Duke Energy bribe to DNC pays off handsomely

We live in a kleptocracy where institutionalized theft is practiced by crony capitalists operating under an increasingly fascist system.  I can no longer refer to our government officials as socialists because socialists have the gumption to steal and operate private property.  The simple fact is that American government officials are lazy socialists, more accurately described as fascists.  They let people own property and the means of production but manage profits through favortism, regulation, and licensing.

Follow the timeline to see how Rotarian Fascism paid off for Duke Energy:

Duke guaranteeing $10 million line of credit for DNC: (March 12, 2011)

Duke Energy Corp., whose CEO is leading the fundraising for the Democratic National Convention, is guaranteeing a $10 million line of credit for the event.  The credit line from Fifth Third Bank is apparently the first time such an arrangement has been used by any Democratic convention organizers.  A Duke spokesman said stockholders, not rate-payers, would be on the line if the convention’s host committee defaults. But the head of the committee said it may never have to draw on the money.

Progress Energy requests 14% rate increase for residential customers (October 12, 2012–6 weeks after the DNC convention)

Progress is requesting that the new rates go into effect in mid-2013. The Utilities Commission is expected to schedule public hearings on the utility’s request.  Progress was acquired by Charlotte-based Duke Energy in July but maintains that the blockbuster $32 billion deal, which created the nation’s largest utility, didn’t trigger the rate increase request.

“We started talking (publicly) about the need for a general rate case more than two years ago,” Hughes said.

Duke Energy To Forgive $10 Million Line Of Credit To DNC (March 1, 2013)

Scanzoni told HuffPost that the company was not attempting to win favor with the Obama administration via its involvement in the convention.

“It was an economic development investment with great dividends for the city -– no political connections at all,” he said.

In addition to the $10 million loan and $4.14 million contribution to New American City, the Charlotte Observer reported that Duke Energy also donated $1.5 million in in-kind contributions toward the Democratic convention. Rogers personally gave $339,000 — which included a fundraising assistant marked as an in-kind donation.

Progress Energy reaches deal on rate increase (March 1, 2013- the same day the DNC loan was forgiven)

It looks like power rates are going up for a lot of people in southeastern North Carolina. Progress Energy Carolinas says it has reached an agreement with the North Carolina Utilities Commission Public Staff to raise its rates as early as this summer.