The Export-Import Bank in 2012 loaned $281 million to an Australian satellite company whose executives had a penchant for living large. As the Sydney Morning Herald reported:
The shareholders and lenders behind a listed Melbourne satellite company funded an extravagant lifestyle for senior executives who ran up a $1 million travel bill flying the world first-class, guzzling French champagne and enjoying $10,000 dinners.
…NewSat's external auditors have reported concerns to the Australian Securities and Investment Commission after an internal review of the company's affairs last year uncovered uncontrolled spending and questionable transactions.
In April, the company filed for bankruptcy.
On Thursday, Ex-Im's acting inspector general testified that this could leave U.S. taxpayers on the hook for around $150 million, the Hill reported.