"Now," he says, "there is just the loss of confidence in the banks themselves and in their ability to loan you money. That's a unique event in our history." Indeed, says Bowers, as LIBOR soared overnight, he couldn't help wonder, "is there going to be a debt market?"

Just one day after the first bailout attempt failed and with Congress out for two days, however, Bowers seems optimistic. "I feel like some rational behavior is starting to emerge." Floating rates on Southern Company's short-term debt came down in the wake of the stock market plunge. "Banks say there is a positive outlook for term deals. At least they're talking about that."

Bowers says he's also making sure he stays in touch with another key constituent: Southern Company's employees. For example, he says, Merrill Lynch, since acquired by Bank of America, was the company's 401(k) manager, and Bowers says it was essential to let employees know their retirement accounts would be unaffected. Likewise, he says, Southern Company's pension was overfunded, which "gave us a cushion." The company's website carries regular updates, and Bowers appears regularly in videotaped segments to talk to and reassure employees. "We are not ignoring them at all — it is active, real-time communication."

"I'm trying to get us to remain calm, manage through the volatility of this uncertainty, and then I think we will get some more rational behavior and get some more length on this debt," Bowers says. "It's a great time to be in the CFO position." Oddly, he doesn't sound like he's joking.

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