Hightower Lowdown

Would you loan $5 billion of U.S. taxpayers' money to a British-owned company so that it can make a profit by selling U.S. nuclear technology to China, which in turn is likely to copy that technology and become the world leader in manufacturing it? If that sounds like a good deal, then you've got a bright future at the Export- Import Bank. Because this is an actual loan approved by the geniuses at this bank—a bank that is supposed to help American companies increase their exports, ostensibly to create U.S. jobs.You can argue, as I have, that the Ex-Im Bank is mostly a corporate welfare fund, financing projects that giant corporations can and should finance themselves— but (excuse my chauvinism here) the subsidies at least should go to American corporations.

This deal looks like it qualifies, for the $5 billion loan is to Westinghouse Electric to build four huge nuclear reactors in China. But in 1998 BNFL, owned by the British government, bought this nuclear division of Westinghouse. So our tax dollars are protecting the investment of Brits, and any profits from the deal go to them.

But wait, says the bank, some components will be made in the good ol' US of A, creating 5,000 American jobs. OK, five billion dollars divided by 5,000 jobs is what? A million dollars of our tax money to create each job!

Meanwhile, BNFL will use our money to sell our technology to the Chinese government, which intends to take over the manufacture of the very components now made here. If this makes sense to you, rush your resume to the export-import bank today.