This story ran on March 1, but it’s worth highlighting.
Duke Energy just forgave $10 in debt owed it by the Democratic National Committee related to the 2012 national convention in Charlotte.
Via The Charlotte Observer, Duke Energy won’t be repaid $10 million from DNC
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.
The DNC host committee struggled to raise money under fundraising rules set by the White House that banned corporate cash contributions. By last October, a month after the convention, it had raised $24.1 million of the original $36.6 million goal.
The chairman of Duke Energy, the nation’s largest electric power company, Rogers is also co-chairman of the convention’s nonprofit host committee, along with Charlotte Mayor Anthony Foxx. More than a year ago, Rogers set out to raise $37 million in donations to pay for the three-day event, including $7 million to renovate the stadium that will serve as the convention’s main venue and millions more to pay for the logistics of hosting more than 35,000 delegates, journalists, activists and other conventioneers who are expected to descend on Charlotte.
Duke Energy has donated about 50,000 square feet of office space downtown for the convention staff to use as its headquarters. Thomas Williams, a Duke Energy spokesman, said Rogers has raised $10 million or $11 million for the convention from private donors.
The Weekly Standard adds:
Finally, it was reported in January that the DNC still owes $15 million to Amalgamated Bank of New York, which is majority owned by the Service Employees International Union, one of the party’s largest donors and an organization with its own strident agenda. Democrats may say they want corporations and special interests subject to new campaign finance laws, but it turns out they actually win campaigns by letting those same groups pick up the tab.
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