Anybody ever hear of the Federal Financing Bank?

[TechMan]

http://www.foxbusiness.com/markets/2011/09/28/government-bank-financing-more-solyndras/

Evidently the Federal Financing Bank has been around since 1973 and handing out money with little Congresscritter oversight.  It is part of the Treasury Department and is allowed to give out unlimited loans (From the 1973 FFB Act: "the bank may, with the approval of the Secretary, borrow without limit from the Treasury.") with low low low interest rates, often below 1%.  This is how Solyndra got the $528 million from the .gov.  The FFB has also loaned money for green car projects at Ford ($163 million), Nissan ($1.4 billion), Fisker Automotive ($528.6 million) and Tesla ($465 million).  KPMG has released an audit report on the FFB, stating that it

is losing billions of dollars in taxpayer money because it is forgoing collecting interest costs on already inexpensive loans that are financing projects at agencies like the Agriculture Dept.

Read more: http://www.foxbusiness.com/markets/2011/09/28/government-bank-financing-more-solyndras/#ixzz1ZHKoNN2f

1.5 months before declaring bankruptcy, Solyndra got a $3 million loan from the FFB at a 0.89% rate.


The Post Office is also being propped up via the FFB.  The FFP has so far loaned the Post Office $12.6 billion.


Mash the link to read more about it and raise you BP (YMMV).

[KD5NRH]

1.5 months before declaring bankruptcy, Solyndra got a $3 million loan from the FFB at a 0.89% rate.

.89%?

APS needs to start a company that does nothing but get these loans and dump them into treasury bonds.

[vaskidmark]

.89%?

APS needs to start a company that does nothing but get these loans and dump them into treasury bonds.

from the Budget Problems thread http://www.armedpolitesociety.com/index.php?topic=31614.0

Quote from: Tallpine on September 28, 2011, 10:37:01 AM
But eventually they can't live with it any longer, whether they think they can or not.

The feral.gov at some point has to declare bankruptcy, or something

I have no real problems with that.

As a matter of fact I'd like to propose we establish a consortium that prepares to pick up DoD, at least the BATFE and TSA portions of Homeland Security, and the Coast Guard (not that I have anything against them - I just want to hassle chicks on boats for phone numbers) at the bargain-basement prices they are going to be available at once the .gov goes into bankruptcy.

And if they try to stave off bankruptcy by privatizing, we can work some serious percentages within the JBT-related agencies, and some meaningful tribute sharing from DoD.  Phone numbers stay in-house!

I am seriously concerned that none of you others have seen these possibilities.

stay safe

[Lee]

So Fox News uncovered this after 38 years of operation?