Should Duke Energy Shareholders Be Nervous About DNC Loan Guarantee?

Jim Rogers and windmill photoIn March NLPC reported that Duke Energy guaranteed a $10 million loan to the Democratic National Committee to host its 2012 convention in Charlotte, NC – the utility’s hometown. Now Duke CEO James Rogers – who heads the fundraising effort as co-chair of the DNC host committee for the convention – is silent about how much money has been brought in so far.

“One of the things that the DNCC really impresses upon us is that we need to work hard, raise the money, not talk about how much we’ve raised at any time because we just need to keep the momentum going and continuing to raise the money,” Rogers told WFAE, Charlotte’s local public radio station and NPR affiliate.

According to the report, Rogers and his teammates are not allowed to solicit corporations and lobbyists for donations, and “the effort is challenging.” And the muteness about fundraising progress …

Duke Energy CEO Rogers Plays Politics With Shareholder Money; $10M Credit Line for Democrats

Jim Rogers/windmill photoWell, the second-largest banking city in the nation won the rights to host the Democratic National Convention in 2012, so you think the big TARP beneficiaries based in Charlotte might be the ones to step up to guarantee the funds for DNC to do its thing. You know, maybe Bank of America, which is the largest financial institution by assets in the country. Or Wachovia, now Wells Fargo, which has a lot of civic pride and survived thanks to the government intervention.

But no, it’s not the big bankers who have the Obama administration to thank for their survival who have offered to back his reelection party. Instead it’s the carbon-capping man, that Climate Action Partnership legend, yes, it’s Duke Energy’s CEO Jim Rogers:

Fifth Third Bank has agreed to extend a $10 million line of credit to help Charlotte organizers host the Democratic National Convention in 2012.

Charlotte-based

The Case Against Slave Reparations

Reparations coverThis 48-page monograph was written by NLPC President Peter Flaherty and NLPC Director of Policy John Carlisle. First published in 2004, it was extensively updated in 2008. NLPC recently gave permission to Cengage Learning to reprint pages 18-20 in a forthcoming book titled Global Viewpoints: Slavery.

Click here or on the cover to the right to download the pdf version.

NLPC is a critic of banks that caved in to pro-reparations activists.  JPMorgan Chase, Bank of America, Wachovia and now-defunct Lehman Brothers “apologized” for alleged links to slavery.

In 2007, NLPC sponsored a JPMorgan Chase shareholder proposal that addressed the issue. The resolution was presented by Deneen Borelli, a Fellow of Project 21, an African-American leadership project.

The resolution read:

Resolved: Shareholders request JPMorgan Chase & Co. management to report to shareholders by October 1, 2007, at a reasonable cost and excluding confidential information, descriptions of initiatives