Sep
21
2012

#rsrh SEIU buys DNC…

…and, frankly, gets snookered on the deal: “The DNC initiated an $8 million loan with the Amalgamated Bank of New York on Aug. 10, the report shows, accounting for the majority of the committee’s overall debt of $11 million.”

Well, at least in the short term.  It would normally be a wonderment about why Amalgamated Bank would throw eight million at a fundraising entity that currently ‘enjoys’ a cash reserve of 7.1 million – but that’s if you don’t know that Amalgamated is owned by SEIU.  The money’s not the biggest news in this deal, in other words: both the SEIU and the DNC expect it to be frittered away in the campaign days to come, and that the DNC will have a big, fat debt at the end of it.  What this is is a reasonably unobtrusive way for SEIU to get its hooks into the DNC… which could be useful in the future, particularly if Obama’s existing control of the organization becomes a moot point after January of next year…

Moe Lane

Written by in: Politics | Tags: ,
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1 Comment

  • Mija 'acat' Cat says:

    Waitaminit.. I thought Daily Kos bought ’em… Or Soros… Tracing title in the DNC is getting harder than figuring out which Chinese kleptokrat owns a given warehouse full of steel…

    Mew

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