HOW OUR U.S. TREASURY WAS ROBBED by CBOs (Certificates of Beneficial Ownership)
The Exim Bank of White House vicinity fame, is like giving fire to a pyromaniac!
How the U.S. Treasury has been bilked out of most of its real holdings, even more thoroughly than through the extremely foolish and unwise selling of T-bonds to China in escrow in a sense for our uncountable bad Fannie Mae mortgage loans totaling in the billions and trillions [that newbie Ben Bernanke will be able to do nothing about, like a fleecey little lamb]. This financial death sentence comes to us through contracts and loans via our DoD, Pentagon and military & federal agency "contractors," that abound like locusts now in the plagues of the Bible.
You thought there was not another WORSE method of bleeding the U.S.A dry overnight than the corrupted Fannie Mae slush fund[s] COVER UP?
Well, YES, there is! It is done by the Department of Defense [DOD] through the Federal Finance Bank [FFB], and a lot of it through loans to distant lands to buy our weapons hardware and software over in foreign countries with GIANT loans handed out willy nilly by our Export Import Bank [Exim] to them, so they can afford our death-delivery manufactured goods, and these loans are guaranteed by our FFB and there is ABSOLUTELY NO ACCOUNTABILITY!!!
This is how we taxpayers are ROBBED BLIND and why it makes no difference to our current goverment if we are ALL OUTSOURCED overseas, every last one of us, and not one more of us holds a job at home in our own country anymore!
Here's how it works and the names of the major players----
FFB --- Federal Finance Bank --- this was created by Nixon in 1974 and is able to loan money directly from our TREASURY (just like granny's proverbial mattress stuffed with $100 bills!, but on a scale of TRILLIONS!) to federal agencies without being held accountable to the public. A recent dispute with the U.S. Post Office, when the FFB threatened to cut off the USPS from this trillions of dollars of fun money in our U.S. Treasry, the Post Office yelled "foul play," and was deeply offended that they were no longer on the same tier of access to the trillions of dollars that are not even documented in the Congressional National Budget nor The Congressional Record. The DoD, the Department of Defense [War], is not and never will be cut out of the FFB, Federal Finance Bank gravey loop!
OPIC guarantee of slush funds to SubSaharan Africa through the
Govcom Incorporated agency [aka Govcom] of Citibank that does lots of giveaway loans to foreign nations through Exim Bank, loans backed by our FFB and Treasury!
A CBO and FFB deal online in which Exim Bank is the quarterback and Citibank/Govcom the running backs, where Primary Tranche Lender A is Exim and Tranche Lender B is Govco of CITIBANK, with Bank of America picking up some of the slack in this, just one baby Exim bank loan for six aircraft purchased from USA by Embraer of Brasil. BANKRUPTCY COURT documentation provided below:
The easiest way to explain this deranged despoilisation of our nation [the USA] through these tools and instruments of financial mass suicide, is the following.
Our Exim Bank, Export Import Bank, gets to make loans that the World Bank and IMF only dream about, and that is why most of these loans are camouflaged and concern themselves with global weapons, including software for space and satellite warfare, and not just Piedmont jets for banana republics to buy from us and destroy their next door neighbors!
The Exim Bank and the FFB can drain our Treasury with no checks nor balances and with virtually no public accountability, if they deem it necessary to do so. Of course, they have many methods of putting their OTHER inconsequential loans on the public record for their integrity to appear intact.
The FFB Bank, aka Federal Finance Bank, is the best darned tool the Department of Defense could ever have wished for, it is like weapons of war paradise for the JAWS shark killer class controlling our destiny!
Here are some quotes and summaries from the finely created book by Becker & McClenahan, two experts on the Exim Bank, about the EXPORT IMPORT BANK, 1934-2000, published by Cambridge Books in 2000.
* 1938 -- ITT, International Telephone and Telegraph, became a big part of Exim Bank and got yet another $10 million loan to provide phone lines to nearly all the South American countries that requested them, since they [ITT] controlled all the telecommunications knowhow at the time. ITT controlled and owned the phone lines and the connecting brain centers for North and South America at this time, as well as for half of Mexico, all of Romania, Shanghai, and many many other nations.
* Exim Bank's role in WW2 was massive and no one could have foretold then such a development would have emerged beforehand! This convenient development led to Exim Bank playing a major leading role in the MARSHALL PLAN for the Reconstruction of many parts of Europe after we had bombed it [we did not loan money to build up bombed and ransacked Russian cities on any near comparable scale].
1940 -- Exim Bank makes a $40 million loan to China.
1945 -- Exim becomes a part of the Federal Loan Agency. The Chairman of the Federal Reserve is even beholden to them.
1984 -- many satellite deals for Intelsat with loans from Exim continue on and on.
Westinghouse and General Electric are perhaps traditionally the two biggest beneficiaires of Exim Bank, besides the DoD.
1991 -- the Foreign Credit Insurance Association, aka FCIA [aka the Great American Insurance Company], spins off the FCIAM, the "privatized" version of the FCIA.
Who are the two biggest 'front men' agencies for the Exim deals and who in addition benefit the most from Exim, besides the arms dealers and manufacturers, and their software jockeys??
SOCIETIES OF CINCINNATI
1. Great American Insurance Company, of Cincinnati [FCIA and Great American Insurance Company, are one and the same!]
Aircraft, aerospace conveyances, satellites, telecommunications and its infrastructure, weapons, nuclear power plants and devices, hydroelectric dams, jet fuel production [especially the world king of high quality hi speed jet fuel for aerospace and commercial jet planes, NIGERIA, the king of kings of jet fuel], aluminum processing complexes, etc., are the blood and iron of Exim loans.
CBOs [Certificates of Beneficial Ownership]
How the Orwellian sounding and named CBOs ["Certificates of Beneficial Ownership"] play a role in this dreadful sacrifice of our national treasury: [1982]
EZ-Treasury funds financing, using the magic wand of CBOs [direct quote]
"To finance its purchases of agency debt and loan assets and its direct loans to guaranteed borrowers, the FFB may either sell its own securities directly to the public or it may borrow from the Treasury. Although, according to the bank's charter, the FFB may borrow only $15 billion from the public at any time, it may, with the Secretary's approval, borrow without limits from the Treasury.
Originally, it was thought that the FFB would borrow from the Treasury on an interim basis, repaying these borrowings periodically through the sale of its own securities in the market.
It was assumed that the bank's securities would pay the same low interest rates paid by the Treasury on its own obligations.
Consider the following two examples. The Export-Import
Bank (Eximbank) has the authority to borrow to finance direct loans to promote exports of American goods. Eximbank may borrow from the FFB, by selling a bond to it, and then use the funds to make a direct loan to the national airline of a foreign country to assist
it to buy a U.S.-built commercial jetliner. The loan from the FFB to Eximbank is treated as a means of financing, and has no effects on the unified budget. The direct loan by Eximbank to the foreign
airline, however, is recorded as an outlay in the Eximbank budget and in the unified budget totals.
Contrast that transaction to the following one.
The Department of Defense issues a guarantee to the same foreign government for a loan to finance the purchase by that nation's armed forces of U.S.-made military equipment. The loan is financed by the FFB. In this case no outlays are recorded in the unified budget, although the transaction was initiated by the Defense Department."
Since the FFB borrows all its funds from the Treasury, it has practically unlimited available funds. This has enabled the FFB to increase greatly the scope of its operations without having to seek Congressional approval for increases in borrowing authority. For example, at the end of fiscal year 1981, all but $10,000 of the FFB's total holdings of $107.3 billion of agency debt, loan assets, and direct loans to guaranteed borrowers had been financed by borrowing from the Treasury. This is over seven times what the FFB could have financed if it had been limited to
its initial $15 billion of authority to borrow from the public.
My, how the FFB-Exim Bank matrix has grown since 1981! Far back in 2001 the following was also written:
"When it was initially established, the Bank was capitalized by an appropriation of $1
billion from the U.S. Treasury. The Bank also is authorized to borrow up to $6 billion directly from the Treasury, and it may draw upon a substantial line of credit with the Federal Financing Bank (FFB). (The Federal Financing Bank is a part of the Departmentof the Treasury and obtains its funds from regular Treasury issues.)
Eximbank uses its Treasury borrowings to finance its short-term needs, and repays the Treasury quarterly from loan repayments and by borrowing from the FFB on a medium- and long-term basis.The Bank’s authority to lend, guarantee, and insure is limited to a total of $75 billion. Eximbank’s direct loans are charged at their full value against the $75 billion limitation. When it was initially established, the Bank was capitalized by an appropriation of $1billion from the U.S. Treasury. The Bank also is authorized to borrow up to $6 billion directly from the Treasury, and it may draw upon a substantial [unlimited] line of credit with the Federal Financing Bank (FFB). (The Federal Financing Bank is a part of the Department of the Treasury and obtains its funds from regular Treasury issues.)
"As part of its direct lending program, the Bank has a tied aid “war chest” it uses to
counter specific projects that are receiving foreign officially subsidized export financing.
Tied aid credits and mixed credits are two of the primary methods whereby governments
provide their exporters with official assistance to promote exports. Tied aid credits
include loans and grants which reduce financing costs below market rates for exporters
and which are tied to the procurement of goods and services from the donor country.
Mixed credits combine concessional government financing (funds at below market rates
or terms) with commercial or near-commercial funds to produce an overall rate that is
lower than market-based interest rates and carries more lenient loan terms. The United
States does tie substantial amounts of its agricultural and military aid to U.S. goods, but
it generally has avoided using such financing to promote American capital goods exports."
How much of the British arms race do you think, and also the British Aerospace [BAE] military-global-trading WEAPONS-SOFTWARE FOCUS, is in on this slush fund of FFB Bank goodies funneled through the Exim Bank unlimited loans? THE GUARDIAN newspaper of London has written much on the export certification and bank loan scandals they have had the misfortune of bringing heaps of attention upon British Aerospace and arms worldwide weapons conglomerate, based now a grenade's throw from the Pentagon. BAE is now more a presence near the Pentagon in the weapons loop around Washington DC than it is a member of the Airbus Consortium of Europe near its own shores!
