Friday, March 1, 2013

Sad: DNC defaulting on convention loan; sticks Duke Energy for $10 million

Anybody dumb enough to guarantee a DNC loan is getting what they deserve.  Is is sad democrats won't pay their bills.
The Democratic National Committee has no plans to repay Duke Energy for an unprecedented $10 million line of credit it guaranteed to help the Democratic convention’s local host committee put on President Obama’s three-day nominating convention in Charlotte, N.C., last September.

A Duke company official said the company was claiming the money as a business expense for tax purposes, meaning shareholders will foot $6 million of the cost, according to a report in the Charlotte Observer.

The large loan and the secrecy surrounding it have government watchdog groups deeply concerned. They say the arrangement raises serious conflict-of-interest issues for Mr. Obama and challenges his claim to be committed to disclosure and transparency.

Since guaranteeing the loan, Duke Energy previously had refused to disclose the 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 was chairman of the convention host committee.

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