TVA – working off of a billion dollars

TVA – working off of a billion dollars

November 22, 2015

 

The Associated Press seemed to bust a gut in glowingly tell of the bonuses to some 10,000 federal TVA employees, averaging over $10,000 each. What is there to be proud of? It’s a government agency designed to compete with private utilities (I call that illegal); to drain private dollars from the TVA territory for manipulation, a billion dollars’ worth, and put it in the hands of non-elected presidential appointees headed by a so-called “CEO” whose compensation exceeds (over $6 million) any other federal employee.

The AP makes it sound so rosy, so non-competitive with stock-holding utilities. Friend, the AP couldn’t be further from the truth. The article uses the word “sharing” implying TVA is a shareholding entity. TVA has no shares; it is no more, no less than a federal agency that was set up incorrectly in 1933 and continues to this day as an aberration on the constitution.

AP apparently picked up the erroneous “2000 jobs cut” … “and not filled vacant positions to cut most of the more than 2,000 jobs eliminated over the past couple of years.” Early on, TVA admitted that the “2000 job cuts” were a fake and were only job positions that had not been filled. TVA has done nothing to correct this error in interpretation.

TVA employees are paid above the surrounding wages of the ones they serve. There is some resentment there; TVA employees do not have to merit the higher wages. …TVA is not a typical government agency and the federally owned utility must compete with higher-paying, investor-owned utilities to keep and retain top talent.”

“We are dealing with the fact that because of the high performance we are getting, many other utilities would like to hire our people away,” Ritch said. “We still pay below industry levels.”

I say, Mr. Ritch, there is no rush of TVA employees leaving the government’s arms of security. Let’s face it, TVA is known as a “plum” job. Offers of early retirement are slow in coming at TVA. Is it any wonder?

“A few years ago, everyone was talking about how TVA was going to have to raise its $30 billion debt ceiling, but we don’t here that talk anymore,” said Peter Mahurin, a TVA director. It is no secret, but TVA has figured out how to get around the $30 billion cap and to get all the money it wants. For the long-term… It’s called “kick the finance can into the next administration.”

“Our rates are very competitive and getting more competitive,” Johnson said Friday. What the hay, where does it say in the TVA charter that TVA is supposed to be “competitive,” is there a separate meaning to the word? The problem with TVA is that it has never become “neither fish nor fowl.” That goes back a long time when progressive FDR tried to mess things up (and he did!)

Soon to be published is my tome entitled “TVA Fraud.”

Norsworthy Opinion

emnorsworthy@earthlink.net

 

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