CRONY CAPITALISM:: The power company underwriting the DNC for $10M | Campaign 2012 | WashEx
By MB Snow at February 21, 2012 | 12:08 am | Print
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.
via The power company underwriting the DNC for $10M | Campaign 2012 | Washington Examiner.