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Another big month at Geithner’s whorehouse bank

Bruce Krasting's picture





 

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 O/Timmy G. took control. The breakdown of the DOE advances and the pricing:

 

At the top of the list is a modest $3mm to our pals at Solyndra. Note that this was done on 7/15; just six-weeks before the lights went out at SOL. How about the % rate? 0.89%. We will never see a dime of the interest or principal on this advance. Nothing short of a joke; a bad one at that.

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 FTAlphaville and 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!
.
 


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Tue, 09/27/2011 - 18:50 | Link to Comment Lord Koos
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" Just what is it we are doing with Ford that requires this much money?"

 

American jobs

Tue, 09/27/2011 - 21:10 | Link to Comment gangland
gangland's picture

SHORT FUCKING F SO.....wait #FORD used to brag about not getting the #GM reach around btu all the while tier sucking like slow parasite right? super pr less public and on going W T F so all im saying is re the people in here SHORT FUCKING F

 

 

Tue, 09/27/2011 - 18:23 | Link to Comment ebworthen
ebworthen's picture

The Federal Reserve is watching the blogs?

Is this like the Slave Ship owners keeping an eye on the slaves in the hold?

Is this like the Pharaoh "keeping an eye" on his slaves?

END THE FED!

Hey Timmah!  Where's my 0.89% loan so I can buy some GOLD asshole!?!?

Why isn't Wall Street in jail again?

Oh, right, back to the oars and stomping the clay and straw to make bricks, so sorry your highness's.

Tue, 09/27/2011 - 17:48 | Link to Comment Mr.Kowalski
Mr.Kowalski's picture

Your breakthrough story on Solandra undoubtedly put you on someone's watch list dear Bruce. Wear it as a badge of honor. 

Tue, 09/27/2011 - 15:59 | Link to Comment Whalley World
Whalley World's picture

We are watching you! Classic, great post.

Tue, 09/27/2011 - 14:51 | Link to Comment gangland
gangland's picture

now youre getting your chops warmed up

Tue, 09/27/2011 - 13:14 | Link to Comment SILVERGEDDON
SILVERGEDDON's picture

Thank BIG BUSINESS for lobbying for the opportunity to run the baseball bat up the collective asses of the "American People" every politician talks about. Politicians are wannabe businessmen - but with no talent, and no capital, and no work ethic. They are what they are. Might's well get pissed at the raccoon that raids your trash cans. He is just doing what evolution gave him a job to do. Corporate World Co is your friend - NOT ! They run the show - every one else is cannon fodder at best, or a problem to be eradicated immediately at worst. The new religion of the millennia. Be careful, or you will be branded as a witch and burned at the stake. Actually, if you read or comment on this website, you are already doomed, 'cause the fluoride in your water, drugs and pesticides in your food, and poison in the air have not yet eliminated free will, or cognitive thinking, the ANTICHRIST of corporate religion.

Tue, 09/27/2011 - 15:25 | Link to Comment Tom_333
Tom_333's picture

Im the benign setting politics is "showbusiness for ugly people" - or phrased in psychological terms, the majority of the contenders have a severe personality disorder along the lines of narcissism.Combine this with interests of "special interests" and the ever increasing greed of the something for nothing crowd - you will see a potent witches brew. In normal times the system can take a fair amount of abuse and still self correct.But these are not normal times by any measure.History in the making!

Tue, 09/27/2011 - 13:26 | Link to Comment realitybiter
realitybiter's picture

Whats that old saying?  "Washington DC is Hollywood for ugly people."

 

I guess we can also add, "Washington is big business for business idiots"

 

How does DC make a small fortune?  It starts with the taxpayers large fortune.

 

Oh, and Hi Ben.  Your mouthwash ain't cutting it!  (ht to Clint, aka dirty Harry, the Man)

Tue, 09/27/2011 - 18:08 | Link to Comment aldante
aldante's picture

Speaking of mouthwash....
Ben, "wash your mouth....there's 7 kinds of COCK BREATH in there"

Trixie.....Deadwood

Tue, 09/27/2011 - 13:22 | Link to Comment Bastiat
Bastiat's picture

Hey all you "watchers,"  here's an assignment:  sit down with your spouse and watch "The Lives of Others."  See if you can figure out who you are in that movie; and see how you measure up in terms of guts and character.

Tue, 09/27/2011 - 12:48 | Link to Comment onlooker
onlooker's picture

 

A Government that spies on its people is fairly normal and a people that spies on their Government is healthy. We are probably not out of the norm but the communication systems and the ability of the people to obtain information is what has the Government concerned. It is getting too good for their comfort.

The USSR policy of not having the population too well educated or too well informed seems attractive to some USA power mongers. For some US citizens, who thought that watching the evening news made them informed and current, the revelations of today’s internet is a shocking reminder that Freedom is not Free.

The first thing that comes to mind with an article like this is the French Underground of WW2. Short wave radio and 3 man cells. It did have a reason and purpose. And, By the way, short wave radio prices on EBay are way up in the last year or so.

 

The first thing any oppressive entity does is take out the educated and the leaders. This time may indeed be different in that the informed also appear to be the in the cross hairs of the sniper scope of the internet. These informed individuals with the courage to challenge oppression openly, are now openly threatened by forces whose motives and purposes are in question.

 

IF what I read here is correct, War has been declared on Freedom of Speech and the RIGHT to be Informed and Educated. Your choice is to remain silent, speak out and face the consequences, or escape the tyranny. This deserves some serious consideration. Safety is seldom a bad choice.

 

For myself, I am old and tired, and outraged at the results of the mishandling by the wealthy elite of our Nation. My blood line is dated back to fighters in the American Revolution. If Freedom has a price, then this is my down payment for a ticket to participate.

 

VOTE

 

VOTE SMART

 

Gandhi, Mandela, MLK

Tue, 09/27/2011 - 16:52 | Link to Comment SmittyinLA
Tue, 09/27/2011 - 12:39 | Link to Comment SILVERGEDDON
SILVERGEDDON's picture

The only paper I own is the stuff I wipe my ass with. Market paper is worthless, because I cannot do a good job of wiping my ass with it. Gold was worth $28.00 an ounce when I was a kid. Silver was worth whatever was printed on the coin you spent. Any one think those days are coming back? All of the lying bum fucking aristocracy of the Age Of Paper Power can burn in their paper suits soonest. I won't even bother pissing on them to put out the flames. I collect gold, silver, lead, copper, real dry powder, food, tools, diesel fuel, and other useful commodities. There is a community of folks all doing the same, so skill sets and extra eyes and hands can guard each others sixes, and "break on through to the other side, break on through to the other side, YEAH "

Paper sucks, you Wall Street fucks! I'll see you vampires in the sun, with my loaded silver gun. Yer goin' down in flames, from Lower Manhattan to the Thames. Your paper is I know not where, I'd rather shit my underwear! For, be there bull, or be there bear, silver is the suit I wear! (With gratitude, and apologies to Dr. Seuss.)

Tue, 09/27/2011 - 14:00 | Link to Comment The Hawk
The Hawk's picture

Mr Silvergeddon, I'm Agent Smith and this is Agent Jones.  Can we come in side...

 

Haha

Tue, 09/27/2011 - 12:06 | Link to Comment NotApplicable
NotApplicable's picture

If the federal government is known as Uncle Sam, then would the FFB whorehouse be known as "your mom?"

Tue, 09/27/2011 - 11:58 | Link to Comment Chump
Chump's picture

Lots of good stuff from you Bruce, especially of late.  Keep doin' what you're doin'.

Tue, 09/27/2011 - 11:30 | Link to Comment piceridu
piceridu's picture

Bruce my boy, Madison, Franklin, Paine would be proud. 

Tue, 09/27/2011 - 11:22 | Link to Comment dizzyfingers
dizzyfingers's picture

Disappointed in Ford. Love our used Ford pickup. I was considering trading my car next year or so for a Ford, but forget that.

Solyndra's website's interesting: http://www.solyndra.com/

Tue, 09/27/2011 - 15:11 | Link to Comment CompassionateFascist
CompassionateFascist's picture

What I don't get is the carryover beyond the decimal point. Solyndra: 8 cents. Kahaku: 34 cents. SP7: 82 cents. SP1: 50 cents. SP2: 49 cents. Beacon: 73 cents. Can they justify this?  Something is very, very wrong here.

Tue, 09/27/2011 - 11:13 | Link to Comment dizzyfingers
Tue, 09/27/2011 - 11:11 | Link to Comment citta vritti
citta vritti's picture

So I guess now that we are through the great financial whatever, and Ford has so proudly said it didn't take any money from Uncle Sugar unlike GM and Chrysler (or didn't need to, anyway, though maybe that's just like GS and JPM didn't need to but just went along for the ride anyway as forced Fed disclosure revealed), it's all okay now to sip at the font of ridiculously cheap liquidity. Thanks, Bruce. Keep up the good work.

Tue, 09/27/2011 - 10:48 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

I think the Fed and Geithner are doing a great job.  ( that should cover my butt )

They are doing a great job for those of us who are heavily into PMs that is.

Tue, 09/27/2011 - 10:51 | Link to Comment Georgesblog
Georgesblog's picture

When I was in high school, some 40 years ago, I asked the question: "Don't you realize how much better off you would be, if the government never got it's hands on your money, in the first place?" The arguments over fiat currency and real money aside, we are much better off when we are in control of our increase and substance. Thomas Jefferson was right. Agents have been sent forth to devour all of the people's substance.

http://georgesblogforum.wordpress.com/2011/07/16/unnatural-law-license-v...

Tue, 09/27/2011 - 10:33 | Link to Comment Problem Is
Problem Is's picture

Like a senile old Senator once said:

"A billion here, a billion there, and pretty soon you're talking real money..."

The Fed Announces What It Has Already Been Doing
Bald Bennie and the Fed monitoring bloggers who just won't join the group think...

That just means the NSA has been sharing its illegal wire tap data with the private bankster cartel...

Tue, 09/27/2011 - 12:22 | Link to Comment New American Re...
New American Revolution's picture

That was Everett Dirkson, US Senator from Illinois.   Things have changed, haven't they.

Tue, 09/27/2011 - 11:48 | Link to Comment tired1
tired1's picture

Actually it was "A million here, a million there...."

What does thet say about inflation?

Tue, 09/27/2011 - 13:03 | Link to Comment el Gallinazo
el Gallinazo's picture

No it wasn't.  Dirkson's words were a billion.  If he were alive today though it would be a trillion here and there.  What did Neil Barofsky say the Fed pissed away of tax slave money?  I remember the number 24 trillion.

Tue, 09/27/2011 - 10:27 | Link to Comment papaswamp
papaswamp's picture

Ford needs the money for sub-prime loans...

Tue, 09/27/2011 - 18:26 | Link to Comment ebworthen
ebworthen's picture

Yup, probably went straight to the finance dept. so they could make sure they sell inventory.

Disappointing, but what else is new about the Treasury, the FED, and the whole rotten cabbage USSA.

Tue, 09/27/2011 - 10:09 | Link to Comment jeff montanye
jeff montanye's picture

.

Tue, 09/27/2011 - 10:08 | Link to Comment mikmid
mikmid's picture

Get em' Bruce, every time you come up with this stuff I email my congressmen and lo and behold they have been returning my emails with telephone calls to let me know what is going on. KEEP IT UP AND ALL OF YOU ZH READERS EMAIL YOUR CONGRESSMEN SO THEY KNOW WE ARE WATCHING.  It may make a differnce.

Tue, 09/27/2011 - 12:10 | Link to Comment NotApplicable
NotApplicable's picture

With few exceptions, I guarantee that those congress critters do not belong to you, but are wholly owned by organized crime. The only difference you may make is the flavor of the lies used to obfuscate their crimes.

Tue, 09/27/2011 - 09:58 | Link to Comment Lady Heather...UNCLE
Lady Heather...UNCLE's picture

...there is a hint of a babbling brook...

Wed, 09/28/2011 - 08:33 | Link to Comment rwe2late
rwe2late's picture

"Note that the $491mm  was rolled over at a rate of 0.01%...The cost is only $4,100 per month."

Hmmm ... that's $1 million paid back every 20 years.  ($50 million every thousand years)

I and my descendents would be happy to get such a loan and use part of the principal to pay it off for the next few thousand years. By then, it should have inflated away nominally to nothingness.

Nice deal, if one is willing to dabble in the immoral.

Tue, 09/27/2011 - 09:56 | Link to Comment El Gordo
El Gordo's picture

I always get amused with I see a commentator talk about what idiots Timmy and Bennie are, and then proceeds to delineate exactly what they are doing leading directly to the achievement of their goals - namely, contribute their fair share to the administration's effort to bring this nation to its knees so that they can rebuild it in the image of Karl Marx.  It would appear to me that they are doing outstanding work, and their achievements are many when you consider what their goals are.  Unfortunately for the populus, they have the power right now, so bend over and enjoy it.

Tue, 09/27/2011 - 10:17 | Link to Comment drB
drB's picture

You are an extremely confused individual. When did Marx and Engels advocated making bankers rich at the expense of middle class which is the goal of Timmah's and Bernank's existence?

Tue, 09/27/2011 - 12:21 | Link to Comment JOYFUL
JOYFUL's picture

au contraire...you sound like an extremely doctrinaire product of the degenerated education system, adept only at misconstruing other folks afflictions..., while vastly overcharging for same...psychiatrist or laywer?

rich bankers "expensed" Marx and Engels to produce their  screeds... which were one half of a two pronged effort to produce endless class warfare and aid in the expropriation of the 'landed'  and  middle classes (as well as the creatively-endowed producer elements of society) by the mercantilist oligarchy.

What part of T&B's program conflicts with the above?

Dabbling in history is a dangerous past time...kind of like 'da market'...consider going all in or staying right out.

Tue, 09/27/2011 - 17:36 | Link to Comment drB
drB's picture

Countries that followed Marx philosophy did not have any banker class. Please show me rich bankers/rich oligarchy in the USSR or their satellites. I lived there for 20 yrs and did not notice any. So, you are wrong on that count. What I see here is that the Obama and before him the Bush policies favored the extra rich at the expense of middle class while the poor are paid off to remain quiet. That is no Marxism. Also, I am neither lawyer or doctor so you are wrong on those counts also.

Wed, 09/28/2011 - 01:48 | Link to Comment JOYFUL
JOYFUL's picture

my best efforts to help you improve yourself appear to have fallen on deaf ears...(read Tarpley)....and you would LEARN that

the USSR did not need to have a 'banker class' because it was the Wall Street and Frankfurt bankster boys who funded and profited from the 'worker's paradise' .... but hey, don't let me rain on your parade~ you're clearly a genius in your own mind!  And therefore, just like doctors and lawyers, incapable of receiving any new information post graduation. You are hereby granted an 'honorary doctorate' in selective awareness.

Tue, 09/27/2011 - 12:58 | Link to Comment hbjork1
hbjork1's picture

Tis true, JOYFUL.  History tends to be written by the winners in broad strokes with significant details omitted.  US history and even recent history starts to get modified.  A former collage classmate and lab partner, went to high school with Elvis Presley.  The real guy was different than the happy persona of the silver screen. 

Tue, 09/27/2011 - 17:32 | Link to Comment drB
drB's picture

I actually used to live in the country which espoused Marxism and as such I was forced to read he had written...what have YOU read of Marx works and if not much then how can you make judgement with respect to his intentions/philosophy?

Tue, 09/27/2011 - 10:10 | Link to Comment jeff montanye
jeff montanye's picture

karl marx didn't maintain that the workers of the world should be stripped naked to bail out the bankers, etc. of the world.

Tue, 09/27/2011 - 10:58 | Link to Comment Clark Bent
Clark Bent's picture

Sure he did, when he grossly misunderstood the idea of private property, and encouraged unfettered power in the hands of a few masters. Any educated person, as educated as say, Thomas Jefferson, John Adams, George Washington, etc. knew their Cicero and Tacitus, and they knew it was a very bad idea indeed to create super-committees of autocrats based on specious theories of historical science. Get wise, there is no such thing as a collective (see Von Mises on this point) and any con man who proposes to voice the insuperable WILL of the collective is interested in "Arbeit Macht Frei," not justice. 

Tue, 09/27/2011 - 15:19 | Link to Comment channel_zero
channel_zero's picture

get wise, there is no such thing as a collective

 

Oh really?  REI not a collective?  What about the countless agricultural co-ops sprinkled liberally throughout the throughout the world?  What about communes?

How can you screw Marx's basic ideas up so badly?

Tue, 09/27/2011 - 09:41 | Link to Comment theprofromdover
theprofromdover's picture

A Constable without the haywain? (or the babbling brook), err I'll get back to you.

Tue, 09/27/2011 - 10:57 | Link to Comment Bruce Krasting
Bruce Krasting's picture

Not the Babbling Brook. And what's a haywain?

Tue, 09/27/2011 - 16:40 | Link to Comment Crack-up Boom
Crack-up Boom's picture

It's a wagon carrying hay, and the name of a John Constable painting. 

I think the comment refers to the fact that the last picture of your blog looks like a Constable painting (if you took out the light tower), but has no hay wain.  Frankly,  I think it looks more like a Michael Whelan, but I don't know much about art. 

Tue, 09/27/2011 - 09:29 | Link to Comment blueridgeviews
blueridgeviews's picture

How many solar firms need to move their operations to China and or fail before DC STOPS giving them OUR MONEY?????? Grab the pitchforks people!

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