Wachovia Still Lending...to the Republicans

As Wachovia awaits the verdict on who its new owner(s) will be, we learn that they've extended credit to the Republican Party. Per Roll Call:

The National Republican Congressional Committee, trailing its Democratic counterpart considerably in cash on hand, has secured an $8 million loan to
spend on House races during the last few weeks of the campaign, according to sources. The NRCC reported $14.4 million in cash on hand as of Aug. 31, compared to $54 million in the bank for the Democratic Congressional Campaign Committee. As it did last cycle, the NRCC is procuring its loan from Wachovia Bank, sources confirmed.

The NRCC's $8 million loan would appear to push the committee's cash on hand over the $20 million mark, depending on how much money it raised and spent in September. Last month's numbers for both the NRCC and DCCC are not due to be publicized until later this month.

Dailykos has extensive commentary on this (see here).

My commentary is shorter and more wistful: If Wachovia had been more careful about its borrowers' creditworthiness and more correctly assessed loan risks, perhaps they wouldn't be where they are today. Yes, NRCC can be included in the category of credit deadbeats as they defaulted on their last Wachovia loan.