Duke Energy’s $10 million loan will go unpaid, costing shareholders $6 million, reports the Charlotte Observer:
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.
CEO Jim Rogers, the lead fundraiser for the convention and a potential Obama appointee, was forced out after the company floated the loan.
Duke’s $10 million gift to the convention is just the latest example of the Democrats’ failed pledge not to accept corporate money.