electric bills

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In 1979 I published a book titled The Energizing Of Power politics. In it I tried to point out the danger of the emerging economic threat to our state and the nation created
by the free wheeling Utility holding companies such as Northeast Utilities. I also wanted the public to recognize the powerful force that controls our Connecticut state Government. I called it the protective triangle. It consisted of the political, incestuous, relationship between the insurance companies, the banks, the media (three members of the board were officials of major media outlets) and the Utility companies. They forged the most powerful lobby at the state capital.
As far back as 1935 President Franklin D. Roosevelt said," Holding companies must be smashed. Their tyrannical power is a menace to the nation." He then proceeded to push through congress the 1935 Holding Company Act. Just one of the many acts FDR created
to "Reign in the robber barons."
The act says that, "It shall be unlawful for any person holding the position of officer or director of a public utility and the position of any bank, trust company, banking association or firm that is authorized by law to underwrite or participate in the marketing of securities in a public utility."
The Bush administration has put the final bullet into the act and let the robber barons
across the nation run free again. The 70-year-old act, already full of holes, is now dead.
As are many of the other constraints that Roosevelt thought would keep the gap between the haves and have nots from again getting out of control
Barbara A. Connors Statement of December 8, 2005 ((202) 502-8680 Docket No. RM05-32)
Says, " COMMISSION FINALIZES RULES ON HOLDING COMPANY ACT REPEAL;
REFORMS WILL BOLSTER ENERGY INFRASTRUCTURE INVESTMENT
The Federal Energy Regulatory Commission today finalized rules to implement
The Congressionally mandated repeal of the Public Utility Holding Company Act of 1935."
A brief look at the N.E.U board shows us the structure hasn’t changed all that much. The only missing ingredient from the 1979 board is the powerful members of the media that sat on the board.
RICHARD H. BOOTH, 58, President and Chief Executive Officer and a Director of HSB Group, Inc. and Chairman, President and Chief Executive Officer and a Director of Hartford Steam Boiler Inspection & Insurance Company since January 2000.
The Hartford Society of Financial Analysts, the Society of Financial Service Professionals, the Association for Investment Management & Research and the Financial Accounting Standards Advisory Council. From 1994 until 2000, Mr. Booth served as Executive Vice President and a Director of Phoenix Home Life Mutual Insurance
COTTON MATHER CLEVELAND, 52, President of Mather Associates, a firm specializing in leadership and organizational development for business, public and nonprofit organizations. Director of The National Grange Mutual Insurance Company and the Ledyard National Bank. She serves on the Board of the New Hampshire Center for Public Policy and has served as a Director of Bank of Ireland First Holdings
ROBERT E. PATRICELLI, 65, Chairman, President and Chief Executive Officer of Women's Health USA, Inc., a provider of women's health care services, and of Evolution Benefits, Inc., a provider of employee benefit services.. Mr. Patricelli was Chairman, President and Chief Executive Officer of Value Health, Inc. (1987-1997) and previously served as Executive Vice President of CIGNA Corporation and President of CIGNA's Affiliated Businesses Group. Mr. Patricelli has also held various positions in the federal government.
In my opinion no other factor is more responsible for driving jobs out of our state than the Northeast Utilities holding company. As an intervener in utility rate cases I petitioned many small business in the late 70’s and early eighties and I heard the same complaint over and over. Mom and Pop stores could no longer afford to keep their coolers going. Owners of plastic companies and foundries told me of their plans to move south and save millions on energy costs, new residents that bought all electric homes came to my home asking for help as their electric bills were, in some cases, higher than their mortgage. Do we not hear the same cries today?
We are not the only state suffering at the hands of utility holding companies. Any one paying attention will tell you that thousands of jobs were driven out of California for the same reasons.
I ask readers to join me and ask congress to fully investigate this matter before it is too late. There have been cries from the National Democratic leaders to "Take back our country." I say we must first take back each state. The present weak lobby laws passed by a red faced legislators stung by our state’s reputation as one of the most corrupt states in the country, are not sufficient to hold back the triangle,
nor is the mouthing about reform by an also red faced congress.