unions is as unions does...
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 ...
"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.
unions is as unions does...
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).
Institutionalized corruption.
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.
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.
AMEN
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 don’t 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.
http://www.usnews.com/opinion/articles/2012/08/27/taxpayers-shouldnt-fund-conventions
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