Dirty bureaucrats, Dirty Politicians, Federal Financing Bank (FFB), FFB, Ford, Google, Government corruption, Government coverups, Government funding, Government spending, Government Waste, Green Energy, HOPE Housing, Kahuku Wind Power, Morgan Stanley, Nissan, obama, Obama Administration, Obama Appointees, Obama's legacy, Progressives, Solar Partners, Tesla, Timothy Geithner, Treasury Department, U. S. Post Office (USPS)
“What a deal. I have 200 year old pecan trees……
Sitting at the center of the Solyndra scandal is an off-balance-sheet bank at the Treasury Department that dates back to 1973.
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….”
Most Americans today cannot afford to squander one dollar, yet our government squanders our taxpayer dollars with the mindset that there is plenty more where that came from and to top it off, they give it away recklessly.
Such waste is despicable and unforgivable and it must stop now.