Timeline August 9, 2009
Chattanooga Times Free Press - comment
August 8, 2009
TVA, the great spendthrift of our time, knows how to spend billions of OPM (other people’s money) but can only cut back millions in their wastrel ways.
As TVA hunkers down to protect its bonus scheme, wild statements spurt out from management that when put together show an out of control federal agency with no idea which way to turn.
There are but a few remaining members of TVA’s board of directors. Of nine authorized seats, only five are serving within their appointments; one other, William Sansom, remains on the board even after his term expired May 18, 2009. While this is permitted under their by-laws, any decisions he participates in would be under a cloud. Five members constitute a quorum.
Apparently fearful of protests, the last board meeting on July 21 was held in absentia by telephone. The main purpose of the meeting was to rush through the hiring of a new public relations vice president. This is a typical TVA knee-jerk reaction by management to hire more people instead of getting at the root of their management problems. Likely this would call for deep cuts in management staff and their bonuses.
But TVA’s obtuse management and the accommodating board do not believe there is a forest beyond a thousand TVA trees. Its part of the “TVA culture” identified in the OIG report.
The next scheduled board meeting August 20 in Knoxville, Tennessee promises to be very tightly controlled and then only to approve a few board actions.
As TVA hunkers down waiting for the next serious blows to its very existence, continued blurts of uncertainty will verifying its own ineptitude and its inability to understand why they’re coming at TVA from all directions.
TVA, its time to throw in the towel.
Also see http://norsworthyopinion.com/tvaanddoetiptoethroughthetulips.aspx
Ernest Norsworthy
emnorsworthy@earthlink.net
http://norsworthyopinion.com