Obama campaign borrows from BofA

“Obama For America took out a $15 million loan from Bank of America last month, according to the campaign’s October monthly FEC report. The loan was incurred on September 4 and is due November 14, eight days after the election. OFA received an interest rate of 2.5% plus the current Libor rate.” (LIBOR stands for the London interbank offered rate and is the rate of interest that banks charge to lend money to each other.) 

Also the bank contributed $20 million toward the cost of the Democrat National Convention earlier this year.

I can’t understand it.  The O-Team were raffling off dinners with the President.  Didn’t that raise enough money? 

http://freebeacon.com/obama-campaign-borrows-15m-from-bank-of-america/