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Bank of America = Bank of Democrat America?

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By Michelle Malkin  •  October 28, 2010 09:37 AM

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Photoshop credit: Commenter jeffjackie

Via Dan Collins, did taxpayer bailed-out Bank of America give the Democrat Party a sweetheart election-year loan?

Richard Pollack raises the question in a PJM exclusive:

Shortly after Labor Day, as polls continued to sink, the Democratic National Committee (DNC) realized it needed a cash infusion for the upcoming midterm elections. Its chairman, former Virginia Governor Tim Kaine, turned to the Bank of America to secure a $15 million revolving credit line. Then, in the middle of this month, the Democratic Congressional Campaign Committee (DCCC) got another loan from BofA for an additional $17 million.

What was their collateral? It turns out, not much.

The DNC claims their collateral was an intangible piece of property — its donor mailing list. The DCCC only cites unnamed “assets.” Neither party organization possesses real estate even close to cover the $32 million. The DNC’s headquarters is owned by another entity. Even it was put up as collateral, its market value was last estimated at only $13.7 million.

Were the Bank of America deals legitimate, arms-length transactions, or were they cozy sweetheart deals in which nothing was really put up to secure a $32 million loan?

And if it was the latter, could it be considered an illegal campaign contribution from the largest bank holding company in America?

There also is troubling evidence that two days before closing on the loan transaction, the DNC changed its own privacy provisions to allow the selling or sharing of private donor data.

BofA has been a longtime friend of Democrats. In the 2008 election cycle, BofA gave its largest single campaign contribution to then-Senator Barack Obama. According to Bloomberg News, BofA’s new CEO, Brian Moynihan, is considered Obama’s top political ally on Wall Street.

On the eve of the midterm elections, the appearance of preferential loans from cozy Wall Street bankers could play badly with the electorate. What message does a largely unsecured $32 million credit line for the Democratic Party send to thousands of cash-starved small businesses across the nation who can’t secure any credit even with tangible assets?

The findings are part of an exclusive Pajamas Media investigation.

…The nub of the story is that Bank of America refuses to confirm that an independent appraisal was done for the issuance of two huge loans to the Democrats totaling $32 million. While the bank might wish to invoke confidentiality, in the post-partisan era promised by President Obama, transparency around this particular loan is vital. This is especially true if there are allegations of violations of law.

The scope of the BofA small business loan to the Democrats is breathtaking.

***

As Dan Collins notes: “There is simply no US governmental institution that these guys won’t politicize if they think it gives them an advantage.”

Put another way, as I’ve noted before about Chicago-on-the-Potomac: It’s all about the boodle.

***

Previous:

Bank of America = Bank of Illegal Alien America
Bank of America and the Democrats’ Countrywide scandal
No cheers for left-wing collaborators at Bank of America

Bank of America has been caving in to left-wing special interests for years.

The financial giant teamed up with the open-borders lobby to offer illegal alien home loans.

It forked over payoffs to self-declared bank terrorist outfit NACA (the taxpayer-subsidized Neighborhood Assistance Corporation of America).

BoA also capitulated to a Jesse Jackson shakedown.

And then, after receiving a middle-of-the-night taxpayer-funded bailout, it forked over $2 million to the ACORN Housing Corporation — which has had a long history of fraud and abuse that goes back years and years before the sting videos ever came in to being.

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