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Home - by - February 1, 2013 - 10:00 America/New_York - 6 Comments

WA Free Beacon

Destitute National Committee Still Owes $15 Million to Union Bank

The Democratic National Committee (DNC) still has not paid back the $15 million loaned to it by the union-owned Amalgamated Bank of New York, according to its year-end campaign finance report.

The DNC took out two loans totaling $15 million from Amalgamated Bank in the months leading up to the November election.

The loans account for a large portion of the $21,471,157 of debts and obligations owed by the DNC, a number that is slightly more than five times greater than the $4,292,138 that the committee currently has in hand.

The DNC paid Amalgamated Bank more than $66,000 in loan interest and bank fees for the month of December, the records show.

The DNC established Amalgamated Bank as its “primary banking relationship” this past summer.

DNC chairwoman Debbie Wasserman Schultz hailed the transition, and noted the longstanding political and financial ties between the two organizations.

Amalgamated Bank, often described as “America’s Labor Bank,” is a national entity, the majority of which is owned by the politically active Service Employees International Union (SEIU).

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» 6 Comments

  1. thirdtwin

    February 1st, 2013

    As. the saying goes,”He who is his own lender has a fool for a banker.”

    Or something like that.

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  2. Edith McCrotch

    February 1st, 2013

    Dear Ms. Wasserman,

    Youse owes us quite a little sum.

    If dis matter is not resolved in da near future, we will not be responsible if any “accidents” happens to your face.

    Oh wait….nevermind.

    Sincerely,
    Amalgamated Banksters Limited

    Thumb up +3

     
  3. Dr. Tar

    February 1st, 2013

    …unless your the government and can just print more when ever you like.”

    Thumb up +2

     
  4. Stranded in Sonoma

    February 1st, 2013

    If we had a real president and a real attorney general, there would we be a RICO investigation of these shenanigans.

    Thumb up +3

     
  5. Pickled Liver

    February 1st, 2013

    The Unions loaned money to the Dems in exchange for favoritism after the election? Who knew?

    All will be forgiven and this too shall be put on the tab to be paid by the people that don’t pay enough! ie. working people!

    Thumb up +2

     
  6. jeckelmyhyde

    February 1st, 2013

    I thought that they would just go over to the Fed and pick up a coulple of pallets.

    Thumb up +2