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.
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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.