The Nook | Information the Liberal Media Intentionally Hides

Bank of America Lent DNC Millions with Private Donor List as Collateral

Republicans being tied to Wall Street is one of the biggest lies pushed by President Obama and Democrats.  In reality, Democrats have the largest connection to the big banks and the financial industry.  It's a love/hate relationship - Democrats get away with smearing the companies and the industry, while the banks continue lobbying for legislation and supporting Democrats.  However, a hidden gem has just been discovered with the potential to anger Americans even more because of the tactics used by the powerful elite in Washington.

Bank of America has close ties to the White House and President Obama.  It's been revealed by an exclusive by Pajamas Media that Bank of America loaned $32 million to Democratic campaign committees without any tangible collateral put up against the loan.  The allegation is simple:  This could be an illegal campaign contribution that would affect the election outcome.

After Labor Day, the Democratic National Committee (DNC), led by former Virginia Governor Tim Kaine, a real creep, took out a $15 million loan after polls suggested the election was going to be a tough battle.  A few weeks later, the Democratic Congressional Campaign Committee (DCCC) followed suit with a $17 million loan, for a total of $32 million lent from Bank of America to Democratic campaign committees.

Without having anything to put up against the loan (their headquarters, an asset valued at $13.7 million, is owned by another entity), the DNC used their private email donor list as collateral.  Sneakily, two days prior to the loan being approved, the DNC changed their online privacy policy to meet the requirements for their loan, stating that private information may be shared if it's the result of "an asset sale or in any other situation where personal information may be disclosed or transferred as one of the assets of the DNC."

During the '08 presidential election, John McCain attempted to secure a $3 million loan by using his campaign email list as backing, but the bank denied him.  There is no way to put a value on an email list, especially without independent documentation, which wasn't included in this particular loan.

"[Without independent documentation] you would never be able to say that their mailing list was worth $15 million.  A bank would have to discount the value.  So a bank would have to say it was worth at least twice that to get $15 million."

All told, that statement means the list would need to be valued at $64 million.  That's ridiculous.

Another point of contention are the terms of the loan itself.  The principal isn't due until February 28, 2011 - campaign contributions are typically paid back before the election, when new donations come in.

What's been unearthed here between the DNC and Bank of America requires further explanation, if not legal action.  Bank of America's CEO Brian Moynihan is disturbingly close with the White House, and in '08, the company's largest campaign contribution was to then Senator Barack Obama.

This has the potential to be an illegal campaign contribution by one of the largest banks in the world to the Democratic party in order to keep their agenda moving forward.  Additionally, the privacy rights of millions of liberals that donated to the DNC have been compromised in a deal to secure loans to keep President Obama's power unchecked.

You can't put anything past liberals anymore.  Bank of America must be getting some sort of sweetheart deal behind the scenes.  They're not loaning to small businesses, but they're loaning to the DNC with email addresses as collateral.  Sure, it can be used for marketing, but even that's a stretch.

With six days left until the midterm election, this is likely just the tip of iceberg.

Chuck Justice is the editor-in-chief for Habledash.

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