Dems using bank they gave TARP money for $32M in unsecured loans

[SSG Snuggle Bunny]

Theft

Graft

Corruption

Shortly after Labor Day, as polls continued to sink, the Democratic National Committee (DNC) realized it needed a cash infusion for the upcoming midterm elections. Its chairman, former Virginia Governor Tim Kaine, turned to the Bank of America to secure a $15 million revolving credit line. Then, in the middle of this month, the Democratic Congressional Campaign Committee (DCCC) got another loan from BofA for an additional $17 million.

What was their collateral? It turns out, not much.

The DNC claims their collateral was an intangible piece of property — its donor mailing list. The DCCC only cites unnamed “assets.” Neither party organization possesses real estate even close to cover the $32 million. The DNC’s headquarters is owned by another entity. Even it was put up as collateral, its market value was last estimated at only $13.7 million.

Were the Bank of America deals legitimate, arms-length transactions, or were they cozy sweetheart deals in which nothing was really put up to secure a $32 million loan?

And if it was the latter, could it be considered an illegal campaign contribution from the largest bank holding company in America?

There also is troubling evidence that two days before closing on the loan transaction, the DNC changed its own privacy provisions to allow the selling or sharing of private donor data.

BofA has been a longtime friend of Democrats. In the 2008 election cycle, BofA gave its largest single campaign contribution to then-Senator Barack Obama. According to Bloomberg News, BofA’s new CEO, Brian Moynihan, is considered Obama’s top political ally on Wall Street.

http://pajamasmedia.com/blog/did-the-dnc-get-an-illegal-campaign-loan-from-bank-of-america-pjm-exclusive/?singlepage=true

BoA is on the hook for $43 BILLION.

They are being sued to be forced into repurchasing all the mortgages they sold off as derivatives.

If that much paper gets called  BoA lacks they cash to cover it. TARP will have been a $43B currency bon(d)fire and the depression Obama claims to have staved off will roar back with a vengeance.

BoA needs the government to avid that fate, so they're renting themselves a political party.

[thundley4]

Theft

Graft

Corruption

http://pajamasmedia.com/blog/did-the-dnc-get-an-illegal-campaign-loan-from-bank-of-america-pjm-exclusive/?singlepage=true

BoA is on the hook for $43 BILLION.

They are being sued to be forced into repurchasing all the mortgages they sold off as derivatives.

If that much paper gets called  BoA lacks they cash to cover it. TARP will have been a $43B currency bon(d)fire and the depression Obama claims to have staved off will roar back with a vengeance.

BoA needs the government to avid that fate, so they're renting themselves a political party.

Are they renting a political party, or are they being blackmailed into supporting them?

[Wretched Excess]

don't forget extortion.

they bailed out the UAW when they "saved" GM, and organized labor is pumping tens of millions of dollars into democrat campaign coffers right now, but that is more of a mutually parasitic relationship. 

[SSG Snuggle Bunny]

don't forget extortion.

they bailed out the UAW when they "saved" GM, and organized labor is pumping tens of millions of dollars into democrat campaign coffers right now, but that is more of a mutually parasitic relationship. 

Tell that to the principle lien holders who had their stake dropped from 35% to 15% while the UAWs was raised from 15% to 35% by diktat.

The UAW would be a bankrupted memory is not for dem thievery.