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Ex-Im Bank chief who oversaw cartel loans now chief investment officer for bailout funds

Let's turn out attention to a national subject that's slightly off topic for Grits (and perhaps a little above my pay grade), but that I've thought deserved attention ever since I noticed a particularly odd connection regarding the much-ballyhooed Wall Street bailout and a story I've written about on Grits. According to Forbes:The U.S. Treasury on Wednesday named U.S. Export-Import Bank chairman James Lambright as the interim chief investment officer of the Treasury's new Troubled Asset Relief Program, reversing a previous appointment.The Ex-Im Bank came onto my radar screen last year after a Dallas TV news reporter discovered they were giving loans to Mexican cartel subsidiaries which then defaulted. I haven't paid much attention to multinational banking institutions since I was an economics major in college, but when most of the agency's defaulted loans in one country went to drug-cartel affiliated figures, you don't need an accounting degree to know something's wrong...continue to full post

Full post as published by Grits for Breakfast on November 04, 2008 (boomark / email).