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.
Saturday, October 20, 2012
Closed Circuit to Chuckwagon Boy
Our alma mater is in the news:
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5 comments:
That is a pretty good rate considering the poor collateral position of this campaign. I can state that I can't get that rate for a job creating machining company.
I was just going to say the same thing as Cousin Dan! What is up with the rate??!! Why can I not get the same rate??!! I just refinanced my mortgage and the lowest I could get from BofA was 3.625 - and that was with some points!
I sure hope President Obama repays the full loan and does not default on it! :)
He'll be looking for a bailout.
Or perhaps BoA is expecting a different kind of interest to be paid later?
Per what others have said, it's a shame the FEC doesn't investigate sweetheart deals like this. Another one I remember is the deal that got the Clintons--a bad credit risk until Bill started getting $100k for 20 minute speeches--a million dollar house in a ritzy NYC suburb.
We could clean out Congress and the White House (Biden's got some good deals, too) that way.
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