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.
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.
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