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Obama campaign borrows $15 million from Bank of America
freebeacon.com ^ | 10/19/12

Posted on 10/20/2012 11:03:17 AM PDT by Justaham

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: News/Current Events; Politics/Elections
KEYWORDS:

1 posted on 10/20/2012 11:03:21 AM PDT by Justaham
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To: Justaham

They’ve burned through all their money and they’re bleeding not only politically but financially. No sane investor would want to give these guys a loan. And Bank Of America will find it will never be repaid! Talk about fleecing the bank.


2 posted on 10/20/2012 11:06:04 AM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Justaham
And they will never pay it back after we kick this ass out of the White House. So how does BofA recover the loss. You got it, fees passed onto you honest regular BofA users.
3 posted on 10/20/2012 11:08:44 AM PDT by Logical me
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To: Logical me

“And they will never pay it back after we kick this ass out of the White House. So how does BofA recover the loss. You got it, fees passed onto you honest regular BofA users.”

That is why if you are a BOA customer, NOW would be a good time to change banks.


4 posted on 10/20/2012 11:13:37 AM PDT by VRWCRick
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To: Justaham

Bank of America would be the way to go for Obama, since it accepts Matricular Counselar cards.

Begins to make sense doesn’t it. :^)


5 posted on 10/20/2012 11:15:50 AM PDT by DoughtyOne (Fooled folks once didn't you. Revenge is spelled, "VOTE RED". You're going down donkeys...)
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To: Justaham

Donation.

They’ll never get a penny of it back.


6 posted on 10/20/2012 11:18:17 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: Logical me

This has got to be an illegal loan. There is no collateral. Political campaigns can never get a loan this late in a race when the money stream is about to end (win or lose).


7 posted on 10/20/2012 11:21:38 AM PDT by shalom aleichem
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To: Justaham

My question is not why the loan, but why such a small loan?


8 posted on 10/20/2012 11:25:20 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
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To: shalom aleichem

My questions exactly. How can a political campaign take out a loan? What is the collateral? Where are financial statements showing that a business entity is able to repay such a loan? Is there a personal guarantee from a wealthy individual or wealthy people?

I would love to see the paperwork on this loan, how it is justified, what collateral there is, repayment terms, etc.


9 posted on 10/20/2012 11:26:19 AM PDT by Dilbert San Diego
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To: shalom aleichem

My questions exactly. How can a political campaign take out a loan? What is the collateral? Where are financial statements showing that a business entity is able to repay such a loan? Is there a personal guarantee from a wealthy individual or wealthy people?

I would love to see the paperwork on this loan, how it is justified, what collateral there is, repayment terms, etc.


10 posted on 10/20/2012 11:26:35 AM PDT by Dilbert San Diego
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To: VRWCRick

Effective 10/15/12 my family closed all (6) accounts w/ BOA(Barack’s Own Bank).
Doing all business w/ 3 Credit Unions, one since 1953!


11 posted on 10/20/2012 11:27:02 AM PDT by GOYAKLA (Recall/ Impeachment Day, November 6, 2012. FUBO, same for RINOs)
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To: Justaham

I have heard of candidates taking out a loan against their house, but in Barry’s case, he doesn’t even own his own house. He couldn’t get $15M from his foreign backers?


12 posted on 10/20/2012 11:33:51 AM PDT by SERKIT ("Blazing Saddles" explains it all.......)
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To: goldstategop

A nice kiss from one too big to fail.


13 posted on 10/20/2012 11:37:36 AM PDT by Joe Bfstplk
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To: shalom aleichem
If Obama wins the election, BOA will never see the loan repaid.

If Obama loses the election, BOA will never see the loan repaid.

14 posted on 10/20/2012 11:47:09 AM PDT by eCSMaster (Indep. Payment Advisory Board = "Death Panels")
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To: Justaham
What kind of collateral does one need for a $15 million loan?

I wouldn't think a million bumper stickers would be enough.

15 posted on 10/20/2012 11:55:10 AM PDT by Trailerpark Badass (So?)
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To: Dilbert San Diego
Don't you think there is a co-signer, someone who has put up collateral or some surety? BoA is covered and the co-signer remains unknown.
16 posted on 10/20/2012 12:01:11 PM PDT by count-your-change (You don't have to be brilliant, not being stupid is enough.)
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To: Dilbert San Diego

Good questions. Without public scrutiny such a loan could be construed as either a bribe or extortion. Inquiring minds and all that.


17 posted on 10/20/2012 12:11:10 PM PDT by SpaceBar
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To: Trailerpark Badass
I wouldn't think a million bumper stickers would be enough.

Since no on wants them, they'll get an "appraiser" to value them at $15 apiece. They would be "deemed" to be worth that since they are collectors items and mementos of the only term of the "greatest president ever."

They could even skip the loan and make union members buy them.

18 posted on 10/20/2012 12:14:27 PM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: Right Wing Assault

They will get every dime back..... and you and I will pay for it.


19 posted on 10/20/2012 12:33:06 PM PDT by Gator113 (I would have voted for NEWT, now it's Ryan and the other guy.~Just livin' life, my way~)
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To: Justaham

They’ll pay it back on the John Glenn payment plan.


20 posted on 10/20/2012 1:05:26 PM PDT by Poison Pill (Take your silver lining and SHOVE IT!)
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To: Justaham

I wonder if the conversation went something like - “Nice bank you got here - would be a damn shame if something happened to it. Hey - when was the last time the regulators were here?”


21 posted on 10/20/2012 1:11:01 PM PDT by 2 Kool 2 Be 4-Gotten
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To: eCSMaster

Exactly. John Glenn stiffed some Ohio banks when he ran for President and foundered early on the shouls of Iowa caucusus. He later offered to pay them himself (when h3e was runnign for US Senator) but Elections Commission said that would not be proper. He got off scot free.


22 posted on 10/20/2012 3:21:50 PM PDT by shalom aleichem
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