The union-owned Amalgamated Bank, which is still owed millions by the Democratic National Committee, was introduced as a new partner of the Democracy Alliance at its annual meeting in Chicago this week, according to Politico.
Amalgamated Bank, often referred to as "America’s Labor Bank," became the DNC’s "primary banking relationship" during the summer of 2012.
The DNC took out two loans worth a total of $15 million from Amalgamated to support its campaign efforts leading into the 2012 elections.
The DNC was unable to pay back those loans for months. The DNC is still in the hole for $8.5 million to Amalgamated, according to its most recent Federal Election Commission filing.
President of Amalgamated Bank Keith Mestrich refused to answer when asked by a Politico reporter why the union bank had decided to join the left’s premier big-donor club.
Democracy Alliance raised more than $30 million for liberal groups during the Chicago meetings this week, Politico’s Ken Vogel reported.
A majority of Amalgamated Bank is owned by the politically active Service Employees International Union (SEIU), which has long been one of the largest financial backers of the Democratic Party.