Obama Floats $15 Million Loan from BoFA
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.