A Sweet Deal, or An Illegal Contribution?
So it seems Obama received a sweetheart mortgage loan in 2005 from Northern Trust, a company that has supported Obama's political ambitions since 1990. The 1.32 million dollar loan at a rate of 5.625%, which was below the market rates at that time, should have been considered a political contribution by the FEC (Federal Election Commission). In addition to that rate, which was unavailable to the average borrower, he also paid no loan origination fees or discount points. This particular loan would have saved Obama approximately $110,000 over the life of the loan. Does that make this a $110,000 political contribution? Methinks it does.
The group Judicial Watch filed a complaint suggesting a loan such as this, should be considered an illegal corporate contribution.
Northern Trust's Vice President, John O'Connell told the Washington Post, "A person's occupation and salary are two factors. I would expect those are two things we would take into consideration." A person's occupation? Hmm, interesting, isn't it? O'Connell's statement basically says that they made this loan to Obama specifically because he was a Senator. That, to me, says this is an illegal contribution. "This was a business proposition for us," said O'Connell. What kind of business, and what did he expect or receive in return?
The answer to the complaint filed by Judicial Watch? The FEC closed the file. Has the FEC bothered to investigate all the illegal foreign contributions Obama received during the election? No. Seems like they're really doing their job. Bravo FEC! You dropped the ball again. What else is new?
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