Obama Campaign Borrows $15M from Bank of America
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.
http://freebeacon.com/obama-campaign-borrows-15m-from-bank-of-america/
AND...
DNC takes out $10 million loan while RNC has $83 million in bank
Talk about a mismatch. The RNC will be able to help out many marginal campaigns with that $83 million while Dems will have to pick and choose carefully which races they will invest in.
The Democratic National Committee was unable to keep up with the Republican National Committee's fundraising again in September, despite taking out $10.5 million in loans.
The DNC raised $20.3 million in September, including the loans, and only $3.7 million of its total fundraising came from individuals and political action committees. The rest came from transfers and offsetting operating expenditures.
As of Sept. 30, the DNC reported having $4.6 million in the bank and $20.5 million in total debt - almost double the $11.8 million it owed at the end of August. The committee owes about $5.5 million of its total debt to creditors for services such as direct mail consulting, polling expenses and event consulting.
The RNC by comparison announced it raised $48.4 million in September and had a whopping $82.6 million in its reserves.
"While we continue to put money into our ground game and fully fund our absentee ballot, early vote and Election Day GOTV efforts in all our battleground states, our historic cash on hand figure also allows us to continue funding our independent expenditure committee, run highly effective hybrid ads and assist in electing Republicans across the country at all levels," said RNC Chairman Reince Priebus.
That GOTV effort will come in handy. The Obama campaign's ground game far exceeds Romney's in the number of state offices and volunteers. This is why many observers still give the president a good chance in Virginia as well as Ohio.
The GOP has enthusiasm going for it, however, and it will be an interesting contest between voters who don't need much urging to go to the polls, and voters who have to be dragged to the precinct in order to vote.
http://www.americanthinker.com/blog/2012/10/dnc_takes_out_10_million_loan_while_rnc_has_83_million_in_bank.html
This is why you don't elect Empty Suit's with ZERO Executive experience into the White House!
