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DNC Owes Union Bank $15M
The Democratic National Committee (DNC) now owes $15 million to the union-owned Amalgamated Bank of New York, campaign finance records show.The DNC received a $7 million loan from the bank in September, in addition to the $8 million loan it took out the previous month, neither of which has been paid back. The loans account for the majority of the committee's $20 million in total debt. The DNC paid Amalgamated Bank more than $18,000 in loan interest for the month of September, the records show. Amalgamated Bank, often described as "America's Labor Bank," is a national entity, the majority of which is owned by the Service Employees International Union (SEIU), a large, politically active union with deep ties to the Democratic Party. Posted by: Fred 2012-10-21 |
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