Bank of America = Bank of Democrat America?
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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.
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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.
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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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The Bank of Amexica has been working against the citizens of the U.S. for years. They pioneered banking services for illegal aliens and have facilitated the export of billions from our country by those illegal aliens.
DNC=Air America 2
I’d boycott them but I moved my account from them in 2006.
A perverted loan on a CRA scale that defies description.
Here you go Michelle… BOA’s new Logo
http://2.bp.blogspot.com/_yrL10W4nJWA/TMmApRieC9I/AAAAAAAAADA/RMXfIhQG6g0/s1600/bofa_obama.jpg
Just wow.
The Democrat Party is the Party of Big Business and special interests.
Pouring money down a rat hole. Let them.
Errah. their collateral was Joe’s plugs and a priceless Birth Certificate. Even Satan couldn’t get the same deal.
jeffjackie – thank you! gonna post that now.
From identity theft to bad customer service. Yeah, would not surprise me at all if they were too busy making deals with the devil….whoops, I mean the Democrats…..like there’s a difference these days.
Sharron Angle in 2010
OK, I’m gonna have to step in here to make a few points. Bank of America has big problems, but it has been good for NC and Charlotte – needed to disclose that.
But I can’t believe you are blaming them for Jesse Jackson shaking them down. The Wells Fargo debacle could have been more federal government coersion (though Bernanke denies it) than anything by B o A.
These guys are a bank. The D’s think they own B o A and probably threatened them with more regulation or investigations.
B o A has a long way to go because it has a ton of really bad loans on the books still. It might not survive. . . seriously. If it doesn’t, it doesn’t. . . but if Valerie Jarret calls BoA and says ‘nice bank you got there, hate for you to lose it if you don’t fund your support in DC more’. . . you might be bank of Democrat America too.
Have you ever got lost in the BOA phone system … oops what’s this, push 8 for transferring funds to Mexico? That’s odd who would want to do that.
Will Tea Party win stop this kind of thing or will Conservatives use their power to build their own wealth too? I think Conservative Elite are just as bad as the Liberal Elite: they all want to use government to make themselves richer at our expense.
I dumped my Bank of Amigo credit card years ago and I hope that those that do not agree with their business and political practices to do the same. If you have bank accounts with them, close them and go with a more respectable banking institution.
Bank of O-merica
On October 28th, 2010 at 10:21 am, Bruce said:
Will Tea Party win stop this kind of thing or will Conservatives use their power to build their own wealth too? I think Conservative Elite are just as bad as the Liberal Elite: they all want to use government to make themselves richer at our expense.
Bruce you could not be more wrong. If this is true we are done as a country. Conservatives, not RINO’s do not operate this way. Not all republicans are conservatives so do not generalize and lump all as conservative.
That’s about the time I dumped them, too.
So many cases of fraud, corruption, collusion, illegal donations.
Too bad nothing will ever come of them.
I wonder how much of this money comes from profits for laundering drug cartel money.
The Bank of America has been knee deep in just about every dirty deal and scam for the better part of a century but I don’t see it as partisan. These blood suckers share the spoils with other bloodsuckers.
Right now Democrats hold power and BofA will pander to them. Should the Republicans gain the House you can bet your bottom dollar (and you are regardless) BofA will make sweetheart deals with any and all who can deliver deals. When it became clear the leadership of both Parties were catering to illegals BofA catered to illegals. It is called hedging your bet.
Should these unsecured loans be at Most Favored rates a case could be made that that is an illegal contribution. The Most Favored rates for Chris Dodd were illegal. I must have missed the perp walks.
Our bank regulators, election commissions and Department of Justice are all highly partisan and dirty–they serve their patrons and not the Law or the America people. Pray for a day of reckoning.
===
Let your sidearm be like American Express:
Don’t Leave home without it.
Sadly, there is a very short list of financial institutions that have managed to avoid the government coercion and decent into being nothing more than a “tool” of the Ruling Class. There is more to be concerned about than hits the air-waves as our great country is sabotaged on virtually every front.
Regardless of the details there is $32 million less available for small business loans. Democrats are simply poor business people. In times of national security or financial strife, you should always elect conservatives. Sometimes they are Republicans too.
Remember the days when the only way to get a bank loan was to be able to prove that you didn’t need it? No, this is not a sweetheart deal. It’s a marriage.
Not when it comes to Bail Outs!
Sadly, BofA’s founder, A.P. Giannini, would be rolling over in his grave to see what his bank (origianally the Bank of Italy) has become. He started it to serve the needs of the working man, sort of the anti-bank bank, originally.
Its been going the wrong direction since at least the 80′s.
I do support a new government agency: The Department of Democrat Malfeasence. Tasked with the long-term project of prosecuting the thousands of Democrat Party criminal enterprises. Target #1: Barack Hussein Obama.
Maybe it is time for the IT staff at B of A to unionize. That would start a civil war at the bank.
I’d love to read that privacy statement:
We will never share your information with anyone. Unless we’re short on cash.
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I hope President Sarah Palin’s cleaned up DOJ will put BofA on their investigation list in 2013. Should be some orange jump suits and “perp” walks coming then.
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John Bibb
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It sounds as if BOA is back in the subprime market game. This is a liar loan on so many different levels.
Why wasn’t this big news? Because the Saudi bigwigs apparently have enough influence to persuade every news outlet in America to ignore it. I first got wind of it at this link, an Abu Dhabi news service, when it was first published but it disappeared as soon as I started posting the link.
Why did no news organization in America feel that launching a Congressional investigation on more than a trillion dollars of bank wire transfers that bypassed the Patriot Act is worth reporting? It’s not just BofA but the entire “too big to fail” US banking system that is implicated as being one big money laundering operation. Does this have something to do with it?
I’ve often thought the main reason the war on drugs has been such a failure is big money (banks, ect.) are making too much to stop the the war.
BoA received money from TARP then received more in a bailout according to this.
Also, according to the same:
And now it goes to the DNC to save the election.
The thieves have already robbed the cash register and now they are picking up groceries as they run out of the store. In plain sight!
The Countrywide deal to BofA was a huge gubmint handout to them, and of course the loan is just part of the payback. The Countrywide assets will probably net BofA 32 billion over the next 5 years, with a ROI of 1000 to 1.
Stop wondering. The drug cartels are the biggest business in the world, bigger than oil and bigger than the international weapons trade. And almost all transactions are conducted using US dollars in cash. The drug cartels wouldn’t be financing submarines if they weren’t laundering this money and the only way you can launder US currency on that scale is in a big dollar-based economy.
It is intuitively obviously that this is happening and it amounts to trillions of dollars. So we know that our banks, politicians, regulators and others are dirty and corrupt. The profits have to be enormous and capable of corrupting anyone who stands in the way. So what do we do about it?
Step one, shrink the banks so when those little snakes swallow the big pigs, we can see the pig outline in their bellies. Yeah, that’ll happen.
While you are probably right about the influence, my guess is that the average news person reads less than you do, both in depth and breadth. I have no doubt they would ignore the story, but I’m guessing they haven’t even heard of it themselves.
Step two, vote them out. The ones screaming the loudest, and corrupting the voting process the most are the ones with the most to lose. Oh wait, years of private law practice and living frugally while in Congress can turn you into a multi-millionaire, I forgot.
Bank of Italy? I don’t know where you got that from.
I have an account with them because my parents opened it up for me as a kid when they were NCNB (North Carolina National Bank). Then they became ‘Nations Bank’. Then they merged with a west coast bank and changed the name to Bank of America. I don’t know how ‘Bank of Italy’ is based in Charlotte, NC, but I could be wrong.
And I’m not defending them. They have done me wrong 6 ways to Sunday. . . but I’m busy trying to earn money rather than anything else.
Clearly, you need to study up on some history. Giannini began The Bank of Italy in San Francisco to serve working class people, mostly Italian immigrants, to whom traditional banks snubbed their nose. He merged it with a Bank of America in the 20s and kept the name Bank of America no doubt because it had broader appeal as the bank continued to grow. Originally, its branch banking operation was only in California, but thanks to deregulation, BofA, along with the other behemoth banks began buying out and merging with other banks in the late 80′s to go nationwide.
Refinancing my mortgage away from them this week.
Politicians cheat! Dems cheat more. It is incumbent upon us to to vote these pandering, corrupt clowns out in such high number that no amount of their cheating will change the election in their favor.
That’s the cake, right there.
Anything else that’s said is simply frosting.
So that’s the West coast branch that merged (got bought out) with Nations Bank, moved to Charlotte and became a part of the new Bank of America.
It used to be two regional banks (even when it was called ‘Nations Bank’ they didn’t have any branches west of New Mexico. . . long story).
It’s not even still in San Francisco and hasn’t been for near 10 years it seems. But I’ll leave it with the idea that we are both right.
Alex Sink (Dem candidate for FL gov) was head of BofA here. Her husband lost the gov race to Jeb Bush in 2002. She has deep ties to banking/lawyers and teachers unions (her husband was partner of Holland and Knight, etc…big time lawyers) and she totally benefited financially from BofA…multimillionaire. She is the worst of the worst. A lot of people moved here to FL since 2002 and don’t know her history. She is much worse than Rick Scott.