December was a very busy month for the hard working folks at the Federal Financing Bank (FFB) Link. 117 new loans were made, while 612 old ones were rolled over. If you have 60 seconds (and want to see some weirdness) scroll through the list - it's endless. I did take pics of the report, they are at the bottom.
Follows is a highlight of one section of the report. These are the soft loans made in December to solar projects out west. The FFB is in deep on this type of lending - a total of $8.1B.
Note the rollovers for Tonapah.This is a project that has thousands of mirrors focused on a tower. The tower contains salt that is heated to 1,000 degrees, and that heat is used to make electricity. A pic of the completed project.
One small problem has occurred. The intense heat from the mirrors fries anything that flies by. Who cares about few birds?
This is a $2.2 Billion project brought to you by Google (who needed the tax-credits that come with solar investments) and, of course, the FFB who made/guaranteed $1.6b in loans. So, one way or the other, the taxpayers paid for the whole thing.
Follows are the pages (all 22 of them) from the FFB report. Check out some of the interest rates that you receive on your investments. WTF?
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