Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

The Secret Gov't Bank That's Financing More Solyndras?
Fox Business ^ | 9/28/11 | Elizabeth MacDonald

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 House’s expensive green car projects at Ford Motor, Nissan and Tesla Motors; a $485 million loan to an expensive solar project that’s lost $160 million over the last three years that’s 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 ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: banks; corruption; duplicate; federalfinancingbank; ffb; geithner; greenenergy; obama; solyndra; solyndragate

1 posted on 09/28/2011 1:08:31 PM PDT by cowtowney
[ Post Reply | Private Reply | View Replies]

To: cowtowney

Geithner is in charge. What could go wrong?


2 posted on 09/28/2011 1:11:10 PM PDT by cowtowney
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

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?


3 posted on 09/28/2011 1:15:20 PM PDT by rockvillem
[ Post Reply | Private Reply | To 2 | View Replies]

To: cowtowney

FFB’s chairman of the board is Treasury Secretary Tim Geithner, and the bank’s board executives are Treasury officials.

“the bank may, with the approval of the Secretary, borrow without limit from the Treasury,” says the bank’s audited statements from KPMG.”


4 posted on 09/28/2011 1:16:50 PM PDT by cowtowney
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

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.


5 posted on 09/28/2011 1:17:42 PM PDT by Logical me
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

the FFB’s balance sheet is backed by U.S. taxpayers, “except for loans to the U.S. Postal Service,” says KPMG’s 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,”


6 posted on 09/28/2011 1:19:28 PM PDT by cowtowney
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney
Crony Socialism: Obama Gives $737 Million to Solar Firm Linked to the Pelosi Clan

The Secret Government Bank That's Financing More Solyndras

.

7 posted on 09/28/2011 1:24:42 PM PDT by Elle Bee
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

...and they wonder why we are so pissed! Glad ABCNBCCBSCNNMSN..NYTWP have been on top of this travesty.


8 posted on 09/28/2011 1:36:39 PM PDT by Thom Pain (OMG ABO)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

bttt


9 posted on 09/28/2011 1:41:27 PM PDT by Matchett-PI (Obamageddon, Barackalypse Now! Bam is "Debt Man Walking" in 2012 - Rush Limbaugh)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

Does the word ‘slush’ play a role here?


10 posted on 09/28/2011 1:52:02 PM PDT by GOPJ (Muslims will want to go to the moon when the Jews set-up Israel there. - Dennis Miller)
[ Post Reply | Private Reply | To 2 | View Replies]

To: cowtowney
I just found this:

The Treasury’s authority to issue debt has a statutory ceiling. Although the limit applies to debt held by the public and by government accounts, it does not include debt issued by agencies other than the Treasury, which is included in debt held by the public and gross federal debt. That debt includes the $23 billion issued by the Tennessee Valley Authority and the $12 billion issued by the Federal Financing Bank.

So the FFB isn't even subject to the debt limit.
11 posted on 09/28/2011 2:54:00 PM PDT by MontaniSemperLiberi (Moutaineers are Always Free)
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

http://www.treasury.gov/ffb/


12 posted on 09/28/2011 3:12:33 PM PDT by cowtowney
[ Post Reply | Private Reply | To 1 | View Replies]

To: cowtowney

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.
http://www.reuters.com/article/2010/09/21/us-usa-infrastructure-bank-idUSTRE68K42V20100921

Robert Wolf the UBS guy is all tangled up with Soros and Obama almost as well as GE Immelt.
http://online.wsj.com/article/SB10001424052748703822404575019413702273210.html

http://www.ibb.ubs.com/Meet_our_mngmt/robert-wolf.shtml

What the L are they doing in DC?


13 posted on 09/28/2011 3:13:28 PM PDT by Irenic
[ Post Reply | Private Reply | To 1 | View Replies]

To: Irenic

Kay Bailey is worthless. She can’t go soon enough. What a RINO


14 posted on 09/28/2011 3:16:13 PM PDT by cowtowney
[ Post Reply | Private Reply | To 13 | View Replies]

To: cowtowney
I'd like to hear EVERY Pub candidate for President pledge to investigate the MANY corrupt dealings of the Obama admin. It may not get back any wasted/stolen money, but it may restrain further corruption.

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.

15 posted on 09/28/2011 3:51:01 PM PDT by Mister Da (The mark of a wise man is not what he knows, but what he knows he doesn't know!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mister Da

Maybe they could take one less vacation and investigate the corruption


16 posted on 09/28/2011 3:55:48 PM PDT by cowtowney
[ Post Reply | Private Reply | To 15 | View Replies]

To: cowtowney

Ford Motors (”we didn’t receive any bailouts”)received over $160 million in low interest loans from this bank.


17 posted on 09/28/2011 3:57:09 PM PDT by cowtowney
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson