Jobs added due to Ex-Im
I believe Heritage Foundation founder Ed Feulner, author of the column “Losing jobs over Ex-Im's expiration? Don't believe it” , is wrong and University of Pittsburgh professor emeritus Raymond Richman, writer of the letter “Not crony capitalism” , is correct. Feulner has written some very good position papers but he missed the point in his column.
Without a doubt, Scientific Industries Inc. would have lost a very large order from Sinopec (China) if it were not for the assistance of some very helpful people at First National Bank in Pittsburgh with the cooperation of the Export-Import Bank. Scientific Industries has added employees at its Pittsburgh subsidiary (Altamira Instruments) and at its New York location because 60 percent of its American-made products, as of 2015, are delivered to offshore destinations. Securities and Exchange Commission Form 10-K filings document my statement.
The availability of the Ex-Im Bank and its designated lenders (i.e., First National Bank) are business tools that, used properly and with time, can produce a profound improvement in our economy. If somebody oversimplifies an issue, from an ideological position, I suspect they don't understand economic realities or effective business management.
Joseph G. Cremonese
The writer is chairman of the board of Scientific Industries Inc., based in Bohemia, N.Y.