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.
Read more at The Washington Free Beacon.
Photo credit: I-5 Design & Manufacture (Creative Commons)
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The Bank of America has to be considered somewhat risky in making loans to the Obama Campaign. As a shareholder, I am going to have to reconsider the security of my investment.