Desperate Obama Campaign Borrows $15M from Bank of America

Posted by on Oct 20, 2012 at 9:56 am

You mean this loser has blown through a billion dollars already? How ironic he has to go begging for cash to the evil Bank of America. Funny enough, when he was planning his coronation at Bank of America Stadium he and his minions refused to use their name.

BofA should have told  him to take a hike.

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.


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5 Responses to “Desperate Obama Campaign Borrows $15M from Bank of America”

  1. EsausMessage on 20/20/12 at 10:13 am

    Is this $15 million in addition to the $15 million that the DNC borrowed from in August and September from Amalgamated Bank of New York, which is owned by SEIU? Or is it a refinancing of that first $15 million?

    /Free Beacon reported the latter story as well. But they don’t relate any connection between the two stories.

  2. A.Men on 21/21/12 at 6:44 am

    Romeny/Ryan 2012.

    Libs’ heads are exploding everywhere. No one can steal this election for obummer! Romney will win by a landslide!

  3. kakypat on 21/21/12 at 10:31 pm

    freeport…you should have read the link you posted.

    “Before the Republican National Convention, Mitt Romney was the Republican nominee in all but name. By law, however, he could only spend primary donations until he officially became nominee. To increase cash flow during the interregnum, the Romney campaign borrowed $20 million.”

    The article is dated Sept. 18, 2012.