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theodore M I R A L D I mpa ... editor, publisher, writer
Saturday, September 26, 2015
In Five Days Congress Could Deal A Hammer Blow To Crony Capitalism
A man poses with dollars, after buying them at a money exchange in Caracas, Febreuary 24, 2015. REUTERS/Carlos Garcia Rawlins Guy Bentley
The government should let the charter of the Overseas Private Investment Corporation (OPIC) expire because it “harms poor people all over the world” and enriches the “politically connected,” according to a new report from the Competitive Enterprise Institute (CEI).
The paper argues that the OPIC is “institutionally ill-suited” to its mission of stimulating growth in developing countries and helping U.S. businesses abroad.
Founded in 1971, OPIC provides companies with loans, loan guarantees, political risk insurance and direct investments in developing countries and emerging markets.
OPIC’s funding ranges from loans of $100,000 to $10 million with terms going from three to 15 years. CEI blasts the agency that is often likened to the Export-Import Bank for creating “ineffective job creation schemes” and shelling out cash to extravagantly wealthy special interests.