Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

DNC won’t repay Duke Energy for Charlotte convention costs
The Washington Times ^ | 3/1/13 | Susan Crabtree

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 convention’s local host committee put on President Obama’s 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 didn’t 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 ...


TOPICS: Extended News; Politics/Elections; US: District of Columbia; US: North Carolina
KEYWORDS: democratscandals; howtostealanelection; obamascandals; shareholderfunded
Ohaha bragged he was so-o-o popular he was being showered with campaign contributions from avid supporters----and had the first billion dollar campaign in US history.

Jeepers, I cant wait til the FEC reports on where he spent all that loot. Can you? (/snix)

1 posted on 03/01/2013 3:34:37 PM PST by Liz
[ Post Reply | Private Reply | View Replies]

To: Liz

Energy company sucks up to Obama and loses its stockholders $6 million. Somebody should go to prison over this.


2 posted on 03/01/2013 3:42:03 PM PST by ozzymandus
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

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.


3 posted on 03/01/2013 3:42:52 PM PST by Steely Tom (If the Constitution can be a living document, I guess a corporation can be a person.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

They’re converting the (successful) campaign apparatus into a permanent organization to push the Baraqqi theology.

That’s where the money is going.

http://www.rightsidenews.com/2013012231817/editorial/rsn-pick-of-the-day/obama-prepares-to-community-organize-america.html


4 posted on 03/01/2013 3:43:45 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

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.”


5 posted on 03/01/2013 3:43:58 PM PST by Liz
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

Democrats in Detroit don’t pay their bills either... is there a pattern here?


6 posted on 03/01/2013 3:44:23 PM PST by GOPJ (To be free is to own one's risk - Jonathan Levy)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

Wonder what the ratepayers and stockholders think about that....


7 posted on 03/01/2013 3:45:13 PM PST by ptsal (E)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ozzymandus

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.


8 posted on 03/01/2013 3:47:20 PM PST by pepsionice
[ Post Reply | Private Reply | To 2 | View Replies]

To: Liz
do I really have to say it???

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!!!

9 posted on 03/01/2013 3:48:36 PM PST by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ptsal

If the Duke stockholders are willing to put up with Jimmy “climate change” Rogers as CEO, I can’t imagine this would bother them.


10 posted on 03/01/2013 3:50:04 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Liz

There’s a campaign finance loophole you can drive a truck through


11 posted on 03/01/2013 3:51:36 PM PST by RightGeek (FUBO and the donkey you rode in on)
[ Post Reply | Private Reply | To 1 | View Replies]

To: AuntB; Tennessee Nana; TADSLOS; stephenjohnbanker; thouworm; Grampa Dave; GOPJ; 2ndDivisionVet; ...

ping


12 posted on 03/01/2013 3:53:46 PM PST by Liz
[ Post Reply | Private Reply | To 10 | View Replies]

To: Liz
So what? Obama voters don't own Duke stock.

Par for the course with the libs.

13 posted on 03/01/2013 3:54:41 PM PST by skeeter
[ Post Reply | Private Reply | To 1 | View Replies]

To: nascarnation

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?


14 posted on 03/01/2013 3:55:26 PM PST by Conserev1 ("Still Clinging to my Bible and my Weapon")
[ Post Reply | Private Reply | To 10 | View Replies]

To: Liz

You lay down with dogs, you get fleas. Duke deserves this loss for underwriting evil and lies.


15 posted on 03/01/2013 3:57:30 PM PST by MissesBush (The Fourth Estate has Become a Fifth Column)
[ Post Reply | Private Reply | To 1 | View Replies]

To: ozzymandus

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.


16 posted on 03/01/2013 3:58:07 PM PST by Responsibility2nd (NO LIBS. This Means Liberals and (L)libertarians! Same Thing. NO LIBS!!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Liz

Obama’s FSA on the march.


17 posted on 03/01/2013 3:58:20 PM PST by TADSLOS (The Event Horizon has come and gone. Buckle up and hang on.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz
ROTFLMAO, guess Duke Energy will have to raise rates a little, no problem at all, everybody wins...........Except the old consumer and he don't count.
18 posted on 03/01/2013 4:01:14 PM PST by The Cajun (Sarah Palin, Mark Levin......Nuff said.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

And they didn’t even get a kiss.


19 posted on 03/01/2013 4:01:26 PM PST by Iron Munro (I miss America, don't you?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MissesBush

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.”


20 posted on 03/01/2013 4:01:58 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Liz; All
Duke & Duke.

"Sell Mortimer, SEELLL!!! Turn those machines back on!"

21 posted on 03/01/2013 4:03:17 PM PST by TADSLOS (The Event Horizon has come and gone. Buckle up and hang on.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

Haven’t heard much from Debbie Wasserface. Maybe Obie told her to use the money for an extended cruise. Whatta bunch of crooks.


22 posted on 03/01/2013 4:11:34 PM PST by RedwM
[ Post Reply | Private Reply | To 1 | View Replies]

To: nascarnation

There should be a shareholder lawsuit over this. Probably will be.


23 posted on 03/01/2013 4:20:19 PM PST by Phillipian (Post Tenebras Lux)
[ Post Reply | Private Reply | To 20 | View Replies]

To: Chode

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.


24 posted on 03/01/2013 4:21:49 PM PST by bgill
[ Post Reply | Private Reply | To 9 | View Replies]

To: Phillipian

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.


25 posted on 03/01/2013 4:24:34 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
[ Post Reply | Private Reply | To 23 | View Replies]

To: bgill
unions is as unions does...
26 posted on 03/01/2013 4:26:12 PM PST by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -ww- NO Pity for the LAZY)
[ Post Reply | Private Reply | To 24 | View Replies]

To: Liz

The DNC steals everyone’s money.

Bill Maher, Arianna Huffington, Rachael Maddow and Jon Stewart should pay up.


27 posted on 03/01/2013 4:33:31 PM PST by NoLibZone (We have the nation we deserve. I predict FR will hate GOP Candidate for 2016 , because of his shoes.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz
The money quote:

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).

Institutionalized corruption.

28 posted on 03/01/2013 5:14:38 PM PST by Hoodat ("As for God, His way is perfect" - Psalm 18:30)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Responsibility2nd
Actually, the $10 million to the DNC is the kickback. Duke Energy has already had its fill at the government trough. From the last paragraph:

Duke received $200 million in federal stimulus money for “smart-grid” improvements in 2009, and at least two of the company’s 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.

29 posted on 03/01/2013 5:29:30 PM PST by Hoodat ("As for God, His way is perfect" - Psalm 18:30)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Steely Tom

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?


30 posted on 03/01/2013 5:40:57 PM PST by Little Ray (Waiting for the return of the Gods of the Copybook Headings.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Mr Rogers
Mr. Rogers personally gave $339,000 in cash and in-kind services, including the hiring of a fundraising assistant, the Observer reported.

What do you have to say about this, eh?

31 posted on 03/01/2013 5:47:23 PM PST by 1010RD (First, Do No Harm)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

More likely Duke made 100 times that paltry amount in government contracts and guarantees.


32 posted on 03/01/2013 5:48:45 PM PST by 1010RD (First, Do No Harm)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Hoodat; Liz
Mr. Murrey told The Washington Times only that the line of credit was with two banks — Bank of America and Mechanics & Farmers Bank, which is headquartered in Charlotte. Duke Energy had guaranteed the line of credit.

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

http://www.charlotteobserver.com/2012/07/19/3391945/duke-wanted-to-exit-merger-when.html#storylink=cpy

Sounds like some funny business to me.

33 posted on 03/01/2013 6:03:42 PM PST by haffast (Books serve to show a man that those original thoughts of his aren't very new at all. -Abe Lincoln)
[ Post Reply | Private Reply | To 29 | View Replies]

To: MissesBush
You lay down with dogs, you get fleas. Duke deserves this loss for underwriting evil and lies.

AMEN

34 posted on 03/01/2013 6:35:28 PM PST by True Grit
[ Post Reply | Private Reply | To 15 | View Replies]

To: 1010RD

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!

;>)


35 posted on 03/01/2013 6:36:30 PM PST by Mr Rogers (America is becoming California, and California is becoming Detroit. Detroit is already hell.)
[ Post Reply | Private Reply | To 31 | View Replies]

To: Liz

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.


36 posted on 03/01/2013 6:38:28 PM PST by txrefugee
[ Post Reply | Private Reply | To 1 | View Replies]

To: The Cajun

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.


37 posted on 03/01/2013 7:01:15 PM PST by jtonn
[ Post Reply | Private Reply | To 18 | View Replies]

To: GOPJ

“Democrats in Detroit don’t pay their bills either... is there a pattern here?”

Why should they pay anything? They are entitled to everyone elses money.


38 posted on 03/01/2013 10:44:52 PM PST by freeangel ( (free speech is only good until someone else doesn't like it)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Liz

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.


39 posted on 03/02/2013 4:28:52 PM PST by Terry Mross (How long before America is gone?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Liz

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.

http://www.usnews.com/opinion/articles/2012/08/27/taxpayers-shouldnt-fund-conventions


40 posted on 03/02/2013 5:08:45 PM PST by EternalVigilance (Defend life, liberty, private property, national sovereignty, security, & borders. Keep the oath.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: nascarnation

Damages were sustained in this by shareholders, not customers. Shareholders were damaged by the bad debt. They would have standing to sue, I thinks.


41 posted on 03/03/2013 5:43:23 PM PST by Phillipian (Post Tenebras Lux)
[ Post Reply | Private Reply | To 25 | View Replies]

To: MissesBush

true that.


42 posted on 03/04/2013 4:55:46 AM PST by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 15 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson