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Report Reveals Obama Campaign Borrowed $15 Million From Bank of America

Oct. 20, 2012 6:00pm
Obama for America Borrows $15 Million From Bank of America

The Obama campaign’s monthly FEC report for October has revealed that Obama for America took out a $15 million loan from Bank of America back in September.  Due to be paid back on November 14– just eight days after the election– the report says the campaign will be paying a 2.5% interest rate plus the current Libor rate.

Many are asking why the first campaign that pledged to raise a billion dollars needs a last-minute $15 million loan, but Twitter users appear content to draw similarities between the campaign, and the presidency.

“[President Obama] seems to accumulate debt with everything he touches,” one Twitter user wrote.  Others jokingly said they were “shocked” that a president who oversaw the downgrade of the U.S. credit rating couldn’t oversee a campaign budget.

Obama for America Borrows $15 Million From Bank of America

President Barack Obama holds a campaign rally at George Mason University October 19, 2012 in Fairfax, Virginia. (Photo: Getty Images)

While it is far from unusual for campaigns to take out loans, Washington Free Beacon notes that Bank of America and the Obama administration have a number of ties:

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.

…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 [citing weather concerns]… [Emphasis added]

Moreover, as with any loan, the question is always whether or not it can be repaid.  Politico relates the current financial situation for each campaign:

Together, the Romney campaign and the RNC boasted about $146 million cash on hand going into October, with the RNC accounting for about $82.6 million of it, federal filings show.

The DNC reported a comparatively paltry $4.6 million in the bank and $20.5 million in debt. Obama for America reported having nearly $100 million as of Sept. 30.

​This post has been updated.

(H/T: Washington Free Beacon)

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Comments (206)

1 2 3 … 6
  • OlefromMN
    Posted on October 20, 2012 at 7:46pm

    Is it really a “loan” when you already gave them billions in taxpayer dollars?

    Report this comment

    OlefromMN  
    • thetruthseeker711
      Posted on October 20, 2012 at 7:54pm

      Who the hell is going to investigate this fraud, anyway? He is ILLEGALLY witholding mandated reports from the stimulus bill because they prove the money is corrupt and wasted…..

      Report this comment

      thetruthseeker711  
    • OlefromMN
      Posted on October 20, 2012 at 8:06pm

      @THETRUTH…

      Not that it will be any comfort, but investigations such as that would be the responsibility of Eric Holder’s group. (Yes, we are screwed)

      Report this comment

      OlefromMN  
    • oneshiner
      Posted on October 20, 2012 at 10:54pm

      If I banked with Bank of America, I’d cancel my account immediately.

      Report this comment

      oneshiner  
    • drs1969
      Posted on October 22, 2012 at 1:02am

      Oneshiner
      Just as well, with Bernanke on their side they don’t need no stinkin depositors.

      Report this comment

      drs1969  
    • drs1969
      Posted on October 22, 2012 at 1:04am

      Oneshiner
      With the Federal Reserve on their side, they don’t need no stinkin’ depositors.

      Report this comment

      drs1969  
  • coyote1hell
    Posted on October 20, 2012 at 7:41pm

    Failure after Failure, Lie after Lie, This Clown gets his Eviction Notice in about 3 weeks..

    Report this comment

    coyote1hell  
    • oneshiner
      Posted on October 20, 2012 at 11:07pm

      COYOTE: I’m praying for our Country. We must not continue the last 3-3/4 years putting this wonderful Country in peril and sinking us into a socialist land……Remember how Hitler came to power.
      Sweet talk and LIES.

      Report this comment

      oneshiner  
    • Max jones
      Posted on October 21, 2012 at 11:19am

      The progressives are pushing and pushing at us. Why? To try to get us over the edge. This is the reason behind all the latest shenanigans. Dumb like a fox.
      We need to stand up to them, but they want it to look like domestic terror, so the “planned” confiscation of our guns can be be made easier.
      I said about 2 months ago that if it looked like the dems were behind in the polls something would happen to allow postponement of the election. I stand behind this prognostication.
      Now, we have U.N. monitors coming to polling places to help ensure voter fraud by the progs. This is just the latest outrageous ‘push’.
      The world bank is ready to displace all national currencies and take over completely. This will lead to shortages of everything. We are looking like Greece more and more every day.
      The “BEAST”comes and soon.

      Report this comment

      Max jones  
  • alpha2omega47
    Posted on October 20, 2012 at 7:41pm

    Obama and Michelle are a disgraceful pair of liars, frauds and thieves.

    Report this comment

    alpha2omega47  
    • swamp_donkey
      Posted on October 20, 2012 at 8:39pm

      alpha2omega47
      Posted on October 20, 2012 at 7:41pm
      Obama and Michelle are a disgraceful pair of liars, frauds and thieves.

      if that were the case they would be tea party heroes

      Report this comment

      swamp_donkey  
    • cantbelieveallthisgarbagecouldhappenwhodoislap
      Posted on October 20, 2012 at 9:36pm

      some one sounds un informed! Crawl out of the cave,really you have been lied to.I know alot of really good god and country loving people, that have been lied to,they think romney is the devil.Please find other media out lets.Romney is a good man believes in god and country,his morman belief, in years past I made fun,the guys that show on the bikes at your door,Awsome people they will help any one and care.Thats what they do,these kids spend two years of there lives trying to help others.just the way it works.Im not morman,I do believe in the same God ,right or wrong Mitt has a love of AMERICA,no one could dispute that.. I usually bring hookers over when I know the guys on bikes are coming around,ha ha ha, my bad just a joke.

      Report this comment

      cantbelieveallthisgarbagecouldhappenwhodoislap  
    • lerose55
      Posted on October 21, 2012 at 3:57pm

      Thumbs up to your statement

      Report this comment

      lerose55  
    • LPTaylor
      Posted on October 21, 2012 at 7:47pm

      @swamp_donkey I had always wondered why the democrats use the jackass for their logo. Thank you for clearing that up for me

      Report this comment

      LPTaylor  
  • MaleneSBrown
    Posted on October 20, 2012 at 7:30pm

    The bad news just keeps coming. The good news is, it’s all over soon for Barry and Mooch.

    Report this comment

    MaleneSBrown  
    • starman70
      Posted on October 20, 2012 at 9:15pm

      Well he’s done more to break the country than any other president in history break the country the so why not break the DNC as well.

      Report this comment

      starman70  
  • Proverbs17-12NLT
    Posted on October 20, 2012 at 7:21pm

    obama will go down in history as the most corrupt president ever in America.

    Report this comment

    Proverbs17-12NLT  
    • FieldJudge
      Posted on October 20, 2012 at 8:56pm

      A Post-Election Prediction:

      The near, if not last Executive Order and act, BO will invent an innovative, progressive presidential pardon that blankets and inoculates all of his closest advisers, and to some extent if not all, His minions and the whole Democrat Party from any and all prosecution or harm what-so-ever.

      This fine Marxist/Socialist work-of-art EO by BO will include a 50% pay increase and extist as long as the national debt His Majesty leaves as His legacy is higher than 4 Trillion dollars. This tiny stipend will act as an incentive to ensure the Left is motivated and focused to continue the blood letting sabotage He bestows upon His subjects: “Those The People”

      Romney/Ryan 2012

      Report this comment

      FieldJudge  
    • bustedupvet
      Posted on October 21, 2012 at 1:44pm

      And it better happen in 3 weeks…not 4 years or we are screwed as a country & every veteran will have died in vain!!

      Report this comment

      bustedupvet  
  • strawberry411a
    Posted on October 20, 2012 at 7:15pm

    Isn’t B of A collapsing before our very eyes/

    Report this comment

    strawberry411a  
  • AmericanStrega
    Posted on October 20, 2012 at 7:07pm

    Well, there ya go.

    Report this comment

    AmericanStrega  
  • NothingisFree
    Posted on October 20, 2012 at 7:07pm

    So what is he using as collateral? Stimulus 2.0?????
    This should be illegal…I guess the Hollywood gravy train departed the station.
    Pray for Mitt…he is our ONLY chance at getting the US out of this mess!

    Report this comment

    NothingisFree  
  • Chrison
    Posted on October 20, 2012 at 7:03pm

    So, the Obama campaign went to those money-hungry, cut-throat, don’t-give-a-damn-about-the-little-guy, Wall Street guys for a loan to finance his re-election so that in his 2nd term he can REALLY stick it to those money-hungry, cut-throat, don’t-give-a-damn-about-the-little-guy, Wall Street guys on Wall Street…

    Go figure!

    Report this comment

    Chrison  
    • Chrison
      Posted on October 20, 2012 at 7:05pm

      Btw, since I haven’t taken out a $15M loan recently, I’m wondering…

      Are the rates quoted in the article “reasonable” and what would typically be the rate, or did the Obama campaign get a deal?

      Just wondering!

      Report this comment

      Chrison  
  • AJAYW
    Posted on October 20, 2012 at 7:03pm

    Well we know the POS won’t pay it back if reelected. He will give them tax payers money on a bailout as payment.

    Report this comment

    AJAYW  
  • marcus_arealius
    Posted on October 20, 2012 at 6:58pm

    I heard someplace that this was to pay off Harry Testicles Reid for some man-boy act obummer and Reid had back when obummer was choomin’ with his dope ring.. Follow the money to Nevada, still the best place on earth for above ground nuclear testing, or is that nueclear? Nuucleeir? Ask GW.

    Report this comment

    marcus_arealius  
  • TheePolitinator
    Posted on October 20, 2012 at 6:52pm

    Time to start seeking a local credit union. Should have a long while back..

    Mah bad

    Report this comment

    TheePolitinator  
  • quiltgal
    Posted on October 20, 2012 at 6:37pm

    Bad loan risk by Bank of America. But is BOFA too involved with the Obama campaign to fail? Is there a taxpayer bank bailout in our future?

    Report this comment

    quiltgal  
    • Look4DBigPicture
      Posted on October 20, 2012 at 6:46pm

      Isn’t Bank of America part of the Federal Reserve?
      Didn’t the taxpayers bail out Bank of America?
      Doesn’t Bank of America still owe a debt to we the taxpayers?
      Isn’t this the same as using taxpayer funding for a political campaign?
      Is this legal?

      Silly me … this is Obama we’re talking about. The Messiah gets special privileges.

      Report this comment

      Look4DBigPicture  
  • TJexcite
    Posted on October 20, 2012 at 6:33pm

    They could have bussed in people from California for Obama speech in Bank of America stadium but the bus companies and unions to pay the people wanted cash up front and the DNC/OFA have none.

    The revolution is soon to be cancelled due to lack of money.

    Report this comment

    TJexcite  
  • hi
    Posted on October 20, 2012 at 6:26pm

    They give him $15 million then lay off 16,000 workers to pay for it.

    Report this comment

    hi  
  • Individualism
    Posted on October 20, 2012 at 6:26pm

    bankers buying the presidency.

    Report this comment

    Individualism  
    • TheePolitinator
      Posted on October 20, 2012 at 6:54pm

      They bought it back when Wilosn was Pres and have had it ever since.

      We will NEVER be free till we rid the Rothschild’s Corrupt Federal Reserve Banking Cartel.

      They are worth 80% of the globes currency. Whats that tell you??

      FACT FACT FACT

      Report this comment

      TheePolitinator  
    • barber2
      Posted on October 20, 2012 at 7:18pm

      INDI: The Democrats targeted banks way back under Clinton with those disastrous discrimination laws which forced loans to minorities who could not repay them. This has been a well orchestrated plan by our ” anti-capitalist” ( wink-wink ) Democrats. Slowly hatching for years…now the “anti-capitalist” Obama Democrats have the banks under their thumbs due to over- regulations and intimidation. Takes a while to ruin a successful capitalist economy….. targeting banks is sure fire method !

      Report this comment

      barber2  
    • Fubared
      Posted on October 20, 2012 at 7:43pm

      Barber you need 5 word sentences and cut way back on the syllables. Windy is still stuck on the “Indi”.

      Report this comment

      Fubared  
    • damone0397
      Posted on October 21, 2012 at 5:00pm

      Hell the government (supposed to be the American people) gave BofA over 25 billion of our tax payer dollars after ubama took office…..any coincidence? And now BofA is lending the DNC 15 million under the market rate? Not a surprise….

      Report this comment

      damone0397  
  • nespirina
    Posted on October 20, 2012 at 6:25pm

    Guess we will have to pay for this too, they actually expect his campaign to pay the loan off???
    omg what a laugh

    Report this comment

    nespirina  
  • SilentReader
    Posted on October 20, 2012 at 6:21pm

    The Loser-in-Chief’s campaign is sounding it’s death rattle.

    Report this comment

    SilentReader  
    • starman70
      Posted on October 20, 2012 at 9:21pm

      What happened to his Chinese buddies? OH, they see the handwriting on the wall CREDIT CUT OFF!

      Report this comment

      starman70  
  • PATTY HENRY
    Posted on October 20, 2012 at 6:20pm

    HERE is the BIG DUH folks: ROMNEY has $83 MILLION in CASH STILL ON HAND to finish out his
    campaign. OBAMA is BORROWING MONEY after having OUT RAISED ROMNEY by several million- money from UNIONS etc. (and Overseas via little credit cards??)
    GOOD GRIEF!!!
    DON’T
    RE ELECT
    A
    LIE !!

    People voted last time for a LIE that sounded good!! This time YOU have no excuse…YOU have a record to look at. THIS one fact alone…this management of Campaign funds should be ALL that
    anyone needs to know. ASIDE from the SELFISH, SELF-CENTERED, ILLEGAL, IMMORAL, CRIMINAL COVER-UP in LIBYA that MURDERED 4 AMAZING PATRIOTS, begging for HELP!!! OBAMA is not worthy of America. He proves it every day, every hour and Biden?? GOOD GRIEF!!!
    DO
    NOT
    VOTE
    FOR
    THE
    LIE!!!

    ROMNEY/RYAN 2012 +

    Report this comment

    PATTY HENRY  
  • Snowleopard {gallery of cat folks}
    Posted on October 20, 2012 at 6:20pm

    Here are the questions begging for an answer:

    How much of the billion-raised claim actually happened?
    How much has been spent of that truthfully raised?
    How much has gone into others pockets illegaly?
    How many threats did Obama have to make against BOA?

    Report this comment

    Snowleopard {gallery of cat folks}  
  • pepsicolakid
    Posted on October 20, 2012 at 6:19pm

    OH.MY. Im shocked! Shocked I say! Everyone that votes for the crackpipe in chief should have to pay it back. WTF is WRONG with obama sheeple?!?

    Report this comment

    pepsicolakid  
  • tonypro
    Posted on October 20, 2012 at 6:18pm

    Intentional destruction of our country.

    Report this comment

     
  • The-Monk
    Posted on October 20, 2012 at 6:16pm

    Obama can get a loan to “try” to keep his job yet, I can’t get a loan to “start” a business so I can support myself and my basic needs. Go figure…..

    Report this comment

    The-Monk  
  • Gary_K
    Posted on October 20, 2012 at 6:14pm

    I wouldn’t have used the word debt, I would have used a word that starts with the letter S.

    Report this comment

    Gary_K  
  • Zurich
    Posted on October 20, 2012 at 6:06pm

    And I guess China owns meanwhile the Bank of America……And who is going to pay this money back if spineless Obama doesn’t get Re-Erected!

    Report this comment

    Zurich  
    • Diane TX
      Posted on October 20, 2012 at 6:16pm

      “If” he doesn’t get re-elected? More than half of the Country is backing Romney.

      Report this comment

      Diane TX  
    • HKS
      Posted on October 20, 2012 at 6:18pm

      I would be more concerned with who pays if he does get re-elected.

      Report this comment

      HKS  
    • Shasta
      Posted on October 20, 2012 at 6:24pm

      Diane, from what I hear, it all depends on Ohio, and they are leaning heavily to OBlamo. I hope and pray those guys wise up, but I guess they are all happy that OBummer bailed out GM, even though it was really Bush.

      Report this comment

      Shasta  
    • hi
      Posted on October 20, 2012 at 6:28pm

      Who cares? We will be celebrating he didn’t get elected!!

      Also,If he’s not elected, we won’t go 15 trillion more in debt as a country.

      Report this comment

      hi  
    • Welcome Black Carter
      Posted on October 21, 2012 at 12:10am

      They might want to ask for collateral on that loan…

      Report this comment

      Welcome Black Carter  
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