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.
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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.
The SEIU is also involved with the Democracy Alliance, a shadowy group of wealthy left-wing donors founded by billionaire investor George Soros.
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