Source
The Federal Financing Bank (FFB) has released its August report. This is the bank that has provided the $500mm to Solyndra. Under normal conditions this monthly report would go unnoticed (except by folks like me). This time might be different. I would expect that a few Republicans are going to jump all over this. They should. The FFB is continuing to lend taxpayer money with virtually no oversight.
From the report:
Net holdings of government-guaranteed loans increased by$757.4 million.Another ¾ of a billion out the door. Who got this money? Answer: The same characters that have gotten the "Free Money" since Obama and Geithner took control. The breakdown of the DOE advances and the pricing:
There was a total of $89,500,000 of other new loans to solar related projects. The DOE guaranteed loans now total a tidy $6 billion. That number will surely rise next month.
Ford gets another $163 million. Just what is it we are doing with Ford that requires this much money?
Unrelated to the DOE and the solar loans are the HOPE NOW BONDS. This is the money that will be used to facilitate a mortgage ReFi that I anticipate a formal announcement on in a matter of days. Note that the $491mm was rolled over at a rate of 0.01%. Nearly half a billion dollars is outstanding. The cost is only $4,100 per month.
The Federal Reserve has recently announced that it will be increasing its surveillance of blogs. (They are already doing this in a big way) See Zero Hedge.
I have no doubt but that the Treasury Department is already doing the same. I have a message for those folks who are looking at the alternative press and the information they keep coming up with.
You’re Not Watching Us. We’re Watching You!
About The Author - Bruce Krasting had worked on Wall Street for 25 years--"For 25 years I woke up thinking, "What am I going to do today to make some money in the market". I don't do that any longer. But I miss it." Nowadays, Bruce blogs about his take on financial events at Bruce Krasting. (EconMatters author archive here.)
