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.
Read more at The Washington Free Beacon.
Photo credit: I-5 Design & Manufacture (Creative Commons)
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I assume the U.S.A. taxpayers co-sign the note for the loan.The DNC will disclaim it has any responsibility and Obama will ask, “What loan?:” Talk to Warren. He is one of the 1%.
This is a liberal bank and I believe they are using this as a “scare tactic” so Obama can keep the current position he holds…We The People know what is going on with all of these liberal tactics…we all stay strong and stay the course…Obama will be out in November…
He is so so sure that he is going to win. Of course if he does the taxpayer will pay off that loan – Anybody want to take me on a bet???
It better come out of the DNC, not the American taxpayer. The bank is laying off 16,000 people? They probably know they won’t be paid back.
I trust that this is not a characer loan.
I trust that this is not a character loan. (to correct spelling)
There is good reason that Bank of America is close to failing: Liberal views, anti-gun stance and makes loans to campaigns with no guarantee of repayment other than someone’s “word”. I wouldn’t give B of A the chance to get anything from me, nor do I want anything from that institution that started out as Bank of Italy prior to WWI.
Actually Bank of America is a 3 1/2 star bank out of a possible 5 stars. What does merging with Bank of Italy California have anything to do with B of A? It was a normal merger back in the 30′s with the Bank of America being the survivor.
Didn’t I JUST read, this past week, that he’s raised $181 million dollars in the past month? Just WHAT in the sam hill does he need another $15 million for? More bribes??
I read that also and was thinking the same thing as I read this article.
Good guess!
Waaaaait a minute! I smell something redolent of chicago politics. Didn’t “o”boy’s administration buy a bunch of junk loans from b of a in the past few years?
http://www.thestreet.com/story/11216921/1/bank-of-americas-backdoor-bailout.html
Doesn’t this sort of transaction have the hallmarks of grand theft and money laundering?
You’re probably on to something.
I see the need of a battalion of prosecutors to investigate the RICO violations this administration has been racking up.
16,000 American workers on unemployment while O is at the helm> That’s not going to look good! Now a FIFTEEN MILLION DOLLAR “loan” … considering the Democrat’s penchant for skipping out on their debts – that might up that number.