Meet the FFB: The Largest D. C. Slush Fund Ever: Part 1
Way back in 1973, Congress created another apparent political money-laundering, graft, and bribery payout-machine, (using our tax dollars) titled The Federal Financing Bank. (FFB) As always, when Congress creates a new way to try to steal more money from the working class taxpayers,( while trying to keep them from finding out about it ) they come up with wonderful, serious-sounding "mission statements" like the following supposed explanation of what the FFB was created for:
Federal Financing Bank The Federal Financing Bank (FFB) is a government corporation, created by Congress in 1973 under the general supervision of the Secretary of the Treasury. The FFB was established to centralize and reduce the cost of federal borrowing, as well as federally-assisted borrowing from the public. The FFB was also established to deal with federal budget management issues which occurred when off-budget financing flooded the government securities market with offers of a variety of government-backed securities that were competing with Treasury securities. Today the FFB has statutory authority to purchase any obligation issued, sold, or guaranteed by a federal agency to ensure that fully guaranteed obligations are financed efficiently
Congress created our Treasury Department in 1789 and then in 1913 created the Federal Reserve as a new U. S. central banking system. If both the Treasury and the Federal Reserve are doing their jobs correctly, then why would congress decide to create The Federal Financing Bank in 1973? The answer to that is the fact that there was no valid reason for creating the FFB, other than to obscure and hide the massive slush fund that Congress has given themselves in order to buy votes and increase their power over the people. (with your money) I also find it highly hypocritical that certain politicians demand an audit of the Federal Reserve while ignoring this Congressional money-shifting-mafia style taxpayer-abusing fraudulent loan shark program called the FFB. One look at their July 2011 statement and we start to get a real idea of just how the tyrants of Congress view OUR tax dollars as their personal political piggy banks to buy some votes here, give relatives and friends a few billion there, all the while doing their best to make it difficult for the average taxpayer to recognize it as taxpayer abuse and fraud by creating another banking entity, and therefore creating another difficult paper trail to investigate. For the readers who do not click the link to the FFB page, I shall include a few sections of just what they have been up to in the month of July of 2011, alone. Note: This is the end of Sept, and we have YET to see the numbers for the FFB in August. They certainly know they are being scrutinized today for being the middleman in the Solyndra scandal among other things, so one could imagine the effort they will put into "creating" a nice clean August report, whenever they decide to grace us with that information. First of all, how many readers even knew that the loan-sharks at the FFB "loaned" the USPS money every single day in July, 2011? Wait, I made a mistake there. The FFB loaned the USPS money every single day in July that they were open, but sometimes, like on July 13th, for example, they loaned them money four times, not just once. Look right here, if you do not believe the information stated in this article. The FFB takes however much money it wants from the U. S. Treasury and then "loans" it out as it sees fit, with little to zero Congressional oversight or input. This is mafia-style loan sharking except for one big difference: The mafia-don actually loans out his own money at super high interest rates. while the mobsters of Congress just take the taxpayer’s money from them to "loan" it out as they see fit, and if that loan goes to a relative or crony-capitalist such as Solyndra, they do not even charge them 1% interest! Add to that the fact that Congress also often "forgives" the interest rates on loans made to crony-capitalists, political vote buyers, and certain "colleges of color." That’s right, as in this statement from a Fox News article by Elizabeth MacDonald yesterday, that first called my attention to the Congressional mafia-style loan sharking going on at the FFB:
For instance, the FFB has been hit with losses on loans to the U.S. Department of Agriculture, loans the Agriculture Dept. received to service rural utilities. The Agriculture Dept. is stiffing the FBB on interest it owes on these loans, a cumulative $1.7 billion in losses here.
The bank also lets the General Services Administration [GSA], as well as “Historically Black Colleges and Universities,” and the Veteran Administration slide on interest costs on their loans, too. The bank lets them defer interest costs “on their loans until future periods,” the KMPG report say.
So now our Congress thinks itself to be so all-powerful that it can break Federal anti-discrimination laws in Federal loan programs and favor one college over another based on the color of the skin of their students, and decide to forgive, or delay proper payment of the interest due on their taxpayer-funded loans. Notice how the Solyndra loans ( in link above) were given out at a measely .01% interest rate there? The loan sharks of Congress dish out over a half a billion tax dollars to largely Democratic campaign donors, and then decide to basically do it for free? With our money. Just who in the hell do these people think they are here? Congress has now given themselves the power to use taxpayer money to enrich themselves, their friends and relatives, and dole out billions of taxpayer dollars to phony companies and assorted dysfunctional entities like in the Solyndra Scandal of late. YES SOLYNDRA received loans from the FFB.
The FFB was akin to the mafia loan shark on the street who handed Solyndra the bag with half a billion taxpayer bucks in it, knowing darn good and well that they would be bankrupt in very short order as reports had told them YEARS before, when they were originally denied taxpayer funding by Congress and the GWB administration. Then the mafia Don, in this case the Democratic Party of tyrants in Congress, when told that Solyndra has went bankrupt and the taxpayers will not get any money back, just shrugs his head and tells the loan collection agents not to worry about it, as it wasn’t their personal money that was lost, it was just money he/they had stolen from the people to begin with. ( in taxes) Easy come easy go, according to the Congressional loan sharks of today. Ms. MacDonald goes on to further show how this loan sharking "Bank" was flat broke in 2008, and yet has given out some 61 billion dollars in loans ( In just the month of July 2011 ) while Barack Obama and the fake Democrats were ruling all of Congress. While Republicans have probably been up to their necks in this Congressional loan sharking scam in the past, thanks to the Solyndra scandal, we now see that it is mainly Democrats who have been caught red-handed in the most recent episode of the FFB loan-sharking scheme of the past 3 years.
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% , 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 if that isn’t enough to get your blood boiling yet, we now see the Agriculture department getting in on the pay-to-play loan sharking fraud from within the the FFB:
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.
Ms. MacDonald takes it one step further in explaining that what should really have the taxpayers concerned is the fact that the loan sharking Tyrants of Congress have now empowered themselves through the The FFB to "borrow unlimited amounts of taxpayer money from the Treasury for these kinds of political pet projects. Under the 1973 “FFB Act, the bank may, with the approval of the Secretary, borrow without limit from the Treasury,” says the bank’s audited statements from KPMG." (emphasis mine) Considering that today’s Secretary of the Treasury is proven tax dodging felon Timothy Geitner, it is of little comfort to the American taxpayers that all that Congress needs to access billions of dollars of the people’s money for their loan-sharking enterprise known as the FFB, is Mr. Geitner’s approval. "The Treasury Department’s inspector general is now investigating the bank over its $528 million loan to Solyndra. FFB’s chairman of the board is Treasury Secretary Tim Geithner, and the bank’s board executives are Treasury officials." How many treasury executives did you people vote into office in 2010? If you said zero you get a star, as the U.S. Treasury is a bunch of political appointees who do not have the authority to bypass the U. S. Congress in giving out taxpayer funded loans. Clear enough Mr Geitner and company? Just because the past clowns of congress in 1973 decided to create this loan sharking bank at taxpayer’s expense does not make it Constitutional. Period.
Most people go about their lives not concerned about things like this government loan sharking scam until someone gets killed or seriously hurt by it, as in the current Fast and Furious gunrunning scandal where our very own government enabled drug cartels to purchase assault weapons resulting in the murder of border agents and hundreds of citizens in the U.S. and Mexico. By then its usually too late, the innocent citizens are dead and buried, and, in the case of the FFB, all the money has been stolen to never be seen again. Even then, after the fraud, graft, loan sharking and outright theft of their hard earned money is exposed as it is right here, they say well you can’t fight the government so, oh well. The problem with that is that the end result will be that eventually all the money will be gone, America will default on her $15 trillion dollars of debt, and there will be chaos in the streets due to shortages of common everyday necessities, such as food and shelter. This is not over-stated fear-mongering, but is in fact, a serious dose of the reality of what is happening in American politics today. When this country becomes insolvent, chaos will ensue, and society will become unstable. Similar examples of the dangers of common types of loan-sharking that ends up hurting everyday people, can be seen in the mafia wars in NYC and across the nation in past history. The mafia employed loan sharks who mainly used unscrupulous tactics to take advantage of poor people who otherwise could not afford a loan. In the case of the FFB loan to Solyndra, Congress was told they were a bad risk to lend money to, but Democrats could not resist the chance to fluff up their campaign coffers with a few billion tax dollars, while also getting the head Democrat, one Barack Obama on national TV to be seen by millions of Americans promoting the "Successful Solyndra Solar Company." Hint to the eventual Republican presidential candidate winner in 2012: The video clip of Barack Obama while actually giving a speech touting the validity of green energy companies at the now bankrupt Solyndra Solar company will make a wonderful campaign ad in 2012. Oh yes we can.
The people of NYC were also living in fear at one point in history from the mob bosses and their loan sharks, as their power increased and the blood ran deep in the streets on a daily basis during their power struggles. Loan sharks would break legs and arms if you couldn’t pay up, unless they decided to just make you disappear altogether for being unable to pay up in full. As the power struggle during the mafia wars ratcheted up, many innocent people were killed when they were caught up in the gunfire. The people saw that as the mob’s power increased, life got worse and worse for them, and they were not even free to walk the streets safely at night. Murder became commonplace during the height of the mafia wars in America. Today, the blatant theft of our tax dollars is now becoming commonplace, due to political greed and the career politician’s quest for more power over the people.
These acts of tax dollar thievery such as the loan-sharking scam at the FFB will eventually add to the already very dangerous debt load and impending insolvency of America. Billions are being stolen under the guise of government loans and bailouts, and eventually the people will have to make a stand by changing their government at it’s core, and the way they allow them to handle their business. We have already seen the theft of almost a trillion taxpayer dollars in the form of the stimulus bill of 2009, in which we were promised by Barack Obama, that all those taxpayer dollars would keep unemployment under 8%. Over two years later, we see little to no actual accounting of all that money, but in fact we currently see between 15 and 20 million Americans either unemployed or underemployed as they struggle to make ends meet. The stimulus program was just another government loan-sharking scheme where the taxpayer got screwed while the politicians friends in the unions, their crony-capitalists in the green energy scams, and their direct and indirect relatives enriched themselves to the detriment of our economy. ( More on a big name politician involved in this fraud to come in part 2 ) This was also the very reason that Barack Obama and company directed all Democrats and their media puppets to stop using the word "stimulus" in public recently. Americans got wise to that scam in 2010, so politicians turned to their other loan-sharking scam known as the FFB, and started doling out taxpayer dollars through it in a pathetic attempt to obscure their obvious theft of billions of hard-earned tax dollars once again. Will the FFB government loan-sharking fraud ever be honestly investigated in the United States Congress in the near future? Considering that this so-called bank was set up for the sole purpose of enabling politicians to use it as a way to bypass certain aspects of Congressional accountability as to how our tax dollars are being spent, the answer to that question has to be an emphatic NO.