Rumors are flying that Southern Company Chairman and Chief Executive Officer Tom Fanning is retiring next year.
And Alabama Power CEO and Chairman Mark A. Crosswhite is allegedly telling bourgeois insiders that he has the lock and key to the C-Suite at Southern Company, Alabama Power’s parent company.
Crosswhite is unfit to serve.
He worked as a top partner for alleged racist and embattled law firm Balch & Bingham before taking the revolving door to Alabama Power.
Instead of distancing himself from Balch, Crosswhite appears to be embracing his former employer, even allegedly subsidizing the firm with lucrative business as Balch is hemorrhaging from alleged unsavory and criminal scandals engulfing the 99 year-old firm.
Now unsubstantiated rumors say Alabama Power and unknown related entities have indemnified Balch and others for their alleged criminal, racist, and egregious misconduct.
Hiding behind non-disclosure agreements and now allegedly million-dollar indemnity deals, the Crosswhite scandal smells like raw sewage.
For Crosswhite, protecting Balch & Bingham appears to be more important than protecting poor African-American children.
Institutional investors and the Southern Company Board of Directors should not take these rumors lightly.
Sources close to Balch and Alabama Power say the jaw-dropping photos of Crosswhite chugging back cocktails with disgraced ex-U.S. Attorney Jay E. Town allegedly rocked “the most powerful man in Alabama.”
The alleged secret deal to keep Alabama Power “unmentionable” during the North Birmingham Bribery Trial is now an enormous stain not only for Town but also for Crosswhite.
And the photos appear to confirm an inappropriate meeting allegedly at the height of the criminal trial.
In addition, Alabama Power’s blood money tied to the January 6th insurrection was a decision allegedly made exclusively by Crosswhite.
Most significant is the sheer panic Crosswhite had with the rebirth of the North Birmingham Bribery Scandal where he and his legal counsel Mark White fumbled the ball.
With a federal RICO lawsuit coming, more scrutiny from federal investigators, and heightened interest from U.S. congressional leaders, the Crosswhite scandal will undoubtedly make institutional investors nervous.
Wall Street has consistently supported Tom Fanning, regardless of the billion-dollar Vogtle and Kemper boondoggles.
Crosswhite is a completely different story. The sent of raw sewage surrounds Crosswhite.
The decades of alleged shenanigans involving actors, AstroTurf campaigns, alleged corruption, hidden bribes, and staged arrests have taken their toll.
Now with alleged secret indemnity agreements, an alleged hidden deal to be “unmentionable” during a federal criminal trial, and millions spent on an alleged racist law firm, Crosswhite’s future appears to have been terminated.