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Obama Campaign Borrows $15M from Bank of America
http://freebeacon.com/obama-campaign-borrows-15m-from-bank-of-america/ ^

Posted on 10/20/2012 6:13:57 AM PDT by sunmars

Obama For America took out a $15 million loan from Bank of America last month, according to the campaign’s October monthly FEC report. The loan was incurred on September 4 and is due November 14, eight days after the election. OFA received an interest rate of 2.5% plus the current Libor rate.

Warren Buffett, Obama donor and namesake of the infamous “Buffett Rule,” invested $5 billion in Bank of America last year in an effort to help the ailing financial institution. Last month, two weeks after OFA took out the loan, Bank of America announced a plan that would lay off 16,000 workers by the end of the year.

Obama has a complicated relationship with Bank of America. The bank contributed $20 million toward the cost of the Democrat National Convention earlier this year. Bank of America stadium, home to the Carolina Panthers, was supposed to host Obama’s acceptance speech. At the last moment, the campaign switched to a significantly smaller venue. The campaign claimed that an impending storm would not allow the President to deliver his address. Many questioned whether move was made because the campaign was having trouble filling such a large stadium.

It is unclear why the first $1 billion campaign needed an extra $15 million for the final two months of the campaign.

(Excerpt) Read more at freebeacon.com ...


TOPICS:
KEYWORDS: notbreakingnews; sourcetitlenoturl
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Bizarre....Why is moneybags borrowing cash unless of course, the campaign money intake is an illusion.
1 posted on 10/20/2012 6:14:00 AM PDT by sunmars
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To: sunmars

Very interesting. Has any campaign ever been noted to take a loan out before?


2 posted on 10/20/2012 6:19:51 AM PDT by castlegreyskull
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To: sunmars

They should charge him what the loan sharks charge: 50:50 and use his body as collateral!


3 posted on 10/20/2012 6:20:09 AM PDT by Panzerlied ("We shall never surrender!")
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To: sunmars
Perhaps the return of $15mil in foreign donations is imminent.
4 posted on 10/20/2012 6:21:56 AM PDT by The_Victor (If all I want is a warm feeling, I should just wet my pants.)
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To: sunmars
*Or* the money is being deposited in number accounts in Switzerland and the Cayman Islands.

...or the Obama campaign staffers are so monumentally gullible ("Hope and Change" or "Obamaphone") that they keep getting bilked of the incoming -- possibly fraudulent, as the security codes on the credit cards are not used -- money, most likely by Nigerian email scammers.

(Vanity, Satire) Barack Obama's latest fundraising letter

Cheers!

5 posted on 10/20/2012 6:22:28 AM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: sunmars

Great so my house payment is helping to prop up Obama’s campaign.


6 posted on 10/20/2012 6:28:35 AM PDT by Chipper (You can't kill an Obamazombie by destroying the brain...they didn't have one to begin with.)
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To: sunmars

Anything to do with the DNC’s 14+ million debt?


7 posted on 10/20/2012 6:29:10 AM PDT by Snake65
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To: sunmars

This sounds like a predatory loan. To bad we are the prey.


8 posted on 10/20/2012 6:29:21 AM PDT by Lurkina.n.Learnin (Ignorance is bliss- I'm stoked)
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To: sunmars

It’s possible they spent or committed their entire war chest and has some areas they still wanted to blanket.

They’ve been spending like crazy here in Ohio.

I’ve not seen an ad for either candidate in a few days, but I’ve not been near the TV that much since the debate Tuesday night. I’ve seen a bit of news, mostly fox news, so I doubt they’re putting too much money on that network with undecideds breaking toward Romney now.


9 posted on 10/20/2012 6:29:38 AM PDT by xzins (Retired Army Chaplain and Proud of It! True supporters of our troops pray for their victory!)
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To: sunmars
The bank contributed $20 million toward the cost of the Democrat National Convention earlier this year. Bank of America stadium, home to the Carolina Panthers, was supposed to host Obama’s acceptance speech.

$15million penalty for breech of contract? Could have been written into the original contract.

10 posted on 10/20/2012 6:29:38 AM PDT by RGSpincich
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To: sunmars

Because he’s got a higher rate on his deposits elsewhere, so it makes money to borrow it at the lower rate.


11 posted on 10/20/2012 6:31:00 AM PDT by ecomcon
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To: sunmars; mickie
I'm curious as to what collateral the Obama campaign put up in order to obtain a loan.....or does it get a pass on this?

Leni

12 posted on 10/20/2012 6:32:34 AM PDT by MinuteGal
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To: sunmars

POS Campaign: Let us “borrow” $15 million.
BOA: What do you have as collateral?

POS Campaign: Some of the DOJ investigations will go away.
BOA: What DOJ investigations?

POS Campaign: Exactly.


13 posted on 10/20/2012 6:32:50 AM PDT by Common Sense 101 (Hey libs... If your theories fly in the face of reality, it's not reality that's wrong.)
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To: The_Victor

none of this makes sense .. maybe they need a bridge loan while waiting for the donations’ conversion to US$ ?


14 posted on 10/20/2012 6:34:15 AM PDT by EDINVA (I)
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To: sunmars

You can’t even make this stuff up!


15 posted on 10/20/2012 6:35:52 AM PDT by Boardwalk
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To: sunmars

Will they stiff BOA like they stiffed Chicago?


16 posted on 10/20/2012 6:36:19 AM PDT by Lockbar (Romney's job on day one: Shut down all the Obama Phones)
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To: sunmars

And why exactly does anyone bank with Bank of America?? This should be a wakeup call for all true Americans to close All accounts at BofA. it only takes less than 10% of depositors to close their accounts to send ANY BANK into receivership.


17 posted on 10/20/2012 6:36:45 AM PDT by eyeamok
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To: Chipper

BOA dropped McMillan firearms as a client for “political reasons”.

BOA was also the one giving illegals bank accounts, if my memory serves.

Anyway, dropping a good client like that for no rational reason is exactly how the Nazis treated Jews right before the hardcore things like kristallnacht began.


18 posted on 10/20/2012 6:37:51 AM PDT by MikeSteelBe (Austrian Hitler was, as the Halfrican Hitler does.)
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To: sunmars
Priorities...

Bank of America announced a plan that would lay off 16,000 workers by the end of the year.
The bank contributed $20 million toward the cost of the Democrat National Convention earlier this year.

That wasted $20 million could've covered 500 or so full-time jobs for the bank for a year.

19 posted on 10/20/2012 6:38:15 AM PDT by Teacher317 ('Tis time to fear when tyrants seem to kiss.)
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To: sunmars

Looks like Hillary wanted cash, upfront.


20 posted on 10/20/2012 6:39:59 AM PDT by liberalh8ter (If Barack has a memory like a steel trap, why can't he remember what the Constitution says?)
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To: sunmars

Seems to me 0bama would be a major credit risk?


21 posted on 10/20/2012 6:42:52 AM PDT by Leep (Forward! to serfdom)
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To: MikeSteelBe

ALL banks give illegals accounts. SSN no longer required.


22 posted on 10/20/2012 6:48:03 AM PDT by TigerClaws
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To: sunmars

No pressure on the loan officer. /S


23 posted on 10/20/2012 6:48:26 AM PDT by Pearls Before Swine
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To: sunmars; Jim Robinson

Why don’t we do this instead of Freepathons?


24 posted on 10/20/2012 6:48:36 AM PDT by LurkingSince1943 (Former War Criminal)
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To: sunmars
Why is moneybags borrowing cash unless of course, the campaign money intake is an illusion.

True.

The Billion dollar man makes the 6 million dollar man look so 70's.

25 posted on 10/20/2012 6:49:28 AM PDT by Mikey_1962 (Obama: The Affirmative Action President.)
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To: sunmars

No big deal. If Obama wins or loses, the administration will just find some way to give the money back, stealing it from taxpayers. Nothing to see here...


26 posted on 10/20/2012 6:50:13 AM PDT by abishai
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To: sunmars

I wonder if they are ever going to pay it back?


27 posted on 10/20/2012 6:51:02 AM PDT by captnemo1
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To: sunmars

This is why TBTF banks should be allowed to fail. They are nothing but money laundering organizations for the Fed and the government. There shouldn’t even be a relationship between one of these bailed out banks and the campaigns.

C’mon Romney, gets some balls and push these banks through bankruptcy.


28 posted on 10/20/2012 6:55:41 AM PDT by gotribe (He's a mack-daddy http://www.youtube.com/watch?v=AV415yit7Zg)
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To: sunmars

Anyone with a B of A credit card on FR ?


29 posted on 10/20/2012 6:56:41 AM PDT by Eric in the Ozarks (In the game of life, there are no betting limits)
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To: MikeSteelBe

Yes. The day I went to BOA and they were treating illegals better than me, well that was the last day. Moved everything to Schwab including checking.

BoA is the epitome of unethical corporate greedy bastards. They love “helping” the illegals and practically roll out the red carpet for them.


30 posted on 10/20/2012 7:05:24 AM PDT by AdamBomb
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To: sunmars

I’ve been expecting this and have posted on this before. What is the downside to Obama’s campaign borrowing as much as it can in the last 30 days? Nothing. If he loses, the campaign organization files for bankruptcy and Obama is not personally liable. If he wins, his cronies will either raise the money to pay of the loans or will visit the banks quietly to convince them they need to write off the loans.

From the perspective of the banks you pretty much have to make the loan even if there is no collateral. If the bank refuses to make the loan, and Obama wins, the bank CEO can pretty much assume Chicago politics will rule and the regulators will be turned loose on those banks perceived to be unsupportive of the regime. In a close election such as this one, the bank will make the loan.

I would not be surprised if we learn after the election Obama’s campaign has borrowed over $100 million. If he loses, that money will be impossible to collect but may be the deciding factor as it will give him the advertising money needed to dominate the airwaves in the swing states. Plus with “leaning Obama” states becoming competitive, he needs advertising funds in those markets he did not plan to spend. Ironic he is shaking down the banks he constantly condemns for the money and they are complying.


31 posted on 10/20/2012 7:08:11 AM PDT by Soul of the South
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To: sunmars

DNC Owes Union Bank $15M

http://freebeacon.com/dnc-owes-bank-15-m/

The Democratic National Committee (DNC) now owes $15 million to the union-owned Amalgamated Bank of New York, campaign finance records show.

The DNC received a $7 million loan from the bank in September, in addition to the $8 million loan it took out the previous month, neither of which has been paid back. The loans account for the majority of the committee’s $20 million in total debt.

SNIP

DNC chairwoman Debbie Wasserman Schultz hailed the transition, and noted the longstanding political and financial ties between the two organizations.


32 posted on 10/20/2012 7:08:36 AM PDT by Smokeyblue
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To: sunmars

Last Minute walk-around money in Penn and Ohio.


33 posted on 10/20/2012 7:10:03 AM PDT by bunster
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To: liberalh8ter

Good one! :)


34 posted on 10/20/2012 7:12:26 AM PDT by JudyinCanada
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To: Soul of the South; IncPen

I read early this morning that small town in Illinois is sueing Obama for unpaid
bill from 2008. Has to do with OT for cops when Obama was in town.
I have often said when dealing with Democrats, they pay up front or no services.

When I read this article earlier I had same thoughts you did.
With one difference if they file bankruptcy BOA will take it out of taxpayers.


35 posted on 10/20/2012 7:13:31 AM PDT by Nailbiter
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To: bunster

seems to be n awful lot of cash borrowing for a campaign that is supposedly flush.....wonder if its all smoke and mirrors again.


36 posted on 10/20/2012 7:14:14 AM PDT by sunmars
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To: sunmars

Didn’t BoA also lemd millions to the party for their convention?


37 posted on 10/20/2012 7:19:29 AM PDT by clintonh8r (Happy to be represented by Lt. Col. Allen West)
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To: EDINVA
none of this makes sense .. maybe they need a bridge loan while waiting for the donations’ conversion to US$ ?

Part of it might be that. Even for US donations, between the time that somebody makes a credit-card donation and the cash actually clears the bank could be several days or weeks. The loan might be to cover funds that have been donated, but not cleared.

38 posted on 10/20/2012 7:20:12 AM PDT by PapaBear3625 (political correctness is communist thought control, disguised as good manners)
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To: MinuteGal

“Collateral? We don’t need no steekin’ collateral. We’ll repay you when and if we feel like it.”


39 posted on 10/20/2012 7:43:12 AM PDT by ProtectOurFreedom
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To: PapaBear3625

I’ve donated with my credit card over the years. Never once did it take weeks. Of course, my credit cards are US issued.

If these guys are collecting $170-181M in a month and had millions left after the ‘08 campaign, what’s the need for $15M? Basically, it’s chump change unless the $170-181M doesn’t really exist and/or represents donations that they know will have to be returned. Check their ‘08 FEC reports to see how many donations had to be returned.

This loan makes absolutely no sense if their stated fundraising is accurate and true. Interesting that the loan was made after Romney’s fundraising began to exceed Obama’s and comes due 10 days after the election.


40 posted on 10/20/2012 8:02:21 AM PDT by EDINVA (I)
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To: sunmars
DNC Owes Union Bank $15M

The Democratic National Committee (DNC) now owes $15 million to the union-owned Amalgamated Bank of New York, campaign finance records show.

The DNC received a $7 million loan from the bank in September, in addition to the $8 million loan it took out the previous month, neither of which has been paid back.

41 posted on 10/20/2012 8:34:25 AM PDT by opentalk
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To: sunmars

Just like our money, the punk POTUS thinks he has a blank check with DNC funds.


42 posted on 10/20/2012 8:47:21 AM PDT by catfish1957 (My dream for hope and change is to see the punk POTUS in prison for treason)
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To: eyeamok

“Why exactly does anyone bank with Bank of America?? This should be a wakeup call for all true Americans to close All accounts at BofA. it only takes less than 10% of depositors to close their accounts to send ANY BANK into receivership.”

My wife and I are continually amazed at why anyone with a brain would have accounts with B of A.

Decades ago, they were like dealing with crazed pit bulls with all of their customers. That anti customer behavior has gotten worse.

Yet, we know people and some younger relatives who have constant hassles with B of A. When, we ask why they stay with B of A, they have the deer in the headlights dazed look. If any of these people try to complain about B of A’s predatory dealings with them, we tell them we are not wasting our time listening to them.


43 posted on 10/20/2012 8:49:28 AM PDT by Grampa Dave (We are the 53%, who pay taxes and keep this country going inspite of the 47% rat moochers!)
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To: LurkingSince1943
Why don’t we do this instead of Freepathons?

now THERE'S a thought !              LOL

44 posted on 10/20/2012 8:53:28 AM PDT by tomkat
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To: Soul of the South

First rule of business is never let a campaign get anything on credit. I knew a guy who owned a high-end hotel. While he did let candidates stay there, since it was the best place in town and having presidential candidates stay there reinforced that impression, he always assumed if they didn’t pay cash in advance, the rooms were an in-kind contribution because they NEVER paid their bills.


45 posted on 10/20/2012 9:03:26 AM PDT by MediaMole
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To: sunmars
Photobucket
46 posted on 10/20/2012 9:08:02 AM PDT by RetSignman (REMEMBER THE 2010 MOVEMENT)
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To: sunmars

What a difference a year makes...

(Photos: dinksfinance.com, the Daily Beast)

47 posted on 10/20/2012 9:14:18 AM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: sunmars

So, the DNC is borrowing from the Amalgamated bank of NY, and the Obama campaign is borrowing from BOA?!? What happened to the $1 billion juggernaut - it must be all smoke and mirrors, like the statistics that his administration has been feeding us for 4 years. This guy is an empty suit and we can’t get rid of his sorry A$$ soon enough!


48 posted on 10/20/2012 10:06:36 AM PDT by RobertClark (Be prepared, be polite, be professional and have a plan to kill everyone you meet.)
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To: Common Sense 101

This is a nice bank you’ve got here, it would be a shame if something happened to it!


49 posted on 10/20/2012 10:09:09 AM PDT by RobertClark (Be prepared, be polite, be professional and have a plan to kill everyone you meet.)
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To: sunmars; Liz; AT7Saluki

I thought big banks were part of the problem...


50 posted on 10/20/2012 10:16:36 AM PDT by Libloather (The epitome of civility.)
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