Obama Gives Your Cash to Cronies

August 14, 2012 04:49

Obama has increased loans from the unregulated Federal Financing Bank to politically connected green companies by 100% so far.



Other off balance sheet loans include $61 billion to the Post Office that claims it doesn’t get government funds and Ford which is borrowing about $350 million every year.

Bruce Krasting has the story:


“The FFB [Federal Financing Bank] story is an example of how the Obama Administration is using off-balance sheet financing to further its goals.

The FFB’s holdings as the date Obama took office and as of June 2012 are listed below.


Electric cars – $6.7Bn – 100% increase

Solar/Wind – $4.3Bn – 100% increase


Most troubling is the non-stop stream of new loans to solar and wind projects. Obama is going to call this effort a “big success” this fall. He will say that the construction has created jobs, and that it is a good “investment” for the country to develop alternative energy.

This will sound “good” to Obama’s supporters. But the questions are,

(1) who is getting rich off of this lending, and

(2) what is this going to cost the taxpayers?

The answer to #1, is that big shots are getting rich. Guys like Warren Buffett have a winning ticket (Link). Many of the “winners” are connected back to Obama.

The second question is impossible to answer. The payoffs for the taxpayers (if any) are several decades away. The losses are already being realized.

Solyndra, the Administration’s “show pony” investment that went sour, is now working its way through the Bankruptcy Courts. Not surprisingly, the FFB advances show up in the court papers as being “Impaired.” That’s a legal way of saying they are worth about 10 cents on the dollar.”


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