Ken's Project Blog

October 28, 2010

See, loans ARE available

Filed under: Five Days in October,Politics — Ken @ 10:00 am

How, in these tough economic times, can an organization with no actual product and hard assets worth less than $14M secure over $32M in loans? Well, it seems all you need is a donor list you can sell and to be the party of the sitting President. The DNC and DCCC together borrowed over $32M from Bank of America (who got $45 Billion in TARP funds, which it quickly paid back, raising the question did they really need the bailout in the first place), just two days after they changed their privacy policy to allow them to sell their donor lists (including names & addresses collected when their privacy policy said they would not sell donor information – how’s that for ‘change’?).

If you go to the DNC’s website and click on “Privacy Policy” you’ll see, on the bottom of the page, under the heading “What Personal Information Do We Share With Third Parties?” the following:

in connection with, or during negotiations of, any merger, reorganization, acquisition, asset sale or in any other situation where personal information may be disclosed or transferred as one of the assets of the DNC.

The most interesting stat I saw was that the total of both loans (DNC & DCCC) exceeds the total of ALL small business loans Bank of America made in 2009 and 2010 (so far)!

Seems collateral is nice when applying for a loan, but apparently connections are better…

Read all about it at Pajama Media


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