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 ...
Seems to me 0bama would be a major credit risk?
ALL banks give illegals accounts. SSN no longer required.
No pressure on the loan officer. /S
Why don’t we do this instead of Freepathons?
True.
The Billion dollar man makes the 6 million dollar man look so 70's.
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...
I wonder if they are ever going to pay it back?
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.
Anyone with a B of A credit card on FR ?
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.
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.
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.
Last Minute walk-around money in Penn and Ohio.
Good one! :)
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.
seems to be n awful lot of cash borrowing for a campaign that is supposedly flush.....wonder if its all smoke and mirrors again.
Didn’t BoA also lemd millions to the party for their convention?
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.
“Collateral? We don’t need no steekin’ collateral. We’ll repay you when and if we feel like it.”
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.
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