Symptom of the Disease: Duke Energy writes off $6 million loan guarantee to DNC

President Obama’s political party – the Democrat National Committee – will not repay millions Duke Energy provided to help pay for the September, 2012 Democratic convention in Charlotte, N.C.

This is the national political game as usual. I don’t care if it’s the DNC or the RNC. This is bad.

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 large loan and the secrecy surrounding it have government watchdog groups deeply concerned. They say the arrangement raises serious conflict-of-interest issues for Mr. Obama and challenges his claim to be committed to disclosure and transparency.

This was all for a big, three-day party. Not an entitlement program, not defense spending, not welfare, not Social Security, not Medicare … and it is all perfectly legal. That said, I think it should remain legal since this is just one of the symptoms derived from the real disease. Are we going to continue to bitch and moan about the symptoms, trying to cover them up with new regulations and “transparency” theater, or do we have the guts to treat the disease?

One has to wonder what will happen when Duke Energy visits the White House during the next few years. What will they ask for? What will their access level be? Who cares, it’s only $6 million.

Steve McGough

Steve's a part-time conservative blogger. Steve grew up in Connecticut and has lived in Washington, D.C. and the Bahamas. He resides in Connecticut, where he’s comfortable six months of the year.

13 Comments

  1. Dimsdale on March 1, 2013 at 2:01 pm

    I would hope the shareholders are giving the CEO and others associated with this the bum’s rush.



  2. yeah on March 1, 2013 at 3:12 pm

    pfft…this is after the fact, what do you think duke would have told the DNS if they said to just hand over the money and you can write it off in taxes?? this in the DNS thieving from the public.
    ?



  3. JBS on March 1, 2013 at 4:24 pm

    Just how does Duke Energy get away writing off a loan guarantee for $6 million — or is it $10 million? I’m not even a Duke customer and I am appalled. How does a public utility, in effect, donate customer money to a political entity? There have to be more than a couple of Republican/conservative customers who are tweaked about this.
    I bet there are a lot of fat and happy Democrats that made plenty off of that convention.
    I can think of more than a few cartoons of that.



  4. ricbee on March 1, 2013 at 5:13 pm

    ?So what did or what will Duke Energy get in return? Somebody from DE will be getting a sweet deal somewhere,maybe an appointment? Let’s find out.



  5. sammy22 on March 1, 2013 at 5:17 pm

    Duke Energy is like any? number of other corporations who take advantage of the political system as it exists today. See:
    In December 2011, the non-partisan organization Public Campaign criticized Duke Energy for spending $17.47 million on lobbying and not paying any taxes during 2008 through 2010 and receiving $216 million in tax rebates, despite making a profit of $5.4 billion and increasing executive pay by 145% to $17.2 million in 2010 for its top 5 executives.[23] The company has recently become the object of protest for its close relationship to the Democratic Party and its <a title="2012 Democratic National Convention" href="http://en.wikipedia



    • Steve McGough on March 4, 2013 at 7:10 am

      Gee, let me guess… you think the “loopholes” should be closed and more regulations should be implemented to curb executive salaries. Keep putting those wart-sized band-aids on and ensure you hold the hand of the patient while the artery bleeds out.



  6. Plainvillian on March 1, 2013 at 5:32 pm

    DE or GM, or GE, WDDIM?? Isn’t co-opting business a strategy for totalitarianism?
    ?



  7. Lynn on March 2, 2013 at 10:20 am

    The disease is a symptom of spending addiction, “I have become comfortably numb”.



    • Lynn on March 2, 2013 at 1:26 pm

      I should have given credit for the quote above, Pink Floyd.



  8. sammy22 on March 4, 2013 at 10:20 am

    Wrong guess, Steve. Just pointing out that we, the people, have allowed, through our elected ones, a political system that is at best venal, and at worst corrupt.



    • Lynn on March 5, 2013 at 7:44 am

      Well Sammy, you are correct. It is a mystery to me why only @ 30% approve of Congress, yet Districts continue to re-elect their own representative. There is a disconnect to that. My only answer is that Districts want the bacon to continue to be brought home. I agree with Pogo, “I have seen the enemy, and he is us”. But, people should ask themselves why they aren’t doing more to watch and tell voters, what is going on, We as taxpayers are the bacon Providers only bureaucratic costs are added. We are also stupid.



    • Dimsdale on March 5, 2013 at 9:13 am

      You are right.? We need term limits, no retirement benefits or perks for Congresscritters.?? Or anyone in government for that matter.? It should not be a career, because, as we all know, absolute power corrupts absolutely.? Particularly when the hacks come into office already corrupt.? Or from Chicago….



    • ricbee on March 5, 2013 at 1:54 pm

      Power has changed our government from willing servants to tyrannical rulers.



square-russian-ships-dnc

The website's content and articles were migrated to a new framework in October 2023. You may see [shortcodes in brackets] that do not make any sense. Please ignore that stuff. We may fix it at some point, but we do not have the time now.

You'll also note comments migrated over may have misplaced question marks and missing spaces. All comments were migrated, but trackbacks may not show.

The site is not broken.