I wonder what the odds were in Vegas that the Democratic National Convention would have paid back a $10 million loan guarantee issued by Duke Energy for their shindig in Charlotte. Today, the energy company issued a statement to its shareholders that they got stiffed, but they’re able to write off $6 million as a tax write off. There’s one tax loophole the Democrats should be thankful for.
The $4 million loss is a drop in the bucket compared to the $200 million in Stimulus money they received, along with $125 million in tax credits granted by the Department of Energy. Oh, and let’s not forget the $460 million Duke received from federal, local and state governments as incentives to build a power plant in Indiana.
All in all, it pays to be a political entrepreneur. I wonder if there is a Grafter Union for big business.