I don’t know what to call this post. It could be, The next Solyndra found! or maybe, Government money laundering Bank identified! Or how about BIG OIL HEAVILY INVESTED IN GREEN ENERGY SCAMS!!!
At any rate, there’s a wealth of information in this story. KPMG is an audit company, one of the world’s leading audit companies. They’ve finished auditing the FFB. What’s the FFB? It’s the Federal Financing Bank, of course. What does it do? Well, among many things, it issues loans and buys bad loans in the form of bonds. It has no congressional oversight and is backed by the U.S. taxpayers. It holds no reserves for defaults and apparently collects the low interest on their loans at their own discretion. It was the institution that gave Solyndra the 1/2 billion. Well, more than that, in fact, they gave Solyndra an extra $3 million a month before they decided to go belly up.
Oh, btw, they’re “lending” a company called BrightSource $485 million via a subsidiary called Solar Partners. BrightSource lost $45 million in 2008, $44 million in 2009, and $72 million in 2010. Want to take any bets on how much the tax payers will see of that other $1/2 billion? Before you answer that, you might want to know who the backers are…….. well other than you and me. Solar Partners is an apt name……. backers include, Google, Chevron, Morgan Stanley, and BP, among others. Now we know why us bloggers aren’t getting any of that big oil money. They’re giving it to the greens. Oh, BrightSource is that company that’s putting that huge solar array out there in Cali. You know, that one that destroyed some turtle’s habitat.
You can read more lurid details, here. And I recommend you do so.