Jackson Jambalaya

Open letter to Paul "Bubbles" Gallo and ardent supporters of the SB 2793:

Usually, you can depend on the self-absorbed Paul "Bubbles" Gallo to dissect a piece of legislation on the air, particularly if it screws the taxpayer. He normally has both sides appear to discuss the pros and cons of the legislation at issue. Unfortunately, it appears 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".
Little did anyone realize that this vile cabal of politicians, media stuntmen and party hacks would contrive a scheme having 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 paying its C.E.O. $30 million plus a year in salary bonuses and stock options.

Supposedly the genesis of this bill was Wall Street would not invest in the nuclear industry since it was too risky. Oddly, when the utility companies were 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 Congress recently repealed the act in 2005.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.

Now we're in a position where federal regulations protecting ratepayers were erased by the repeal of the PUCHA act of 1935 as regulatory responsibilties no longer with the S.E.C. now belong to the state Public Service Commission. What is even more unfortunate is 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, although 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 the feds 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.

Do you realize audits would have to be conducted in addition to 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 as 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 its unadulterated form. This is the Enron scandal Mississippi-style.

Also, there is no interest savings for the ratepayer 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 governmentt to facilitate the construction of new nuclear power plants.
So while "big utility" puts no skin in the game, we lucky Mississippians will ante up our hard-earned money, thanks to our legislature, Phil Bryant, the Water For Money Network and soon to be Gov. Barbour. We will get the distinct privilege to pay twice (fed & state) to ensure 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!
Kim Wade

Kingfish note: Any rebuttal or comment from Paul Gallo or representatives of Entergy or WFMN will be printed in its entirety and given its own post, not just a burial in the comments section.