© Unknown
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.
And according to KPMG's audit report of the bank, the FFB 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.
Comment: Indeed, the paranoid premises on which this whole 'anti-secte' policy has subsumed the French state are designed on the one hand to suppress the growth of independent healthy thinker and on the other to camouflage the real conspiracy, one based on objective science and observable through the scientific method, of pathological deviants like Fénech instituting a fascist takeover of once-free France.
Political Ponerology: The Scientific Study of Evil Adjusted for Political Purposes