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Friday, September 21, 2012

Democratic Party $ 8 million in Hock to SEIU

Haven't seen enough crony capitalism? The Democratic Party is taking it to a new level. The party has secured an $8 million loan from Amalgamated Bank which is owned by the Service Employees International Union (SEIU). The party is $11 million in debt. Of course political parties do borrow money from banks but this cozy arrangement should raise eyebrows. To put it nicely the Democratic Party is in hock to the SEIU a major party constituency group. Democratic National Committee Chairwoman Debbie Wasserman Schultz was pleased to announce the collusion. "The committee, she said, had a “fiduciary responsibility to those who invest in our party.”
Right Debbie, your party has a history of confusing spending with investment so I suppose it's any easy step to confuse a loan with an investment but a fiduciary responsibility? Why the hell is the party down $11 million this early in the game?

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