This is a situation where the traditional “…Wait. WHAT?” seems a bit… understated: “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.”
Now, I could say a lot of things about this. I could say that it is passing strange for a campaign to borrow walking-around money when it’s supposedly a fundraising mega-machine (the Government Accountability Institute is a little concerned about that, actually). I could say that it’s remarkably awkward that Bank of America apparently has a much cozier relationship with Obama for America than the latter’s faux-populist message might imply. I could even say that Warren Buffett may have found a fairly clever way to dump fifteen million into the Obama campaign without having to answer to those pesky finance laws that Obama once supported, until they all got in the way. But I won’t.
Instead I’ll say: I really hope that Bank of America has some good collateral on that loan, because they ain’t seeing that money paid back any time soon.
Moe Lane (crosspost)
(H/T: Instapundit, sort of) As God is my witness, I thought that Ed Morrissey was just making a joke in his blurb. A sort of distraction from the Very Bad News that the affluent have stopped spending, too (and why shouldn’t they? They’re all quite aware that the Democrats intend to raise their taxes through the roof, so best to start fiscal prudence now and have a buffer). But, no, this is actually happening:
Sam’s Club is introducing a program in which it facilitates loans for shoppers of up to $25,000, backed by the Small Business Administration.
Sam’s began testing the program in May and will soon start marketing S.B.A. loans of $5,000 to $25,000 for its members nationwide. Superior Financial Group, which is managing the loans, gives Sam’s members a $100 discount on the application fee, and lower interest rates, because of how much business it expects through the arrangement.
Continue reading #rsrh Sam’s Club now offering SBA loans!
Via RedState Reader dld717 we are alerted to this somewhat sordid tale of Rep. Napolitano and her perpetual loan to herself:
Feb. 13 (Bloomberg) — During a decade in Congress, California Representative Grace Napolitano has pocketed more than $200,000 of political contributions by charging as much as 18 percent interest on money she loaned to her own campaign.
The suburban Los Angeles Democrat made the $150,000 loan in 1998, when she was first elected to the U.S. House of Representatives. Through Dec. 31, her campaign committee has used donations to pay Napolitano $221,780 of interest while reducing the principal by just $64,727, a review of her Federal Election Commission filings shows.
Continue reading Is Grace Napolitano (D, CA-38) playing a grift?