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September 17, 2011 - Birthday of the Constitution
Things are starting to boil in the pot of "Looking Like A Lending Whore" at the Treasury and White House. Victory has many friends but a loan gone down the toilet? Nobody wants to touch that - even with a piece of toilet paper. The only problem is, this toilet paper is made up of approximately 1/2 billion dollars of taxpayer money that has not event been collected and paid to the Chinese with interest, yet. That will be for your children to worry about when they have must live in an ever more complex world in a nation that spent THEIR wealth like a bunch of drunks on a Chicago Street corner.
Read this but take a blood pressure pill first. You will need it!
By Bruce Krasting on 09/17/2011
zerohedge.com
"If you want to find out what happened with Solyndra you have to follow the money. I did. The half billion dollars of taxpayer dough that is probably lost in Sol came from the Federal Financing Bank (“FFB”). It’s worth a look at this bank to see what is going on.
FFB is a bank that is owned and controlled by the US Treasury. The chairman of the Board is the TSec. (Tim Geithner). With the (big) exception of the Post Office all of the loans at FFB are guaranteed by government agencies. Technically speaking, FFB has no risks on loans guaranteed by an agency like the DOE. But I don’t think that should absolve Tim Geithner of any responsibility regarding the losses the country faces with Solyndra. If he, (or anyone else at Treasury) puts their pen to a ½ billion loan, they better well know where the taxpayers money is going. That didn’t happen."
Read the rest of this fascinating article here:
Solyndra's Whorehouse Lender (zerohedge.com)
FFB is a bank that is owned and controlled by the US Treasury. The chairman of the Board is the TSec. (Tim Geithner). With the (big) exception of the Post Office all of the loans at FFB are guaranteed by government agencies. Technically speaking, FFB has no risks on loans guaranteed by an agency like the DOE. But I don’t think that should absolve Tim Geithner of any responsibility regarding the losses the country faces with Solyndra. If he, (or anyone else at Treasury) puts their pen to a ½ billion loan, they better well know where the taxpayers money is going. That didn’t happen."
Read the rest of this fascinating article here:
Solyndra's Whorehouse Lender (zerohedge.com)
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