Skip to comments.The Al Sharpton of Power Companies Set to Get a New York State Bailout
Posted on 10/19/2016 11:52:11 AM PDT by Kaslin
The Reverend Al Sharpton is famous. What he should be is notorious. He has many, many life lowlights. The one that pertains to our conversation here is the 2014 New York Times report that he was at that time $4.5 million short on his federal and New York state taxes.
Thats a lot. And it brings to mind many thoughts regarding the Reverend. None of which, for normal people, is: What this guy really deserves is a government bailout check.
Yet that is what New York state Governor Andrew Cuomo is on the verge of doing for Exelon Generation - the Al Sharpton of power companies.
Exelon was just on the wrong end of a U.S. tax court decision - and has been ordered to pay the Internal Revenue Service (IRS) $1.45 billion in back taxes, penalties, and interest.
What is Exelon? A New York state power company. A very successful New York state power company. Net profits in 2015? $2.2 billion. And theyve been solidly profitable for years. $1.72 billion in 2013, $1.16 billion in 2012. And $2.7 billion each year all the way back in 2008 and 2009.
So they should have no problem paying their (back) taxes. But we should all have a problem with New Yorks state government writing them a check - for possibly up to $7 billion.
As with all things government, the big corporation gets a check - and we little people pick up the tab. The bailout will add $2.3 billion to the energy bills of New York residents - many of whom are Exelon customers.
Get that? Exelon gets government money - Exelon customers get higher energy bills.
Exelon has spent nearly $300,000 on lobbying and lobbying-esque activities in Albany since 2014. It has obviously paid quick, exponentially inflated dividends. Hillary Clintons cattle futures are jealous.
This Exelon nonsense is a small part of Governor Cuomos huge green energy nonsense. Without benefit of the state legislature, Governor Cuomos Public Service Commission (PSC) in late July issued a fiat mandating that by 2030 half of New Yorks energy needs must be met by renewable methods.
Small problem: As of 2015, New York only generated 11% of its energy via renewables. A tally it has taken them decades - and tens of billions of subsidy dollars - to attain. And now they have mandated a nearly 500% increase - in only fifteen years. Predicated, again, upon energy sources that require massive, ongoing government cash infusions - and in most instances take more energy to produce than they provide. The New York State mandate is a VERY expensive proposition.…
For which New Yorkers will be paying. And paying. And….
It cannot be said enough: most green energy is neither green nor energy. Wind, solar and biofuels are actually awful for the environment - not at all green. And they are so prohibitively expensive - they make zero sense as energy.
New Yorks government cant pay for its huge new mandate - without first taking it from New Yorkers. Who will be paying, and paying, and….
Nuclear is actually a clean, viable energy source. As demonstrated by Exelons very tidy profits each and every year for at least a decade.
So why on earth are they too set to get a multi-billion-dollar government check?
It makes zero sense - in a Governor Cuomo plan filled to the brim with things that make zero sense.
Quit using the term Reverend with his name. It’s an insult to those who really have earned the title.
Al never went to divinity school, he has never had a church, he has never had a congregation. He was “ordained” at age 10 by a DC preacher and has perpetuated the lie ever since. One thing he is, however, is a professional race baiter. From Tawana Brawley to the Duke Five, he and Jesse have always come down on the wrong side of the truth, but do they ever apologize or admit the harm they’ve done? Never. He’s a joke and doesn’t deserve our attention.
One wonders how much of the “bailout” will find it’s way back to Cuomo and other demonrats?
I didn’t write the op-ed, I only posted it. I had been thinking when I copied the op-ed to put Reverent in quotation marks. Not having done so, here is my Mea culpa, Mea maxima culpa.
Revrunt would have been closer to actual.
The majority of my thoughts on Sharpton would probably get me a brief vacation from posting on here...
So I guess useless sack of droppings will have to do...
I really wasn’t chewing you out. It’s a common mistake but I wish the MSM would quit giving him credit when he doesn’t deserve it.
You expect the drive-by media to stop giving Sharpton credit? That is never going to happen, and you know it.
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