Duke Energy’s Crony Capitalism Infects the Democratic National Convention

By Tom Borelli:

Over the weekend, Fox News exposed the close financial and political ties between the Democrat Party, President Obama and Duke Energy CEO Jim Rogers.

I’m quoted in the story that describes that:

  • Rogers put his shareholders at risk by securing a $10 million line of credit to back the Democratic National Convention in Charlotte, NC;
  • Duke Energy – a profitable business – received a $200 million grant from President Obama’s economic stimulus plan; and
  • Rogers was a lead proponent of President Obama’s cap-and-trade legislation.

The relationship between Obama and Rogers is classic crony capitalism where businesses use their financial and lobbying power to obtain rewards from elected officials.

Read the entire Fox News story here.