Duke Energy, which has pocketed many millions in green-energy subsidies and which stands to profit from Obama’s climate legislation, extended a $10 million guarantee to finance the Democratic National Convention.
The convention was basically a three-day ad for Obama. By underwriting it with shareholder money, Duke CEO Jim Rogers was subsidizing the Obama campaign. But now the Washington Times’ Susan Crabtree points out that the DNC hasn’t repaid all of its loans–which might leave Duke shareholders on the hook for $8.7 million.
That would, in effect, be a giant corporate contribution to Obama. Here’s the report:
Because no other convention committee in history has taken out a similar loan, no laws force Mr. Obama to publicly disclose it to the Federal Election Commission or any other agency, the watchdogs say.
The only FEC report available from the host committee dates back to October and shows an outstanding $8.7 million in debts from loans. Since then, the host committee has closed up shop and is not required to make any more FEC reports.