PG&E files for bankruptcy

Posted by  $  exceller 2 weeks, 6 days ago to News
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The glory of the left's policies.

What will Newsom do? "California Gov. Gavin Newsom has also expressed worries about the potential cancellation of the contracts, which could affect the state’s ability to meet aggressive goals to cut greenhouse gas emissions and combat climate change."

That is the most important aspect of this disaster for him.

We are bracing for another slate of "rules".
SOURCE URL: https://www.upi.com/Top_News/US/2019/01/29/Pacific-Gas-Electric-nations-largest-utility-files-for-bankruptcy/9061548762365/


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  • Posted by Abaco 2 weeks, 6 days ago
    Not bragging, but I made 30% on their stock in the early stages of this mess. Ok...I'm bragging. Once I got out, I never looked back, though. I was banking on the fact that the PUC would prop them up and make the rate payers cover all the damages. I was right. When I was no longer right, I was out. Made 30% in 12 hours. That's a personal record. You can find that night on the recent chart.
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    • Posted by  $  2 weeks, 6 days ago
      Congrats.

      Did you short it?
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      • Posted by Abaco 2 weeks, 5 days ago
        No. I let the investors outside of Cali think that the utility didn't have a cozy relationship with the regulators. In fact, they do.

        Remember from the money speech in Atlas Shrugged...the laws are to protect them from you, not you from them. Sure, after the negligence that was made public became so gross even the looters had to step aside. But, for a while there they followed my model of preparing to let the share holders hold the bag. I pounced in that time. Once they buckled and it was clear how bad things are I was long gone...
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        • Posted by  $  pixelate 2 weeks, 3 days ago
          Well done. I find that I am so risk averse when it comes to these sorts of transactions that I remain on the outside. But as you indicated, this was essentially the 'applied mathematics' from Atlas Shrugged in terms of A is A ... it simply had to be. Perhaps you could share other advice on stock directions 24-72 hours prior to the event ... and that give us the opportunity to kick around our own research, check our gut, then take calculated risk given a positively calculated expectation function. Again -- well done, as this further illustrates the predictability of the future in light of what has already transpired in context of the ruling order.
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  • Posted by term2 2 weeks, 4 days ago
    All I can think of is the passage in AS about the coal fired train going through the tunnel. California is coming apart at the seams, with years of socialism finally starting to take its toll in big ways
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  • Posted by  $  2 weeks, 6 days ago
    "The company said earlier this month that it faces about 750 complaints on behalf of at least 5,600 fire victims who allege damages caused by PG&E equipment, and estimated that its fire-related liabilities could ultimately exceed $30 billion.

    PG&E received some relief last week when state fire investigators said its equipment wasn’t responsible for the 2017 Tubbs Fire, which burned nearly 37,000 acres and killed 22 people. PG&E’s shares jumped on the news but were still down, through Monday, more than 80% since October.
    Even though it was cleared in the Tubbs Fire, California investigators have determined that the utility’s power lines sparked 18 other wildfires in October 2017 that burned nearly 200,000 acres, destroyed 3,256 structures and killed 22 people. California’s legal framework renders utilities liable for damages from wildfires started by their equipment, even if they weren’t negligent."

    "Investigators are still working to determine whether PG&E’s equipment played a role in starting last November’s Camp Fire, which killed 86 people, making it the deadliest fire in state history. The company disclosed that one of its high-voltage transmission lines malfunctioned in the area about 15 minutes before the fire started."

    The Camp Fire was started when a transformer blew up, by the admission of PG&E. The Camp Fire was orders of magnitude more devastating than the Tubbs.

    BTW, no mention of an investigation into the nearly total lack of responsible forest management at the hands of the government and politicians that set this mess up in the first place. The power lines along the roads in my community run through very dense tree branches. But, it looks nice..... There are no adults in charge here.. The massive voting blocks in the large cities don't have to worry about such things. They're more concerned about "free" stuff for everyone, banning plastic straws and making sure you don't offend anyone.
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  • Posted by rainman0720 2 weeks, 4 days ago
    "California Attorney General Xavier Becerra said last month PG&E could face murder, manslaughter or other criminal charges if it's found responsible for any of the state's deadly wildfires in recent years."

    I got a stupid question: If PG&E is found guilty of criminal charges, who goes to prison?

    As large as this utility is, I seriously doubt there would be any way to identify specific individuals who could in any way be responsible.
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    • Posted by  $  2 weeks, 4 days ago
      I think the murder charges are for the explosion in San Bruno several years ago that killed 8 people.

      Good question, who goes to prison.

      Obviously nobody. PG&E has been blasted or the screen even before the fires. immortalized in the film "Erin Brockovich" for poisoning drinking water in Southern California and causing cancer for many people who drank it.

      Nobody went to prison then, either.

      The CEO Geisha Williams disappeared as the company filed for bankruptcy.
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  • Posted by  $  mshupe 2 weeks, 6 days ago
    Newsom will move into a multi million dollar mansion in a safe neighborhood and vacate the governor's mansion to avoid the hoi polloi. Oh wait a minute, he already did that.
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  • Posted by  $  2 weeks, 3 days ago
    This is from today's WSJ:

    "Democrats in California are lambasting PG&E for putting profits over safety, but its failures owe in large part to a misallocation of capital directed by politicians. PG&E exemplifies what is becoming the liberal market paradigm: Government determines the prices that businesses can charge and the return investors can receive, which depend on their fulfilling political objectives.

    Recall the Obama Administration’s rescinded “net neutrality” regulations that deemed broadband providers to be public utilities with the goal of imposing more political control over the Internet. ObamaCare limited health insurer profits, though premiums have continued to climb. Liberals are calling for price controls on drugs and want to use the Community Reinvestment Act to direct bank capital.
    Senator Warren wants to go even further and establish a federal corporate charter that would require companies to answer to “stakeholders,” not shareholders. She means politicians and progressive interest groups."

    California lawmakers last year enacted legislation to allow PG&E to socialize some costs of wildfire damage, so customers will have to pay many times over for its failures. The corporate utility future will be expensive. "
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    • Posted by  $  Solver 2 weeks, 3 days ago
      The creep of socialism in America.

      This time...Just one more time...unrelenting faith that their marxist utopia It’s just another final purge away.
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      • Posted by  $  2 weeks, 3 days ago
        Warren dodged the question if she wanted socialism?

        So did Hussein when he ran.

        They won't name it but do everything to sneak it in. Once it is securely in place, they'll come out and name it.
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  • Posted by  $  nickursis 2 weeks, 3 days ago
    Kalifornia has been so committed to stealing money via environmental BS, it's about time the dog bites the hand, then rips it off. Bet they bail them out, or nationalize them by making them a state owned utility.....then bill all the ratepayers, and add a "homosexual endowment" tax, an "undocumented alien housing" tax, and a "transportation improvement" tax to boot....
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    • Posted by  $  2 weeks, 3 days ago
      Of course.

      Did you know that when you go to a bakery or coffee shop in SF to get your morning coffee and maybe some baked goods, you will see a surcharge that pays for the employees' medical insurance?
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      • Posted by  $  nickursis 2 weeks, 3 days ago
        So, they could just raise the prices, but the sheeple in SF seem to have no idea the outrageous artifical prices they pay for stuff is because of the skimming going on by all players, and every level of government is in on it. Beating the cow for milk, as they say....the cow WILL die...
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        • Posted by  $  2 weeks, 3 days ago
          Everything has a surcharge in CA.

          Gas prices are $2+ in the country on average but they are $4 in CA, due to all kinds of taxes.

          Vendors charge you about 10% for goods purchased (state tax)

          It is as close to a VAT as possible.

          No wonder communist wonder Pelosi is pushing for a VAT tax nationwide.
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  • Posted by AverageCitizen 2 weeks ago
    If you hate capitalism [without which freedom and personal wealth for middle class people cannot exist], you may think big-brother communism or socialism with their controls and heavy taxation and the destruction of private ownership would be ideal -- until you might have some wealth to protect at which point you might advocate capitalism....California's Democrat Big Brother government has done everything it can to destroy capitalism. No management of the forests to clear undergrowth. Stealing the water rights from property owners. Plans to tax everyone for drinking water. Plans to take over the private enterprise of PG&E for government to control and profit from selling power and water as does the socialist City of Santa Cruz, CA. People who lost homes blame PG&E because PG&E has money (less in bankruptcy) but those in government care less about any middle class homeowner's losses. The end-game government wants is control and money for government worker's salaries and pensions. Those on top want the power. If the middle class ever wakes up, California may one day return to freedom for the middle class. You think?
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