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 ...
Very interesting. Has any campaign ever been noted to take a loan out before?
They should charge him what the loan sharks charge: 50:50 and use his body as collateral!
...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!
Great so my house payment is helping to prop up Obama’s campaign.
Anything to do with the DNC’s 14+ million debt?
This sounds like a predatory loan. To bad we are the prey.
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.
$15million penalty for breech of contract? Could have been written into the original contract.
Because he’s got a higher rate on his deposits elsewhere, so it makes money to borrow it at the lower rate.
Leni
POS Campaign: Let us “borrow” $15 million.
BOA: What do you have as collateral?
POS Campaign: Some of the DOJ investigations will go away.
BOA: What DOJ investigations?
POS Campaign: Exactly.
none of this makes sense .. maybe they need a bridge loan while waiting for the donations’ conversion to US$ ?
You can’t even make this stuff up!
Will they stiff BOA like they stiffed Chicago?
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.
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.
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.
Looks like Hillary wanted cash, upfront.
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