DNC can't pay bills

[himher 634]

The Democratic National Committee has no intention of repaying the country’s largest electrical power company for the unprecedented $10 million line of credit it guaranteed to help a local host committee fund last September’s Democratic National Convention in Charlotte, N.C.

According to an article on the Washington Times web site, an official for Duke Energy said the company would claim the money as a business expense for tax purposes, meaning shareholders will foot $6 million of the cost.

The amount of the loan and the secrecy surrounding it has raised red flags for government watchdog groups.

They claim the arrangement smacks of serious conflict-of-interest issues for President Obama and disputes his claim to be committed to disclosure and transparency.

Since Duke Energy guaranteed the loan, the company had previously refused to issue any information regarding payment terms or when it would come due.

At the end of January, a Duke Energy spokesman referred all questions about the loan to Dan Murrey, a surgeon in Charlotte who acted as chairman of the convention host committee, which is an independent group affiliated with the DNC.

Murrey told The Washington Times only that the line of credit was with two banks — Bank of America and the Charlotte-based Mechanics & Farmers Bank.

“We are still finishing up some collections and disbursements related to the convention, and the account is still open,” Murrey said.

In 2011, The White House originally banned corporate donations to the convention, but with Democratic supporters intent on donating to what would become the most expensive presidential campaign in history, the host committee organizing the convention found itself strapped for cash and reversed the decision.

Jim Rogers, Duke Energy CEO, has said supporting the convention was a good way to get Charlotte unprecedented exposure on an international scale and was also beneficial for his company.

“At the end of the day, we’ll do our best to get our money back,” he told the Charlotte Observer in a January interview.

“But if we don’t, it’s just a contribution we’re making I think for the greater good of our community.”

Rogers also claims he would have done the same for a Republican convention.

Duke Energy’s involvement went beyond the guaranteeing of a loan.

It donated $4.1 million to a separate fund formed to receive corporate money for parties outside the convention hall and $1.5 million in in-kind contributions to the host committee for other expenses, such as office space and furniture.

Watchdog groups say the loan shows that Obama put political expediency above his pledge to run “the most transparent government in history,”

“This is just a blank check for the party, and it undermines the whole [Obama] message of cracking down on special interests’ influence in Washington,” said Tyson Slocum, an energy specialist for Public Citizen, a left-leaning consumer rights advocacy group.

“It’s clear the administration is hypocritical.”

Many watchdogs are seriously concerned about Democrats accepting large donations from Duke Energy, the third-largest coal burning utility in the country.

They fear the favoritism and unfair influence with the Obama administration that could result.

Despite Obama’s crackdown on emissions from coal-fired plants, Duke is one of at least a dozen firms exempted by the administration so it can pursue energy projects paid for by stimulus dollars, according to a report by the Center for Public Integrity.

In 2009, Duke received $200 million in federal stimulus money for “smart-grid” improvements 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, as well as federal and local incentives, from the Department of Energy.

[Mr. Big Dog 10,747]

Right Wing Nut spin. Awesome.

[reality]

Duke Energy won't be repaid $10 million from DNC

By Bruce Henderson

Posted: Friday, Mar. 01, 2013

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.

...

Duke spokesman David Scanzoni said the company heard from few shareholders. The $10 million took 1 cent off Duke’s 2012 earnings, when the nation’s biggest utility earned $1.7 billion.

“That’s a (large) sum of money, but it did not have a large impact to shareholders,” Scanzoni said. “For most stockholders, it’s not on their radar.”

Rogers has maintained Duke’s financial support was for the good of a city making its star turn before an international audience, and so good for Duke. He has said the company would have also supported a Republican convention.

“At the end of the day we’ll do our best to get our money back,” he said in a January interview. “But if we don’t, it’s just a contribution we’re making I think for the greater good of our community.”

...

It’s legal for corporate donors to give cash or in-kind contributions to host committees, Federal Election Commission rules say. The rules define the committees’ purpose as “encouragement of commerce in the convention city, as well as the projection of a favorable image of the city to convention attendees.”

“At the end of the day, it is legally a contribution the entity can accept,” said Paul Ryan, senior counsel at the Campaign Legal Center, a Washington, D.C., nonprofit that analyzes campaign finance issues.

Read more here: http://www.charlotteobserver.com/2013/03/01/3885178/duke-energy-wont-be-repaid-from.html#storylink=cpy

[/reality]

carry on...

[himher 634]

"spin"

[james&olya 1,121]

Right Wing Nut spin. Awesome.

[reality]

[/reality]

carry on...

I don't think they even realize anymore that being dishonest by selective reporting and misleading spin is no more morally right than just outright fabrication. Of course, they engage in a fair bit of that as well!

[ready4ONE 5,400]

Another Obama gotcha down the toilet! Back to the drawing board.

[Mr. Big Dog 10,747]

"spin"

I was being generous referring to this fabrication merely as spin. You're right. It's not spin. It's a LIE.

[Ban Hammer 13,337]

Right Wing Nut spin. Awesome.

[reality]

[/reality]

carry on...

in summary, the bill wasn't paid.

[Mr. Big Dog 10,747]

in summary, the bill wasn't paid.

in summary, there was no bill to be paid.

[james&olya 1,121]

in summary, there was no bill to be paid.

I am sure that they could spin even the fact that the sun comes up in the east and goes down in the west as a failing on the part of democrats and 'the kenyan'!

[spookyturtle 9,465]

I am sure that they could spin even the fact that the sun comes up in the east and goes down in the west as a failing on the part of democrats and 'the kenyan'!

What does this have to do with penises?

[himher 634]

http://www.huffingtonpost.com/2013/03/01/duke-energy-dnc_n_2791867.html

http://freebeacon.com/duke-energy-loan-becomes-gift-to-dnc/

In summary there was a bill to be paid but democrats and liberals consider "borrowing" and "lines of credit" free money

in summary, there was no bill to be paid.

Edited March 3, 2013 by himher

[Ban Hammer 13,337]

in summary, there was no bill to be paid.

only if you believe in creative bookkeeping.

[james&olya 1,121]

only if you believe in creative bookkeeping.

You believe republicans don't?

[himher 634]

Liberal dream: Everything we earn will simply be considered a "campaign contribution" like the bill the taxpayers footed for the DNC

@ "the bill that never was"

You believe republicans don't?

[Ban Hammer 13,337]

You believe republicans don't?

loan me a couple mill and find out.