Lucylastic
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Companies including Bank of America Corp. and Wells Fargo & Co. (WFC) have contributed $20 million toward the cost of the Democratic National Convention, helping fund an event that Democrats initially said wouldn’t accept corporate money, according to two people familiar with the matter. Organizers of this year’s convention in Charlotte, North Carolina, turned to corporations after the city’s host committee struggled to reach its $36.7 million fundraising goal, according to the people, who requested anonymity. Last year, the Charlotte host committee set up a separate entity called New American City Inc., to take corporate cash and to which Bank of America and Wells Fargo contributed, according to the people. The two banks were on a list of corporate donors released Sept. 1 by the host committee that also named AT&T Inc. (T), US Airways Group Inc. (LCC), Duke Energy Corp. (DUK) and the law-and- lobbying firm McGuireWoods LLP. After saying in February 2011 they wouldn’t take corporate money, Democratic Party leaders and convention organizers have grappled with how to cover the estimated $52 million cost of the event, which will culminate Sept. 6 in President Barack Obama’s renomination acceptance speech. Duke Energy Chief Executive Officer Jim Rogers, co-chairman of the host committee, “has said that he secured $10 million to $11 million from local corporations from Charlotte,” said Tom Williams, a spokesman for Duke. “He has been working hard to build on those numbers to bring in money” for the convention, Williams said. Read more http://www.bloomberg.com/news/2012-09-04/companies-pay-20-million-to-fund-democratic-convention.html
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