Sure, Let’s Trust Them With Our Money: DNC Owes Millions to Union-Owned Bank

Posted by on Sep 21, 2012 at 2:54 pm

Debbie does bankruptcy.

The Democratic National Committee (DNC) owes at least $8 million to a bank owned by one of the largest unions in the country, according to the committee’s most recent financial report.

The DNC initiated an $8 million loan with the Amalgamated Bank of New York on Aug. 10, the report shows, accounting for the majority of the committee’s overall debt of $11 million.

No wonder I get 37 fundraising solicitations a day from this crew. Where they heck are they blowing all this money?

The bank announced in an August press release that the DNC had “moved its primary banking relationship” to Amalgamated Bank, which would handle the committee’s “day-to-day banking needs.”

The DNC had previously done most of its banking with Bank of America, which helped finance the Democratic convention in Charlotte.

DNC chairwoman Debbie Wasserman Schultz hailed the transition to Amalgamated Bank, and noted the longstanding political and financial ties between the two organizations.

The committee, she said, had a “fiduciary responsibility to those who invest in our party.”

Heh, she said responsibility.

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2 Responses to “Sure, Let’s Trust Them With Our Money: DNC Owes Millions to Union-Owned Bank”

  1. Chipperoo on 21/21/12 at 5:31 pm

    Where did it all go? Well, $215 million on television ads since March is one place. That is a phenomenally huge amount during a period before the party conventions.