This story ran on March 1, but it’s worth highlighting.
Duke Energy just forgave $10 in debt owed it by the Democratic National Committee related to the 2012 national convention in Charlotte.
Via The Charlotte Observer, Duke Energy won’t be repaid $10 million from DNC
Duke Energy won’t be repaid the $10 million line of credit it guaranteed for Charlotte to host last year’s Democratic National Convention, the company confirmed Thursday.As the credit line came due, Duke made official what it had signaled to shareholders in an earnings report last November. Because Duke can claim the money as a business expense for tax purposes, shareholders will foot $6 million of the cost.
The DNC host committee struggled to raise money under fundraising rules set by the White House that banned corporate cash contributions. By last October, a month after the convention, it had raised $24.1 million of the original $36.6 million goal.
The chairman of Duke Energy, the nation’s largest electric power company, Rogers is also co-chairman of the convention’s nonprofit host committee, along with Charlotte Mayor Anthony Foxx. More than a year ago, Rogers set out to raise $37 million in donations to pay for the three-day event, including $7 million to renovate the stadium that will serve as the convention’s main venue and millions more to pay for the logistics of hosting more than 35,000 delegates, journalists, activists and other conventioneers who are expected to descend on Charlotte.
Duke Energy has donated about 50,000 square feet of office space downtown for the convention staff to use as its headquarters. Thomas Williams, a Duke Energy spokesman, said Rogers has raised $10 million or $11 million for the convention from private donors.
The Weekly Standard adds:
Finally, it was reported in January that the DNC still owes $15 million to Amalgamated Bank of New York, which is majority owned by the Service Employees International Union, one of the party’s largest donors and an organization with its own strident agenda. Democrats may say they want corporations and special interests subject to new campaign finance laws, but it turns out they actually win campaigns by letting those same groups pick up the tab.
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Comments
Bu…bu…but the Collective is ALL ABOUT getting the “big money” out of politics…
How CAN this be…???
It’s best to win the favor of the king. He might spare your life a little longer.
The POWER(“the nation’s largest electric power company” get it? nevermind) Of Love, DUKE
Here’s one specifically for Jimmy Rogers, your CEO. Kisses from the DNC, Jimmy
It’s no wonder that they will not reduce spending and instead demand to increase taxes. There is the official debt which is recorded on the books and the unofficial debt which must be serviced.
This is part of the elite of Charlotte working hard to make the city a central hub. It lost a few of its major banking corporations in the aftermath of “too big to fail” and the local rich have been spending money to bring attention to Charlotte as a cosmopolitan center of the USA. Apparently, this was part of that investment. Unfortunately, they used someone else’s money.
Gee, this is great news what with the Duke Energy request for a rate increase in NC.
The state commission should deny their ability to recover that expense from the rate payers and stick the shareholders with it; who can subsequently complain at a board meeting.
Tax write offs incurred to a political organisation should not be permitted.
Everywhere private companies try to get into political favour & this way they get the taxpayer to fund their political accommodations plus gain a publicity shield.
The treaties with Natives were dreadful but at least they all got a blanket.
This example needs to be upfront & referenced continually.
God find.
I wish I had a choice of which energy provider to use at my home. We should make the wires owned by the community (as the roads are) and should be able to purchase electricity from whichever provider we choose over those wires (as we purchase delivery services from Fed Ex or UPS or whoever who use the roads).