Democrats ended their convention in Charlotte $5 million short of their budget even after being forced to draw down a $10 million line of credit from Duke Energy Corp. (DUK), according to a Democratic Party fundraiser.
That will leave a $15 million bill that eventually will have to be paid by President Barack Obama’s campaign or the Democratic National Committee, according to the fundraiser, who spoke on condition of anonymity to discuss internal deliberations.
The Charlotte Host Committee ended the convention with more than $5 million in immediate obligations and may require a direct cash infusion from the Obama campaign to pay vendors, said the fundraiser.
The $10 million line of credit to Duke Energy will need to be repaid next year, said a second person familiar with the matter, who also spoke on condition of anonymity. Duke Energy Chairman and Chief Executive Officer Jim Rogers is co-chairman of the host committee.
Those debts could siphon off advertising money in the campaign’s final months, as Democrats face a cash disadvantage.
Just my Roths made over $7.600 since January. Ahhs loves Obama. I LOST $59,000 with Mr Bush in 2008, I LOST $25,000 in 2000 with Mr Bush. Got the picture? Obama Good, Bush Baaaad!
Woldgangjr !! President Obama will want his cut Aptil 15. Its amazeing how the Market hums when the Feds has the printing presses humming. You will also pay for QE1,QE2,QE3 .... with higher inflation and lower spending power. There are new rules for Roths in the works if you are are considered hign income.
This and BAC and few others in Charlotte all are in Obama's pockets yet few know this.
DUK has gotten so inefficient here in NC and now they are a mega monopoly utility and it is worse than ever trying to work wiht them.
If you listen and understand what Obama and his advisors preach, their goal is to do away with using gas, coal and oil for electrical generation and automobiles. At this time is history all this will do is increase the cost of electricity to consumers. You already see what EC cars cost, the VOLT $43k.
This administration is not good for consumers. Look at the increase in the price of food, clothing and shelter in the past 4 years.