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.