Share

POLITICS

The power company underwriting the DNC for $10M

By |
Politics,Beltway Confidential,Money Watch,Timothy P. Carney

Power giant Duke Energy is subsidizing the Democratic National Convention by guaranteeing a $10 million line of credit for the convention. The convention, like all recent major-party conventions, will basically be a political commercial for the party's nominee -- President Barack Obama.

Duke is one of the biggest businesses in Charlotte, where the convention will be. But it is also a very political and politically connected company that stands to profit off of a friendly politician in the White House.

Duke has lobbied for and stands to profit from the sort of cap-and-trade policies President Obama supports, as well as other Obama green-energy subsidies. Specifically, Duke has pocketed $230 million in taxpayer money from Obama's stimulus, according to the Washigton Free Beacon's Andrew Stiles.

Duke's CEO Jim Rogers has given more than $30,000 to Obama's reelection effort.

This seems very relevant to me. But after reading Stiles piece last week, I mentioned it in passing a couple of times, and found that very politically-dialed in people didn't know that Duke was offering to potentially pay $10 million of shareholder money to fund Obama's biggest infomercial.

So I checked around some media outlets, and noticed that, as far as I could tell through web searches and Nexis searches, neither the New York Times nor MSNBC.com have once mentioned that Duke Energy is underwriting the Democratic Convention. This was announced last March.

Given all the coverage these liberal outlets give to money in politics, I would have assumed a major power company profiting off of public policy offering a huge subsidy to the President's renomination party would be news.

View article comments Leave a comment