Does that mean that the Federal Gov needs to pay the bill?
Yep!
Sounds like the obama GM “bailout.”
Despite a 100 years of contract law.
Everyone takes a haircut except the unions.
The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.
Vladimir Lenin
So, the state rate commission prevented the company from establishing viable rates, and now explains that, oh, so sad, we’re gong to have to take you over. Typical Socialist/Fascist/Communist tactic.
Trump should order the Justice Dept. to perform a forensic audit on the $3.5 billion Federal subsidy to the California rail project. Suspect the result would be that many of Trump’s Democratic enemies would be indicted.
They are going to be freezing in the dark soon...
“Despite California’s residential utility rates of 19.53 cents per kilowatt hour, almost double the 10.95 cents in Oregon and 9.46 cents in Washington, Denniston forecasts that PG&E utility rates are going up substantially”
Gavin Maduro.
Go for it.
Before the new “governor” of California took over for Jerry Brown, Brown, et al, quietly rushed through legislation to put the issue of the solvency of PG&E on the backs of the tax payer basically holding PG&E harmless financially for their issues.
PG&E is not only too big to manage (a concept the Sacramento Democrat government totally ignored) but needs to be broken up into smaller companies and run by competent management — certainly not NATIONALIZED by a socialist, radical leftist state government.
Taking over (nationalizing) a large operation like PG&E is a Marxist wet-dream. Grabbing control of ANYTHING and giving control to the government would probably destroy any hope of cleaning it up and setting up proper management. This, if California history is any measure, would FAIL!!!
“forcing holders of PG&E’s $18-billion debt to take a “big principal haircut.”
They mean “steal”. This is why I told my financial investment advisor “no bonds”. If GM bondholders weren’t safe then no one is safe.
L
Nationalize or state-ize?
DO IT California, DO IT! Run the state into the ground.
With New York and California some states need to fail which will demonstrate why socialism does not wok!
“Nationalize” = “Export the debt of”
The author of this article is an idiot and a liar...
CA has a 2-year surplus of $29bil in the state budget.
PG&E take over by the State would not be “nationalization”.
The $1tril in unfunded pension liabilities refers to municipal pensions, not state.
That said, sane people don’t want a state takeover. They want the assets to be sold on the open market to the highest bidder and proceeds distributed to the creditors in accordance with Federal law.
five days stranding on queue (largely outdoors in the weather)... just to renew a driver license
and
the most corrupt state “regulatory” commission imaginable, protected by similarly-paid-off governors and legislators...
so now they think they know how to fix and run the nation’s largest gas and electric corporation?
ha ha!
let the Californication state corruptoids take over PGE and prepare for even more blackouts, utility-caused deadly fires, and utility gas line explosions!
As California descends into being Venezuela...
What could possibly go wrong.
Sounds like venezuelas nationalization of the oil industry but this is actually worse.
The only good thing here is it reveals the plans of Boris and Natasha:
Commie gov imposes insurmountable regs on utility.
Utility goes out of business.
Commie gov picks up utility at steep discount.
Commie leaders are now principals and make out like bandits while nincompoops run the utility.
If you aren’t planning for it already, get out of CA now!