Saturday, November 23, 2013

Eagle Killing Duke Energy Adds PEU Kennard

Duke Energy filled the headlines with one story and a press release.  BBC reported the story of Duke Energy's wind farms killing 14 golden eagles and paying a $1 million fine.  Duke is a $50 billion company, so the fine is .002% of the firms current market cap.

Wind energy facilities in 10 US states have killed at least 67 golden and bald eagles since 2008, according to one federal study.  The bald eagle symbolizes America's majestic beauty, great strength, long life.  While wind energy killed eagles over the last five years, private equity underwriters (PEU's) continued their march to acquire and flip the world.

Duke's press release stated PEU William Kennard would join their board of directors on January 1, 2014.  Kennard's PEU lineage involved The Carlyle Group from 2001 to 2009.  He now PEU's with Grain Management.  Kennard joined Grain last month.  Grain Management was founded by David J. Grain.  Grain is a certified, minority-owned business enterprise.  His website bio states:

President Barack Obama appointed Mr. Grain to the National Infrastructure Advisory Council (NIAC) in July 2011. The NIAC provides the President through the Secretary of Homeland Security with advice on the security of the critical infrastructure sectors and their information systems.

I venture Kennard's presence should minimize future fines from the Blue White House.  Kennard joins James A. Hance, Jr., another Carlyle Group executive on Duke Energy's board.  Hance made $263,000 in board compensation from Duke Energy in 2012.  Kennard will make at least $200,000, $75,000 in cash and $125,000 in stock.  Also, Duke pays board members $2,000 per phone call meeting. 

It might be a stretch to connect the killing of America's symbolic strength with greedy, soul-sucking PEU's.  Then again, it might not. 

Update 12-7-13:  The AP reported "Under pressure from the wind-power industry, the Obama administration said Friday it will allow companies to kill or injure eagles without the fear of prosecution for up to three decades."