I don’t see the problem with (pure) privatization. PG&E was always a highly regulated “private” company.
I think only guilty people should be jailed, not innocent people, in order to keep others honest.
From: Tim McGraw
Sent: Saturday, December 21, 2019 2:11 AM
Subject: Pacific Gas & Electric
Dear Walter, Dec. 21, 2019
Geisha Williams was the CEO of PG & E who resigned in January, 2019 the day before PG & E declared bankruptcy (again) due to all the lawsuits from the wildfires. These four years of wildfires every fall, have killed dozens of people, destroyed over 10,000 structures, and made thousands homeless here in California. PG & E is the largest utility in the state and it is privately owned.
Geisha Williams received a $4.6 million retirement package and has disappeared from the scene here in California.
Now the state of California is fining PG & E for its negligence. The insurance companies get about $11 billion. Government entities get their billions. And the actual fire victims get, maybe, a few billion. But a state fund will be tapped also for these payments (taxpayer funds no doubt.)
So, of course everyone here in Commie California is calling for the government to take over the utility. I have not read a word about perhaps jailing Geisha Williams or at least fining her the $4.6 million she got when she resigned from PG & E as CEO.
But then, of course, she has immunity due to business law no doubt.
Sorry for the long introduction to my question.
Walter, how does one defend privatization vs. state ownership of utilities after the debacle that is, was, and probably always will be, Pacific Gas & Electric in California?
Oh, and don’t forget the San Bruno gas explosion caused by more faulty maintenance practices by PG & E. More death and destruction from greedy incompetence at the private utility.
I remember years ago I read someone who said, “Every generation you have to jail a few bankers to keep them honest.” How do you feel about that sentiment?
Healdsburg, CA2:36 am on February 16, 2020 Email Walter E. Block