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 ...
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.
“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.
Bank of America would be the way to go for Obama, since it accepts Matricular Counselar cards.
Begins to make sense doesn’t it. :^)
Donation.
They’ll never get a penny of it back.
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).
My question is not why the loan, but why such a small loan?
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.
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.
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!
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?
A nice kiss from one too big to fail.
If Obama loses the election, BOA will never see the loan repaid.
I wouldn't think a million bumper stickers would be enough.
Good questions. Without public scrutiny such a loan could be construed as either a bribe or extortion. Inquiring minds and all that.
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.
They will get every dime back..... and you and I will pay for it.
They’ll pay it back on the John Glenn payment plan.
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