President Obama isn’t doing a much better job of handling his campaign finances than he does handling the finances of the republic. Despite raising nearly a billion dollars, his campaign has had to borrow $15 million from Bank of America.
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. (Read More)
If you think the Obama campaign finances are bad, wait until you hear about the Democratic National Committee. Under the leadership of Debbie Wasserman Schultz it’s going bankrupt. But the good news is that the Republican National Committee has an 18 to 1 cash advantage. Yes, you read that right.
The official Federal Election Committee reports for September are out, and Debbie Wasserman Schultz’s DNC is a complete wreck. The Democrats ended September with cash on hand of $4.6 million, compared to the Republican National Committee’s $82.6 million.
That’s nearly an 18-to-1 cash advantage for Republicans.
Worse still for the DNC, they had to take out loans to pay the bills so that they owed $20.5 million at the end of September, meaning that that (subtracting cash on hand from total debt) they were $15.9 million in the red — essentially bankrupt. Wasserman-Schultz’s committee only raised $3.7 million in September; at that pace, it would take them more than four months to clear their debt, even if they didn’t spend another dime in the meantime. (Read More)
For some strange reason I have this relentless urge to do the Snoopy dance. For a change the incompetence of these Democrats might actually work in our favor.