Ironic that after several years of bashing Wall Street a campaign that has already raised in excess of a billion dollars is spending what is hopefully its final days having to take out a loan from those same people they’ve demonized:
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.
Team Obama is spending more than it’s taking in? No way!
No wonder Wall Street needs to be bailed out all the time. Giving a large loan to a sinking politician and it isn’t due to be repaid until after an election that could send him packing? Any bank worth saving would have made the loan repayment date November 5th.
If I ran Bank of America I’d have sent Team Obama the news story below along with the following note: “Our stockholders seem to feel that we have an inherent right to a certain amount of profit, and that would force us to charge you interest on the loan you requested. Because we don’t want you to appear hypocritical in any way, we’re denying your campaign’s loan request — best of luck in the election”: