Open letter to Paul “Bubbles” Gallo and ardent supporters of the SB 2793.
Usually, you could to depend on the self absorbed Paul “Bubbles” Gallo to dissect a piece of legislation on the air. Particularly if it screwed the taxpayer. He’d normally would have both sides on to discuss the pro’s and con’s. But it looks like the self proclaimed number one talk show host has put on the lipstick and spandex for a corporate sponsor.
Looks like they have my boy out on the stroll.
Yep, Bubbles is in the the tank for “Big Utilities”.
That’s why I call him Bubbles! I have even deciphered the ultra secret meaning behind the network’s odd call letters. It stands for “Water For Money Network.
Tiny did anyone realize that this vile cabal of politicians, media stuntmen and party hacks would contrive a scheme that would have 45 of the poorest counties in Mississippi subsidizing a 22 billion dollar a year corporation to the tune of 6-9 billion dollars. A corporation that pays it’s C.E.O. $30 million plus a year in salary bonuses and stock options.
Supposedly the genesis of this bill was that Wall Street would not invest in the nuclear industry it was too risky. Oddly, when the utility companies was lobbying Congress to repeal the Public Utilities Holding Company Act of 1935 over the last 20 years. Congress was told, but, for this act investors would invest their money. Congress recently repealed the act in 2005.
Then they come down to Mississippi and reverse themselves 180 degrees and tell us Wall Street won’t invest in new technologies. However, if we ratepayers agree to pay for the plant up front and abandon the consumer regulatory protections enacted over the last 73 years. Then risk would be decreased and investors would come.
So now we’re in a position where the federal regulations that protected ratepayers were done away with the repeal of the PUCHA act of 1935. Those regulatory responsibilties no longer with S.E.C. now belong to the state Public Service Commission.
Interestingly, in the bill on the governor’s desk. The utilities companies couldn’t say with any certainty what any of these new technologies would cost. But they were dead certain how much money should be spent on audits. Hmmmm!
It takes the federal government 12 years to audit a utility company for just one year of operations with all the resources that the fed’s have.
As poor as Mississppi is there is no way the PSC could have the resources to monitor the loopholes in this bill effectively on behalf of the ratepayers.
You realize audits would have to be in addition to conducting legislatively mandated prudency reviews on the ongoing work on the new plants every 90 days as outlined in SB2793
Now you see why supporters of this bill are quick to extoll the PSC’s oversight role. They know if you just snow the commission with enough paper. They will eventually just sign whatever is put in front of them.
This to the continual financial detriment of ratepayers in the 45 counties. Guys and girls make no mistake about it. This is legislative condoned “graft” in it’s unadulterated form. This is the Enron scandal Mississippi style.
Also, there is no interest savings for the rate payer as sugested by proponents. In this bill ratepayers pay a rate of return and interest on monies we give “big utilities”. We also pay a rate of return and interest on any money that “big utility”may borrow. Yep we even get the privilege to pick up the note on that too. While we pay them a rate of return and interest on money that’s an outright gift.
But wait it gets worse. Contrary to what proponents of this bill says. The federal government also stepped in (2005) and provided the full backing and blessings of the United States govt to facilitate the construction of new nuclear power plants.
So while “big utility” put’s no skin in the game.
We lucky Mississippians thanks to our legislature, Phil Bryant and the Water For Money Network and soon to be Gov. Barbour.We will get the distinct privlege to pay twice (fed & state) to ensure that the stockholders of a $22 billion dollar a year corporation never miss a dividend payment. This feels so patriotic! Ooh baby! Ooh baby!
Way to go Bubbles!
While you are not a complete (blank)on this one. I’ll never underestimate your bottomless capacity for growth in that area.