Skip to comments.The Secret Gov't Bank That's Financing More Solyndras?
Posted on 09/28/2011 1:08:21 PM PDT by cowtowney
This little-known government bank, the Federal Financing Bank [FFB], had a zero balance in 2008 for green energy projects, but now, with little Congressional oversight, it is giving out billions of dollars in loans to White House pet projects often at dirt-cheap interest rates below 1%.
In July alone, the government bank, which had $61 billion in assets, lent nearly three quarters of a billion dollars in taxpayer funds with no Congressional checks and balances.
Plus the bank is funding the insolvent U.S. Post Office; the White Houses expensive green car projects at Ford Motor, Nissan and Tesla Motors; a $485 million loan to an expensive solar project thats lost $160 million over the last three years thats backed by Google, BP and Chevron; plus the FFB is funding the teetering HOPE housing bailout program, which gives delinquent mortgage borrowers breaks on their loans.
(Excerpt) Read more at foxbusiness.com ...
Geithner is in charge. What could go wrong?
Yeah, great! A multi-billion dollar slush fund that can hand out money to pet projects without any realistic prospect of repayment in full. What could possibly go wrong?
FFBs chairman of the board is Treasury Secretary Tim Geithner, and the banks board executives are Treasury officials.
“the bank may, with the approval of the Secretary, borrow without limit from the Treasury, says the banks audited statements from KPMG.”
When will the majority of Americans realize that this Administration are hard core communists and will destroy America. They will never stop unless crushed, jailed, or deported.
the FFBs balance sheet is backed by U.S. taxpayers, except for loans to the U.S. Postal Service, says KPMGs audited statements for the bank. Because you, U.S. taxpayers, are the cushion for the bank, unlike other banks, the FFB does not maintain a reserve for loan losses, says the KPMG report.
Not booking loan loss reserves would get any other bank in trouble with federal bank regulators such as the Federal Deposit Insurance Corp., the Federal Reserve and the Securities and Exchange Commission.
Why can the FFB get away with this?
Because the KPMG report says the bank told it in true Pollyannish fashion that no future credit-related losses are expected,
...and they wonder why we are so pissed! Glad ABCNBCCBSCNNMSN..NYTWP have been on top of this travesty.
Does the word ‘slush’ play a role here?
Does the Federal Financing Bank [FFB] replace the proposed National Infrastructure Bank [NIB] or are they going to have two of these monsters? Do you know?
Kay Bailey supported this NIB monster.
Robert Wolf the UBS guy is all tangled up with Soros and Obama almost as well as GE Immelt.
What the L are they doing in DC?
Kay Bailey is worthless. She can’t go soon enough. What a RINO
And I don't want to hear any crap about “looking to the future, not the past”. With all the bureaucracy we have in WDC, 100,000 investigators could be put to the task without affecting the “quality” of government.
Maybe they could take one less vacation and investigate the corruption
Ford Motors (”we didn’t receive any bailouts”)received over $160 million in low interest loans from this bank.