Skip to comments.DNC won’t repay Duke Energy for Charlotte convention costs
Posted on 03/01/2013 3:34:31 PM PST by Liz
The Democratic National Committee has no plans to repay Duke Energy for an unprecedented $10 million line of credit it guaranteed to help the Democratic conventions local host committee put on President Obamas three-day nominating convention in Charlotte, N.C., last September.
A Duke company official said the company was claiming the money as a business expense for tax purposes, meaning shareholders will foot $6 million of the cost, according to a report in the Charlotte Observer.
The company didnt limit its convention financial support to the loan guarantee. It also donated $4.1 million to a separate fund formed to accept corporate money for parties outside the convention hall and $1.5 million in in-kind contributions to the host committee for office space, furniture and other expenses.
Mr. Rogers personally gave $339,000 in cash and in-kind services, including the hiring of a fundraising assistant, the Observer reported.
The host committee struggled for more than a year to raise money, ultimately amassing $24.1 million, short of an already revised goal of $31.1 million. The original target was $36.6 million.
The only FEC report available from the host committee dates back to October and shows $8.7 million in outstanding debts from loans.
(Excerpt) Read more at washingtontimes.com ...
Jeepers, I cant wait til the FEC reports on where he spent all that loot. Can you? (/snix)
Energy company sucks up to Obama and loses its stockholders $6 million. Somebody should go to prison over this.
This is a typical way Democrats (and for all I know Republicans but somehow I doubt it) get corporate contributions without having to look like they’re in the pocket of corporations.
Just shake down big banks, utilities, food companies, etc. for “loans” of money, equipment, goods and services. Then, when asked to pay up... just say no.
Company gets to write it off as a bad debt. Democrats can say “we don’t take bribes from big companies.” MSM can concentrate on torpedoing GOP candidates, and life goes on.
They’re converting the (successful) campaign apparatus into a permanent organization to push the Baraqqi theology.
That’s where the money is going.
CHICAGO POLITICS IN DC It was probably forgive the loan, or the EPA would come down on Duke Energy by 0bama & Co.’s Chicago-style politics. To say nothing of IRS audits, DHS auditing employees for domestic terrorism, TSA watchlists, Rahm Emanuel sending them dead horse’s heads, Debbie Wasserman-Schultz parading around-—scaring away customers...just a few of the WH thug’s options.
The WH Chi/mobs dumped on Arizona, Texas and New Mexico when they let loose all the Mexican Criminals....b/c of “budgetary constraints.” That’ll teach ‘em-—”either grovel before us or pay the price in rapes, robberies, murders.”
Democrats in Detroit don’t pay their bills either... is there a pattern here?
Wonder what the ratepayers and stockholders think about that....
Stockholders will quiz the CEO and board. I’m guessing that at least two board members will have to resign, and the CEO has three-to-six months of time before he must resign. The state will not be willing to readily accept any price increases over the next six months....because of public sentiment of the mess.
But settle back for an interesting problem in 2016. No city is going to jump up and volunteer for either party....without firm cash on the table. So expect the parties to ask for significant cash contributions over the next four years, and only a dozen cities willing to take on the convention business. And don’t expect any city in California to sign up.
a coal company, gave money to the boy trying to KILL them...
the share holder should revolt and demand it come out of the CEO's pay!!!
If the Duke stockholders are willing to put up with Jimmy “climate change” Rogers as CEO, I can’t imagine this would bother them.
There’s a campaign finance loophole you can drive a truck through
Par for the course with the libs.
No biggie they knew who they were dealing with, a bunch of losers that never intended to pay the bill. It’s the democrat way, and hey it’s only 10 million! and besides that I bet you Democrats padded the bill in it’s self.
Stop whining and suck it up, like the average taxpayer!
Whats that quote about a fool and his money?
You lay down with dogs, you get fleas. Duke deserves this loss for underwriting evil and lies.
They aint losing nothing. What we don’t see is the tax credits, the rebates, the kickbacks if you please that will funnel back to them.
Chicago thug politics is alive and well here.
Obama’s FSA on the march.
And they didn’t even get a kiss.
This is crony capitalism.
Rogers is an Obama supporter, and I guarantee Duke execs will come out ahead on the deal.
“He and his wife already have donated the maximum allowable $100,000 to the convention fundraising effort, plus another $35,800 to the combined Obama/DNC campaign fund, according to campaign finance reports.”
"Sell Mortimer, SEELLL!!! Turn those machines back on!"
Haven’t heard much from Debbie Wasserface. Maybe Obie told her to use the money for an extended cruise. Whatta bunch of crooks.
There should be a shareholder lawsuit over this. Probably will be.
The United Mine Workers’ Association home page in 2008 was a letter supporting hussein long after he promised to shut them down. Stuck on stupid.
I get my juice from Duke, but not directly, Duke generates it and a rural co-op acts as a wholesaler and sells to me.
I don’t know if I’d have standing to sue them as a customer or not. They have 7 million customers, so only the lawyers would make any money on the deal.
The DNC steals everyone’s money.
Bill Maher, Arianna Huffington, Rachael Maddow and Jon Stewart should pay up.
A Duke company official said the company was claiming the money as a business expense for tax purposes
If Duke Energy had donated the money outright, they would not have gotten a deduction, since political contributions are not tax deductible. But since they issued it as a loan, they can deduct the loss against their tax liability (provided they get a favorable ruling from Jack Lew's IRS).
Duke received $200 million in federal stimulus money for smart-grid improvements in 2009, and at least two of the companys power plants one in North Carolina and another in Indiana got hundreds of millions of dollars in advanced coal tax credits from the Department of Energy, as well as federal and local incentives.
This payoff is a drop in the bucket compared to the hundreds of millions that Duke Energy has already received.
In keeping with my historical comparisons (invading barbarians, bread and circuses, failing empire), didn’t bankrupt monarchs used to shake down “rich” folks for loans that they never intended to repay?
What do you have to say about this, eh?
More likely Duke made 100 times that paltry amount in government contracts and guarantees.
Bank of America (formerly Nationsbank) has been in bed with the Leftists at least as far back as the Clinton era. Then there was the merger mess between Duke and Progress Energy. CEO double-crosses, Federal regulators and such.....
Ousted CEO: Duke Energy wanted out of merger - Friday, Jul. 20, 2012
Sounds like some funny business to me.
That was just petty cash compared to all the money the DNC has given me to argue with birthers on FR...oops...now the cat’s out of the bag!
The CEO pf Duke Energy, Jim Rogers, is a big Obama supporter and even supports the ruinous carbon tax that would cost Duke’s customers an arm and a leg.
If I were Duke’s shareholders, I would file suit, charging the Democrats with theft.
Agreed. The shareholders will not suffer. The company will simply pass any loss that they can’t deduct from their taxes on to the rate payers. In essence, all consumers pay.
“Democrats in Detroit dont pay their bills either... is there a pattern here?”
Why should they pay anything? They are entitled to everyone elses money.
1) Lay down with dogs, you get fleas.
2) Who the heck is “Mr. Rogers”? I don’t think they’re talkin’ about the “Won’t you be my neighbor” guy.
Personally, I’m much more concerned about the tens of millions of taxpayer dollars the two “major” parties were handed to hold their conventions and buy their booze.
Damages were sustained in this by shareholders, not customers. Shareholders were damaged by the bad debt. They would have standing to sue, I thinks.