Tags: Barack Obama | | Obama | loan | BoFA | Buffett

Obama Floats $15 Million Loan from BoFA

Sunday, 21 Oct 2012 02:41 PM

The Obama campaign has taken out a $15 million loan from Bank of America, according to a published report.

Citing the Obama campaign’s October monthly FEC filings, the Washington Free Beacon also reports that the loan was taken out on Sept. 4 and comes due eight days after the Nov. 6 election.

Obama For America will pay an interest rate of 2.5 percent plus the current Libor rate, according to the report, which noted that billionaire Warren Buffett invested $5 billion in the bank last year.’

Buffett was the inspiration for President Barack Obama’s so-called “Buffett Rule” which amounts to a proposed minimum federal tax rate for the nation’s top earners.

The chairman and chief executive officer of Berkshire Hathaway Inc. argued that he shouldn’t pay a lower tax rate than his secretary.


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The Obama campaign has taken out a $15 million loan from Bank of America, according to a published report.
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