Mar
01
2013

DNC stiffs Duke Energy for $10 million convention bill.

This is… well, I suppose that the word you’d use would depend on whether you’re a shareholder in Duke Energy, or not.

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.

It’s a shame that I’m not a shareholder: I’d have some pointed questions about why the board of directors decided throw away six million dollars of my money. Admittedly, the difference in 2012 earnings was miniscule (very miniscule: reportedly no more than a penny), as Duke Energy was quick to point out; but one wonders what other stupid, partisan decisions CEO Jim Rogers has made during his tenure there.  These things tend to come in waves.

Moe Lane

8 Comments

  • tnfriendofcoal101368 says:

    Probably a reason, the board was ok with letting him go as a condition of NC regulators letting Progress Energy takeover go through. I guarantee Berkshire Hathaway’s board would have fought tooth and nail.

  • Crawford says:

    Can you say BRIBERY?

    • Herp McDerp says:

      No, it would only be “bribery” if the president were an Evil RethugliKKKan.

      Obama is a Democrat, so this is at worst an “Oopsie! ☺” that most media outlets won’t even bother to notice.

  • Finrod says:

    Barack Obama: the Six Million Dollar Fraud.

  • Subotai Bahadur says:

    This is America v. 2.0. It already considered perfectly acceptable for the personal political arm of Obama [OFA] to sell direct access to the President on a quarterly basis for a contribution to their coffers of $500k a year. It is the new normal. So why should special privileged access to the entire Democrat National Committee and their political machinery not cost 20 times more? To paraphrase the old comedy line: “We have already established what you are, now all we are doing is negotiating over the price.”.

  • techsan says:

    Obama’s admin’s actions are well described by Sun Tzu’s “The Art of War”. The tactics I see employed follow the strategies and tactics Tzu outlined. The shocking thing is that he’s using them against his own “subjects”. Yes, 1/2 the country supports a competing ideology. Still, we are Americans. But Tzu outlines a strategy for defeating an enemy…and Obama clearly has defined an enemy..and he is us. All other enemies to America are subordinated to Obama’s definition of the enemy.

  • Herp McDerp says:

    That news story seems to be missing a word … the word that’s essential in Accomplice Media reports about the Obama administration screwing people over:
     
    UNEXPECTEDLY!

  • ConMom says:

    [...] Paying Bills Is For The Little People: DNC stiffs Duke Energy for $10 million convention bill. [...]

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