@NCCapitol

@NCCapitol

McCrory sells Duke Energy stock

Posted May 1

Gov. Pat McCrory holds a news conference on Feb. 13, 2014.

— Gov. Pat McCrory has sold the stock he used to own in Duke Energy, the power giant that has come under fire following a Feb. 2 coal ash spill on the Dan River.

The governor has come under criticism for his connections to the company. He worked for Duke for nearly 30 years, and has appointed several former Duke executives to high-profile positions within his administration. Gov. Pat McCrory McCrory SEI

When he first took office, McCrory reported that he owned at least $10,000 in Duke stock. North Carolina's public disclosure laws did not require him to disclose exactly how much stock he owned. A McCrory spokesman declined to specify the value of the Duke stock McCrory sold.

North Carolina public officials file a new statement of economic interest every year by April 15. 

"As public records have shown since April 15, the governor is not a shareholder of Duke Energy" McCrory spokesman Josh Ellis said. "This eliminates the often repeated, ridiculous and false, partisan left-wing attacks challenging the intent of our decisions and policies." Ellis did not specify when McCrory sold the stock, saying only, "before April 15." 

This revelation comes as Duke's shareholders met in Charlotte today. Although the company's slate of directors won re-election, the meeting was not without controversy as public pension funds, such as North Carolina's, called for changes to Duke's board amidst questions about how the company handled the spill. 

"While it would have been better for the Governor to have sold his stock in Duke Energy before taking office, today’s news is a positive development," said Dustin Chicurel-Bayard, a spokesman for the North Carolina branch of the Sierra Club, an environmental advocacy group. "We are glad that the Governor is taking steps to show independence from his former employer, the largest utility in the nation, as the state wrestles with how to address the coal ash crisis."

18 Comments

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  • stymieindurham May 2, 6:51 p.m.

    This does not let McCroy off the hook for how he`s handling the coal ash spill.
    ===================================

    No satisfying some people.

  • 40YRTEACHER May 2, 1:33 p.m.

    It's okay Patty.
    However!
    "He worked for Duke for nearly 30 years, and has appointed several former Duke executives to high-profile positions within his administration."

    How do you get rid of the "political bank account"? those are harder to liquidate.

    That is what I want to know!

  • BigBangTheorist May 2, 12:57 p.m.

    Too little, too late, Governor. You have already shown your bias to your former employer.

  • luvbailey May 2, 10:56 a.m.

    "I would love the governor to publicly call for the end to the PBGC - the Federal agency that guarantees private pensions in the event employers can't pay.

    After all, if you love the unfettered free market, you're fine with the risks."

    You can't be serious? I am a free market lover and a risk taker -- when I have some control over the risk (like when I can sell my investment). The PBGC is in place to protect workers who have NO control over their pension investment. They cannot protect themselves against poor investment decisions by corporate management and / or poor business decisions in general by management. Why would you want to get rid of that? Now, a 401k is different - the employee controls the investment decisions for his / her account and if the company goes bankrupt the 401k still survives (unless the employee foolishly invested too much in the employer's stock).

  • luvbailey May 2, 10:45 a.m.

    I doubt he would risk his political career over 10k of stock, so I am doubtful his investment has had any influence over the coal ash cleanup situation. Still, a good move to sell the stock and remove this argument from the lefties.

  • iopsyc May 2, 10:07 a.m.

    What about his wife? Does she own the stock?

    — Posted by RunsWithWolves

    No. The disclosure form covers him, his wife, and his immediate family members.

  • Stuck in the snow May 2, 9:21 a.m.

    Tell us when you're going to make Duke clean up the Dan river! He probably sold his Duke stock to buy some oil stock. He keeps pushing fracking and drilling for oil off our coast. McCrory can't wait to see NC beaches covered in oil. I guess he will sell his oil stock then.

  • iopsyc May 2, 9:08 a.m.

    Big deal, 10K in stock in nothing, hardly a fortune.

    — Posted by Naysayer

    It was at least 10k, but only the Governor would really know how much. For all we know it could have been 10 million; the disclosure laws are pretty weak.

  • RunsWithWolves May 2, 8:53 a.m.

    What about his wife? Does she own the stock?

  • scubagirl2 May 2, 8:53 a.m.

    Too little, too late, Pat.

    — Posted by 27228

    yep!

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