American taxpayers could be responsible for $150 million because of a deal the Export-Import Bank financed with an Australian satellite company. In 2012, Ex-Im awarded the company, NewSat, $280 million in loans for the construction of a satellite built by Lockheed Martin. But, NewSat just filed for bankruptcy in April.
The bank disbursed approximately $139 million in financing to the company.
Mike McCarthy, Ex-Im Bank’s acting inspector general, said during a House hearing Thursday that the bank is conducting an internal investigation of the bank’s financing with NewSat.
Meanwhile, at a Senate hearing last week, Fred Hochberg, president of the Ex-Im Bank, expressed support for the bank’s actions to fund NewSat, saying the relationship supported 250 jobs at Lockheed Martin and indirectly supported 650.
“From time to time, a deal will experience difficulties. That’s what capitalism is about,” Hochberg said. “Everything doesn’t go perfectly according to plan, sometimes deals do better than expected, sometimes worse, sometimes exactly.”
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The bank’s charter ends on June 30 and currently 65 senators support reauthorizing the charter.
>>> How a $200 Million Bet on Australian Satellite Company Went Wrong for Export-Import Bank
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