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.
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4 Responses
LOL…
Obama is really good at borrowing money…
I would have told him to go ride a dead horse!!
OR
Get out of my office NOW!!!
Is that legal?
On paper, yes, it’s legal. Because officially it’s a “loan”, and you can’t ever prove otherwise. But really everyone knows that if 0bama loses it will never be repaid, and if he wins it won’t be paid for a long time. So it’s really a kind of donation, and they can get away with it.