Tuesday, April 21, 2009

Alcoa says rumor 'Red Herring' of the Day

Alcoa Power Generating dismisses suggestions it's about to sell its hydro plants to the Chinese. Here's part of what the company says on its blog (see http://yadkinproject.blogspot.com/ for more):

“Something that distracts attention from the real issue.” That is the Webster's definition of a “red herring” and it is a favorite tactic of the folks who support a state takeover of Alcoa's privately-owned hydroelectric business along the Yadkin River.
Their latest ploy – suggesting that the State of North Carolina needs to take control of the Yadkin Hydroelectric Project before Alcoa sells it to the Chinese. It's such an unfounded, unsubstantiated rumor that it’s hardly worth addressing. But some folks are apparently giving thought to the question, and it is diverting attention from the issues that people really care about - like the fact that a state takeover will cost North Carolina taxpayers more than $500 million.

16 comments:

stephen said...

Alcoa built on public water. That lease is not a right, it is a very distinct priviledge. What is wrong with questioning the renewal?

All these people complaining about communism and Hugo Chavez don't seem to realize these power companies got a sweetheart deal to use public resources to make a profit. Ok, thats fine but we get to decide when to pull the plug. Maybe it does get renewed - again thats fine. But to deny us the right of refusal? THATS fascism.

Anonymous said...

END HIGH TAXATION!!!!!

Anonymous said...

People employed full-time by Alcoa: 87,000*.

People employed full-time by "stephen": 0.

Oh, and Steve-O, you might want to read up on something called "just compensation." It's in that inconvenient thing called the Constitution.

* http://finance.yahoo.com/q/pr?s=AA

stephen said...

Actually I do employ a few people but thats beside the point. You seem to think I am arguing for the state takeover of a private business. I'm not. I just appreciate the ability to challenge a license renewal. This case is interesting because its unprecedented. I'm not a democrat and I am most definitely NOT a fan of Perdue. I don't think her actions have been appropriate in this case and it seems she doesn't quite grasp what she is talking about. It could be this boondoggle is a giant waste of taxpayer money but at least its more entertaining to read about than bailouts and non-profit corruption.

Oh, by the way how many of those 87,000 Alcoa employess are at Yadkin? It amazes me how people will defend these giant corporations with such vigor. They don't have any rights or privileges over any other business.

Anonymous said...

It doesn't matter how many are employed in Yadkin; their market cap is $8 billion and if Bev socializes $500 million, they're headed for serious trouble.

And spare me the drama about "taking public resources to make a profit". Alcoa CREATED FOUR LAKES FOR THE PUBLIC'S USE, including Badin Lake and High Rock Lake.

Oh, and they OWN the land the river runs through, and pay $1,000,000 in property taxes on it.

Anonymous said...

That was nice of them to create a few lakes where they could dump their waste.

Anonymous said...

12:15, you have evidence of that or do you want libel lawyers at your door tomorrow morning?

Anonymous said...

If the acquistion of ALCOA shareholders' assets goes forward after the exercise of eminent domain, Dennis, Dunevant, Dick and Crisco assume that taxpayers all over the state will fund revenue bonds.(Yes, you guys in Mecklenburg will be on the hook for the debt just like the yokels in Stanly County and Raleigh manipulating their fellow citizens). Therefore,
1) How much Alcoa shareholders would be paid if the control of the facility should change?
2) How the money would be raised.
3) What the cost of that money would be?
4) How would that money would re-paid and the re-payment schedule for that money?
5) What is the business plan that supports the contention that the facility would become a "re-development" engine?
6) How much money will the NC taxpayer will have to put at risk?
Crisco and Dick run businesses.
So how is it going to work Mrs. Dennis, Dunevant, Dick Crisco and Ms Perdue?

Anonymous said...

1:37 PM,

I think the Yadkin Riverkeeper and the Friends of the Yadkin have all the evidence they need.

Anonymous said...

7:20 - I take your non-answer as a "NO".

Thanks for playing; now shut up and go away.

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