Former deputy Obama campaign manager Stephanie Cutter is now advising Bank of America on how to push back against efforts to break up the big banks.
Last month, Obama for America borrowed $15 million from Warren Buffett’s Bank of America, as reported by the Washington Free Beacon. Buffett, however, is not the only connection between Obama and Bank of America.
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.
A company owned by Rep. Emanuel Cleaver (D., Mo.) has requested the dismissal of a case over $1.5 million related to an overdue loan issued by Bank of America.
The Democratic National Committee (DNC) owes at least $8 million to a bank owned by one of the largest unions in the country, according to the committee’s most recent financial report.
Warren Buffett’s Bank of America is implementing a plan that will lay off 16,000 workers by the end of the year, the Wall Street Journal reported.
Several corporations—including banks that accepted federal bailouts totaling in the billions—have contributed more than $20 million to fund the Democratic National Convention (DNC), according to a Bloomberg report.
Despite Democrats’ intense antipathy and populist rhetoric against Bank of America, the big bank is the deposit box of choice for the upcoming Democratic National Convention.