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Hey Democratic donors... Would you be ok if DNC sold your personal information for cash?

DNC chairman, former Virginia Governor Tim Kaine, turned to the Bank of America to secure a $15 million revolving credit line. Then, in the middle of this month, the Democratic Congressional Campaign Committee (DCCC) got another loan from BofA for an additional $17 million.

What was their collateral? It turns out, not much.
....The DNC loan agreement as posted online by the Federal Election Commission (FEC) and signed by former Virginia Governor Tim Kaine (D) on September 16, 2010, says the loan collateral included: “All electronic mail (‘E-mail’) addresses and other contact lists, records and other Information (electronic or otherwise) relating to contributors, supporters and subscribers owned by any of the Borrowers.” The borrowers in this case were the DNC and the DNC Services Corporation.

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 1:39 PM on Oct. 29, 2010 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (15)
  • Eew.
    ballewal

    Answer by ballewal at 1:39 PM on Oct. 29, 2010

  • hen, in the middle of this month, the Democratic Congressional Campaign Committee (DCCC) got another loan from BofA for an additional $17 million.

    grlygrlz2

    Comment by grlygrlz2 (original poster) at 1:41 PM on Oct. 29, 2010

  • The DNC claims their collateral was an intangible piece of property — its donor mailing list. The DCCC only cites unnamed assets.” Neither party organization possesses real estate even close to cover the $32 million. The DNC’s headquarters is owned by another entity. Even it was put up as collateral, its market value was last estimated at only $13.7 million.

    grlygrlz2

    Comment by grlygrlz2 (original poster) at 1:41 PM on Oct. 29, 2010

  • BofA has been a longtime friend of Democrats. In the 2008 election cycle, BofA gave its largest single campaign contribution to then-Senator Barack Obama. According to Bloomberg News, BofA’s new CEO, Brian Moynihan, is considered Obama’s top political ally on Wall Street.


    On the eve of the midterm elections, the appearance of preferential loans from cozy Wall Street bankers could play badly with the electorate. What message does a largely unsecured $32 million credit line for the Democratic Party send to thousands of cash-starved small businesses across the nation who can’t secure any credit even with tangible assets

    grlygrlz2

    Comment by grlygrlz2 (original poster) at 1:42 PM on Oct. 29, 2010

  • he DNC loan agreement as posted online by the Federal Election Commission (FEC)

    grlygrlz2

    Comment by grlygrlz2 (original poster) at 1:43 PM on Oct. 29, 2010

  • Even IF they put their donor list up as collateral, guess what... I don't care. And I'm on it. I think it's much more disturbing that they even had to do something like this to counter the poisonous ads put out by the Republicans... But if that's what it takes, so be it. I MAY get some more junk mail, big deal.
    Anouck

    Answer by Anouck at 1:47 PM on Oct. 29, 2010

  • Yeah Anouk....because ALL the Dem ads are peaches and roses. LMAO. They are JUST as poisonous and its disingenuous of you to say otherwise.

    momof030404

    Answer by momof030404 at 2:45 PM on Oct. 29, 2010

  • Some of the Dem ads here are pretty nasty. I don't think either party corners the market on being nasty during campaigns. I know some like to think their party is above it all but they are not. lol
    tabekat

    Answer by tabekat at 2:49 PM on Oct. 29, 2010

  • I think it is awful they gave out that information but if Dems are OK with it then I really don't care.
    tabekat

    Answer by tabekat at 2:50 PM on Oct. 29, 2010

  • no,it wouldn't be okay.
    kerp1960

    Answer by kerp1960 at 4:15 PM on Oct. 29, 2010

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