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This Appears To Be Worthy of JAIL - RIGHT NOW
The Market Ticker ^ | October 27, 2010 | Karl Denninger

Posted on 10/27/2010 2:35:02 PM PDT by Attention Surplus Disorder

You have to be kidding me...

Shortly after Labor Day, as polls continued to sink, the Democratic National Committee (DNC) realized it needed a cash infusion for the upcoming midterm elections. Its chairman, former Virginia Governor Tim Kaine, turned to the Bank of America to secure a $15 million revolving credit line. Then, in the middle of this month, the Democratic Congressional Campaign Committee (DCCC) got another loan from BofA for an additional $17 million.

Problem: Was the loan adequately collateralized - that is, truly "arms length"?

Worse: Two days before the loan was closed, the DNC apparently changed its privacy policy - it appears they may have effectively pledged their donor and contact lists without the consent of most of the people on them!,

The DNC loan agreement as posted online by the Federal Election Commission (FEC) and signed by former Virginia Governor Tim Kaine (D) on September 16, 2010, says the loan collateral included: “All electronic mail (‘E-mail’) addresses and other contact lists, records and other Information (electronic or otherwise) relating to contributors, supporters and subscribers owned by any of the Borrowers.” The borrowers in this case were the DNC and the DNC Services Corporation.

The loan agreement further stipulates that if the Democrats defaulted, Bank of America would be entitled to “proceeds from any fundraising activity, refunds, reimbursements, or proceeds from the rental or sale of mailing, contact or subscription lists or Information (electronic or otherwise).”


More to the point, are those lists worth anywhere near the amount of these loans?

(big font mine!)

Because if they're not, then the loan could be ruled a DONATION to the DNC, and that, coming from the bank, would be black-letter illegal.

Gee, given that Bank of America is accused of serious due process violations related to foreclosures, and has admitted to 102,000 "robosigned" documents which can be argued is an admission of the commission of 102,000 counts of perjury, do we have an appearance of bribery to go with the appearance of an illegitimate "campaign donation"?

BAC, incidentally, denies this is an improper transaction. Of course with The Democrats running the Administration, what do you think the odds are of an impartial look at this from the FEC?

TOPICS: Business/Economy
KEYWORDS: bribe; corrupt
Nice. A buddy-buddy "loan"; uncollateralized; from BAC to the DNC; a week before the election. BAC, already under investigation, but on record for having to "re-submit" 102,000 foreclosure pleadings, pleadings that internally swear under oath that they are complete and unaltered so how in the hell can they be re-submitted without the simultaneous conclusion that 102,000 cases of black-letter perjury were committed by the very submission of "unaltered" pleadings??
1 posted on 10/27/2010 2:35:04 PM PDT by Attention Surplus Disorder
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To: Attention Surplus Disorder

No fan of Bank of America, but I remember these kinds of loans being done openly by pres. candidates back in the 70s (guys like Scoop Jackson, Mo Udall, took them out to keep campaigns alive).

2 posted on 10/27/2010 2:43:06 PM PDT by Dr. Sivana (There is no salvation in politics)
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To: Attention Surplus Disorder
I can almost hear the conversation between DNC Chair Kaine and BofA...

"Real nice bank you have here...It would be a shame if something were to happen to it..."

3 posted on 10/27/2010 2:43:34 PM PDT by Haiku Guy (Anything not about elephants is irrelephant.)
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To: Attention Surplus Disorder

Liberal media heads exploded when Republicans got a loan in 2008.

4 posted on 10/27/2010 2:47:25 PM PDT by mrsmith
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To: Attention Surplus Disorder

There is something of value the Democrats can offer with BAC’s massive foreclosure problem. They have already bailed them out. This stinks beyond anything I can imagine.

5 posted on 10/27/2010 3:13:09 PM PDT by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: Attention Surplus Disorder


6 posted on 10/27/2010 3:41:39 PM PDT by Weirdad (Don't put up with ANY voter fraud...)
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To: Attention Surplus Disorder

TEAM B’s Report(Pg147)

‘Agents of Influence’
For some time now, despite the aforementioned, serious problems, Wall Street has been marketing
SCF as little more than a kind of “hot,” “new” product for American pension funds, insurance companies and
corporations. Investment banks and other financial institutions have been hiring Muslim religious authorities
to sit on corporate SCF advisory boards that directly influence the investment of billions of U.S. dollars.
By so doing, Wall Street has welcomed Islamic Law into the American financial sector. Among major
international firms with a presence on Wall Street that now offer SCF products are: AIG, (~~~Bank of America~~~),
Citicorp, Goldman Sachs, J.P. Morgan Chase, Merrill Lynch, Morgan Stanley Capital, and Wachovia/Wells
What is even worse, the U.S. Department of the Treasury also has been officially promoting SCF
throughout the U.S. banking and financial system.

Yes, Virginia...they’re part of the jihad.

7 posted on 10/27/2010 3:56:55 PM PDT by bayouranger (The 1st victim of islam is the person who practices the lie.)
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