Boeing exec warns of risks if U.S. Ex-Im bank scrapped

WASHINGTON, April 3 Thu Apr 3, 2014 2:18pm EDT

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WASHINGTON, April 3 (Reuters) - A top Boeing Co official on Thursday said a fresh drive by some lawmakers and interest groups to scrap the Export-Import Bank of the United States would put the nation at a competitive disadvantage and risk thousands of U.S. jobs.

Boeing Chief Operating Officer Dennis Muilenburg told an aviation summit hosted by the U.S. Chamber of Commerce that the bank's financing helped offset subsidies and credit financing provided by other governments to its foreign competitors.

"Without it, U.S. exporters would be at an even greater disadvantage in global markets than they find themselves in today," Muilenburg said. "Discarding this important tool for U.S. companies would amount to unilateral disarmament."

The Ex-Im Bank facilities loans to overseas companies to help them buy U.S. products.

Some conservative Republicans have a philosophical objection to the U.S. government running a bank that makes loans to help exporters and have been trying to shut it down for years. They are expected to try again when the bank is up for funding renewal by the end of September.

Heritage Action, the lobbying arm of the conservative Heritage Foundation, this week called the bank a "model of special interest-fueled cronyism.

The bank supports loans on products ranging from lumber to cosmetics but giant corporations such as Boeing, Caterpillar and General Electric are major beneficiaries.

Delta Airlines has long argued that Ex-Im Bank financing allows foreign competitors to buy Boeing planes on better credit terms than it can obtain.

Supporters argue that the bank is self-sustaining, and contributes to federal coffers since it earns money on fees and interest.

In fiscal 2013, the bank authorized $27 billion to back about $37 billion in U.S. export sales and returned over $1 billion to the U.S. Treasury.

Muilenburg said the loss of the credit financing provided by the Ex-Im Bank meant foreign carriers might buy aircraft from Airbus or others rather than from Boeing.

"Given the hundreds of thousands of American jobs the bank supports every year and the billions of dollars we generate for taxpayers, we are optimistic Congress will reauthorize the Bank as soon as possible," said Daniel Reilly, a bank spokesman.

Loren Thompson, a Virginia-based defense consultant, said support from lawmakers keen to protect jobs in their districts meant the Ex-Im Bank would probably survive. (Editing by Ros Krasny and Alden Bentley)

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Comments (2)
tomas85225 wrote:
Many airlines are not replacing there exist Boeing aircraft,
since Boeing CEO James McNerney, and GE CEO Jeff” Immelt are member of the board on the Import-Export Bank, that made better loan to foreign airlines at a lower interest rate

Delta, and other Airline Group have file law suits against the U.S. Export-Import Bank over Air India Loan Guarantees
http://www.bloomberg.com/news/2011-11-16/airline-group-sues-

The list of indictments of Boeing Chairman and CEO W. James McNerney Jr. continues to grow.
His administration at Boeing began in 2005 at about the same time as development of the 787 began in earnest. All of the delays and flaws of the project have happened on his watch.
Jim” McNerney, the CEO got a 27 million bonuses and Ray Conner get 60,000 share of stock

CEO W. James McNerney should be fire over he’s action at The U.S. Export-Import Bank that cost Boeing orders
Boeing Falls Behind Airbus in Orders and Deliveries – 24/7 Wall St. http://247wallst.com/aerospace-defense/2013/04/05/boeing-falls-behind-airbus-in-orders-and-deliveries/#ixzz2f252nmAS

The 787 is a risk shaving program see Manufacturing and suppliers
http://en.wikipedia.org/wiki/Boeing_787_Dreamliner

The state government of Washington and south Caroline has given Boeing tax break alone with tax payer dollars alone with the federal government and the government of Japan has 35% of the 787 program and 21% of 777

The tax payer is not stock holder and all public money should be bonds issues where the tax payer can be pay back
787-8 time line of problems
http://www.dailymail.co.uk/news/article-2261723/More-nightmares-Boeing-787-Dreamliner-plane-suffers-second-fuel-leak–FIFTH-reported-problem-just-week.html?ns_mchannel=rss&ns_campaign=1490

Many airlines wanted compensation due to all the problems with the 787’s and for the grounding and late delivery, the 787 was 3.5 years late before the first aircraft was delivery
http://nyc787.blogspot.com/2012/08/air-india-to-be-allowed-t
http://247wallst.com/aerospace-defense/2013/03/20/dreamliner-customers-want-cash-compensation-from-boeing/
Delta has orders 18 787s and 109 Boeing 737s, Delta Air Lines said it will buy 40 more Airbus planes
http://finance.yahoo.com/news/delta-announces-order-40-airbu

British Airways Poised to Dump Boeing – 24/7 Wall St. http://247wallst.com/aerospace-defense/2013/04/08/british-ai

Singapore Airlines likely to convert orders to A350-900 & -1000
http://atwonline.com/airframes/singapore-airlines-orders-30-
Lion Air orders 234 A320 Family aircraft
www.airbus.com › Press centre › Press releases
American Airlines takes first of its 260 Airbus airplanes on order
rhttp://aviationblog.dallasnews.com/2013/07/american-airlines-takes-first-of-its-260-airbus-airplanes-on-order.html/

Airbus, ANA & JAL in Discussions for A350 Orders
www.airliners.net/aviation-forums/general_aviation/read.main/5763585

Air China Places Order for 100 Airbus SAS Aircraft
www.airport-int.com/news/air-china-places-order-for-100-airbus-sas…

Airbus wins $7 billion Philippine Air order
http://www.reuters.com/article/2012/08/28/us-philippines-air

EasyJet Sets $11.5 Billion Deal to Buy Airbus A320, Crushing Boeing
EasyJet will buy a number of planes from Airbus in a setback to rival

Boeing Co. (NYSE: BA), which has had a share of setbacks due to problems with batteries on its 787 Dreamliner. The battery problem took the Dreamliner out of service for months.
http://247wallst.com/aerospace-defense/2013/06/18/easyjet-sets-11-5-billion-deal-to-buy-airbus-a320-crushing-boeing/#ixzz2eKKA6SFh

Air India will take delivery of their 787s… But now Air India wanted compensation for 787 failures to meet performance guarantees.
Air India and Jet air has decided to sell five out of its eight Boeing 777-200LR aircraft owing to changes in market dynamics due to the Global recession, steep increase in fuel prices and poor yields on non-stop routes,
http://www.livemint.com/Companies/LcGtDjzqk8zicRCVjyJN1N/Air
Vietnam’s VietJet agrees bumper $8.6 billion Airbus order, plans …
Sep 25, 2013 • The Vietnamese airline would buy mostly A320 planes using loans from foreign banks, managing director Luu Duc Khanh told Reuters in a telephone
Poland’s LOT gives Boeing three months to settle over Dreamliners
http://www.reuters.com/article/2013/09/26/poland-boeing-idUSL5N0HM16M20130926

787 problems stir complaints from Norwegian, Polish airlines
seattletimes.com• London-based airline consultant John Strickland said Norwegian’s problems are likely exacerbated by the punishing flight schedule on which it operates its two 787s. And he said that on the 787, the normal teething pains… Note aircraft do not have teeth’s
http://www.usatoday.com/story/todayinthesky/2013/09/26/norwegian-air-polish-lot-boeing-dreamliner/2878019/
http://www.usatoday.com/story/todayinthesky/2013/09/26/norwegian-air-polish-lot-boeing-dreamliner/2878019/
The irony about the A350-900 and others Airbus aircrafts ect is that the parts and subassembly are products in factories once own by Boeing , Boeing sells fabrication plants
http://seattletimes.com/html/boeingaerospace/2002419494_boeing04.html

Boeing need 27 Billions of tax payer money to build 259 777-X that will not be ready still 2040 alone with the 737MAX, 787-10
Washington Governor Jay Inslee, a Democrat, called the session to seek roughly 8 billion in tax breaks, a streamlined permitting process for Boeing and $10 billion in funding for transportation improvements, and construction of 1.5 million square feet of new facilities in the Puget Sound Alone with the exiting 9 Billions to the year to 2040 for the total 27 Billions

http://article.wn.com/view/2013/11/09/Washington_state_Senate_passes_tax_breaks_aiming_to_win_Boei_l/

Apr 03, 2014 5:02pm EDT  --  Report as abuse
tomas85225 wrote:
Many airlines are not replacing there exist Boeing aircraft,
since Boeing CEO James McNerney, and GE CEO Jeff” Immelt are member of the board on the Import-Export Bank, that made better loan to foreign airlines at a lower interest rate

Delta, and other Airline Group have file law suits against the U.S. Export-Import Bank over Air India Loan Guarantees
http://www.bloomberg.com/news/2011-11-16/airline-group-sues-

The list of indictments of Boeing Chairman and CEO W. James McNerney Jr. continues to grow.
His administration at Boeing began in 2005 at about the same time as development of the 787 began in earnest. All of the delays and flaws of the project have happened on his watch.
Jim” McNerney, the CEO got a 27 million bonuses and Ray Conner get 60,000 share of stock

CEO W. James McNerney should be fire over he’s action at The U.S. Export-Import Bank that cost Boeing orders
Boeing Falls Behind Airbus in Orders and Deliveries – 24/7 Wall St. http://247wallst.com/aerospace-defense/2013/04/05/boeing-falls-behind-airbus-in-orders-and-deliveries/#ixzz2f252nmAS

The 787 is a risk shaving program see Manufacturing and suppliers
http://en.wikipedia.org/wiki/Boeing_787_Dreamliner

The state government of Washington and south Caroline has given Boeing tax break alone with tax payer dollars alone with the federal government and the government of Japan has 35% of the 787 program and 21% of 777

The tax payer is not stock holder and all public money should be bonds issues where the tax payer can be pay back
787-8 time line of problems
http://www.dailymail.co.uk/news/article-2261723/More-nightmares-Boeing-787-Dreamliner-plane-suffers-second-fuel-leak–FIFTH-reported-problem-just-week.html?ns_mchannel=rss&ns_campaign=1490

Many airlines wanted compensation due to all the problems with the 787’s and for the grounding and late delivery, the 787 was 3.5 years late before the first aircraft was delivery
http://nyc787.blogspot.com/2012/08/air-india-to-be-allowed-t
http://247wallst.com/aerospace-defense/2013/03/20/dreamliner-customers-want-cash-compensation-from-boeing/
Delta has orders 18 787s and 109 Boeing 737s, Delta Air Lines said it will buy 40 more Airbus planes
http://finance.yahoo.com/news/delta-announces-order-40-airbu

British Airways Poised to Dump Boeing – 24/7 Wall St. http://247wallst.com/aerospace-defense/2013/04/08/british-ai

Singapore Airlines likely to convert orders to A350-900 & -1000
http://atwonline.com/airframes/singapore-airlines-orders-30-
Lion Air orders 234 A320 Family aircraft
www.airbus.com › Press centre › Press releases
American Airlines takes first of its 260 Airbus airplanes on order
rhttp://aviationblog.dallasnews.com/2013/07/american-airlines-takes-first-of-its-260-airbus-airplanes-on-order.html/

Airbus, ANA & JAL in Discussions for A350 Orders
www.airliners.net/aviation-forums/general_aviation/read.main/5763585

Air China Places Order for 100 Airbus SAS Aircraft
www.airport-int.com/news/air-china-places-order-for-100-airbus-sas…

Airbus wins $7 billion Philippine Air order
http://www.reuters.com/article/2012/08/28/us-philippines-air

EasyJet Sets $11.5 Billion Deal to Buy Airbus A320, Crushing Boeing
EasyJet will buy a number of planes from Airbus in a setback to rival

Boeing Co. (NYSE: BA), which has had a share of setbacks due to problems with batteries on its 787 Dreamliner. The battery problem took the Dreamliner out of service for months.
http://247wallst.com/aerospace-defense/2013/06/18/easyjet-sets-11-5-billion-deal-to-buy-airbus-a320-crushing-boeing/#ixzz2eKKA6SFh

Air India will take delivery of their 787s… But now Air India wanted compensation for 787 failures to meet performance guarantees.
Air India and Jet air has decided to sell five out of its eight Boeing 777-200LR aircraft owing to changes in market dynamics due to the Global recession, steep increase in fuel prices and poor yields on non-stop routes,
http://www.livemint.com/Companies/LcGtDjzqk8zicRCVjyJN1N/Air
Vietnam’s VietJet agrees bumper $8.6 billion Airbus order, plans …
Sep 25, 2013 • The Vietnamese airline would buy mostly A320 planes using loans from foreign banks, managing director Luu Duc Khanh told Reuters in a telephone
Poland’s LOT gives Boeing three months to settle over Dreamliners
http://www.reuters.com/article/2013/09/26/poland-boeing-idUSL5N0HM16M20130926

787 problems stir complaints from Norwegian, Polish airlines
seattletimes.com• London-based airline consultant John Strickland said Norwegian’s problems are likely exacerbated by the punishing flight schedule on which it operates its two 787s. And he said that on the 787, the normal teething pains… Note aircraft do not have teeth’s
http://www.usatoday.com/story/todayinthesky/2013/09/26/norwegian-air-polish-lot-boeing-dreamliner/2878019/
http://www.usatoday.com/story/todayinthesky/2013/09/26/norwegian-air-polish-lot-boeing-dreamliner/2878019/
The irony about the A350-900 and others Airbus aircrafts ect is that the parts and subassembly are products in factories once own by Boeing , Boeing sells fabrication plants
http://seattletimes.com/html/boeingaerospace/2002419494_boeing04.html

Boeing need 27 Billions of tax payer money to build 259 777-X that will not be ready still 2040 alone with the 737MAX, 787-10
Washington Governor Jay Inslee, a Democrat, called the session to seek roughly 8 billion in tax breaks, a streamlined permitting process for Boeing and $10 billion in funding for transportation improvements, and construction of 1.5 million square feet of new facilities in the Puget Sound Alone with the exiting 9 Billions to the year to 2040 for the total 27 Billions

http://article.wn.com/view/2013/11/09/Washington_state_Senate_passes_tax_breaks_aiming_to_win_Boei_l/

Apr 03, 2014 5:02pm EDT  --  Report as abuse
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