The summer showdown over the Export-Import Bank, which ended in something of a stalemate in September, as Congress authorized a nine-month extension of the bank’s authority, brought to center stage a mounting discontent—on virtually all sides—with the increasingly codependent relationship between business and government. Ex-Im Bank, which in fiscal year 2013 backed $37.4 billion of U.S. exports worldwide (about 2 percent of all U.S. exports), has since become a battered symbol of cronyism. According to the Heritage Foundation, fully two-thirds of Ex-Im financing benefited a single company: Boeing.
Analysis by the Mercatus Center at George Mason University further concludes that the top 10 companies supported by Ex-Im, which include Caterpillar, GE and Applied Materials, accounted for 97 percent of the loan guarantees made in 2013. Meanwhile, critics of the bank argue, the risk for the financing is borne largely by individuals; taxpayer exposure for Ex-Im’s loan guarantees is expected to exceed $140 billion by the end of 2014.
“It’s the quintessential example of cronyism,” says Veronique de Rugy, senior research fellow at the Mercatus Center at George Mason University. “Ex-Im is relatively small but serves primarily very large companies; and in the process, it creates a lot of distortion in the capital markets. It also creates a totally [uneven] playing field because there are just a few exporters getting subsidized, while most are not. So, essentially, it’s the government picking winners and losers.”
Boeing, for its part, claims that without the government support, it would be at a competitive disadvantage vis-à-vis foreign competitors that receive state support. But in a climate of cronyism, it’s a zero-sum game; providing cheaper financing to foreign competitors puts U.S. companies at a disadvantage, as Delta CEO Richard Anderson has pointed out numerous times. “I don’t understand why my government finances my state-owned enterprise competitors in foreign countries that really are governments, not airlines,” Anderson said in July.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
