to a handful of large corporations,including Halliburton, Bechtel, General Electric, Caterpillar and Westinghouse.But there’s a reason Ex-Im is known as “Boeing’s Bank.”

In fiscal years 1998 through 2005, Ex-Im has issued $63.5 billion in loans and long-term guarantees. In those years, $33 billion of Ex-Im subsidies went to Boeing. That means that a majority — 52 percent — of Ex-Im’s money went to help just one company.


  1. So another guy who helped built the present over leveraged debt bomb (both corporate and government) is going to save us by using vast new taxpayer debt to bail out the creators of the corporate side of the debt bomb and leaving us with just a vast government debt bomb.


  2. I noticed that all those Zoglodytic Gestapistas in Treasury seemed to be gravitating to that "little dictator" quaiffe made so famous by El Deutsch Mussolini back in the day.

    Now all we have to do is complete their biography the same way Italians completed Mussolini's.

    See you at the barbecue when we slow roast these mofo's! Save me the tenderloin of their first born!

  3. I've dealt with Mr. Lambright on many occasions, and have always considered him a very stand-up guy. If there's any ray of light in this mess, it's because he's involved. I can attest from experience that he is NOT cut from the same cloth as the rest of these thieves.

  4. @ annonymous

    I would be more impressed with your endorsement of Lambright if you have signed your comment instead of going annonymous.

    For all I know you could his mother.