Violence/Genocide: Do not condone violence or genocide on a person or group of people. You are free to attack a person or groups ideas but you are crossing the line when calling for violence. This will be heavily enforced in threads with breaking news involving victims.

California Is Set to Decide Whether PG&E Is ‘Too Big to Fail’

Discussion in 'The War Room' started by Lord Coke, Aug 31, 2018.

  1. Lord Coke Red Belt

    Joined:
    Aug 18, 2003
    Messages:
    8,047
    Likes Received:
    3,182
    Location:
    \
    I think this is an assault on our free market. Basically a major California utility caused several major wildfires that killed 44 people and destroyed thousands of homes. Now they have liability of up to 17 billion dollars. This is not one fire they caused. They caused 16 with 11 of those due to violating safety laws. Now the California legislature in all its wisdom is about to decide this company is to vital to have to pay for the damage they caused.

    https://www.bloomberg.com/news/arti...paign=headline&cmpId=yhoo.headline&yptr=yahoo





     
  2. Cubo de Sangre President of the War Room

    Joined:
    Mar 3, 2014
    Messages:
    44,714
    Likes Received:
    3,331
    Location:
    Hell
    Let 'em go into bankruptcy. Can't they still keep the lights on during whatever restructuring needs to take place?
     
  3. HockeyBjj Putting on the foil

    Joined:
    Jun 26, 2012
    Messages:
    19,603
    Likes Received:
    4,288
    California is communist enough, this sounds like an opportunity for the state to take over the company to keep it running and boot out all the execs and fine them and it would actually have public support
     
  4. Shoemaker ****BOILERPLATE**** Platinum Member

    Joined:
    Jul 10, 2013
    Messages:
    15,640
    Likes Received:
    1,493
    Location:
    On A Boat With Shannon Briggs
    I've got a few friends that work for PG&E. It's a little selfish but I hope they can work something out for the sake of their families. But PG&E management needs to take a hit for the safety violations. Shit like that doesn't happen because the linemen are lazy. It happens because management is telling them to cut corners and get to the next job.
     
  5. panamaican Senior Moderator Staff Member Senior Moderator

    Joined:
    Aug 18, 2009
    Messages:
    39,935
    Likes Received:
    3,412
    That's interesting. They're not bailing them out and they're not clearing them of liability. They're trying to avoid bankruptcy and the disruption that would follow because it would negatively impact millions of CA residents who have nothing to do with the underlying fire issue.

    Tough position to be in as a legislature. Do nothing and screw over the general CA resident or do something and look like you're playing corporate favoritism.

    Still, based on the limited amount of information provided in the OP, I think they're moving in the right direction. Also, probably a good sign that this needs to become a state utility.
     
  6. emefer Brown Belt

    Joined:
    Dec 17, 2013
    Messages:
    2,537
    Likes Received:
    33
    Location:
    I'm in the bathroom, where I take a shit.
    Corporations taking shortcuts to improve their profit margin. Is this real life?
     
  7. lifelessheap Gold Belt

    Joined:
    Jan 15, 2009
    Messages:
    18,028
    Likes Received:
    3,715
    They are cunts. At one job site they wanted 75,000 dollars to run power to a new building. It was like 8 feet.

    Oh, and my electrician said the power line to my house was a danger because it was exposed. They outer layer had rotted away. They refused to replace it when I reported it. Well when a tree fell and took down some lines near my house a worker saw my line, knocked on my door and was like, "holy shit we need to replace your line. It was almost knocked down and it is exposed and would have started a fire or zapped someone."

    Cool. It could have started a fire.
     
  8. Ottawaguy Gold Belt

    Joined:
    Oct 6, 2008
    Messages:
    21,858
    Likes Received:
    5,573
    Location:
    On my bike, or gone fishing
    Too big to fail is a horrible concept for taxpayers. It basically allows a business to avoid consequences for negligence or mismanagement of resources.
     
  9. helltoupee Black Belt

    Joined:
    Sep 23, 2015
    Messages:
    7,334
    Likes Received:
    303
    Location:
    on one wheel
    Geisha Williams, CEO, has an annual salary of $4.1 million. I'm guessing the rest of the officers enjoy significant compensation.

    "Too big to fail" should not include corporations that are insanely top heavy.
     
  10. Ottawaguy Gold Belt

    Joined:
    Oct 6, 2008
    Messages:
    21,858
    Likes Received:
    5,573
    Location:
    On my bike, or gone fishing
    Agree. Imagine running a company knowing that you can line your pockets at the expanse of the company’s profit margin, since the govt won’t let you go under. It definitely does not encourage good practices.
     
  11. irish_thug Meme Mod Staff Member Senior Moderator

    Joined:
    Aug 11, 2007
    Messages:
    39,435
    Likes Received:
    5,901
    Location:
    In a drunken stupor
    I'm sorry. The CEO is named geisha? Taking the term corporate whore pretty literally.
     
  12. ToxicShocker Red Belt

    Joined:
    May 14, 2009
    Messages:
    9,884
    Likes Received:
    2,271
    Location:
    Continue without supporting us
    If a tree knocks a pole down then they didn't do anything that merits being sued. The way the law is written now I believe they are still liable. Did they ever find out how the fire started in the first place?
     
  13. Protectandserve Red Belt

    Joined:
    Dec 26, 2011
    Messages:
    8,484
    Likes Received:
    376
    Location:
    'Murica
    It's ok they can just pass the charges for violations into their customers now.
     
  14. Kindacrazy Blue Belt

    Joined:
    Jun 24, 2018
    Messages:
    595
    Likes Received:
    0
    If its to big to fail its to big to be private. Did we learn nothing from the bailouts? Absent moral hazard, America is pure plutocracy.
     
  15. Fluffernutter Silver Belt

    Joined:
    Jul 16, 2008
    Messages:
    14,271
    Likes Received:
    2,014
    Soon, the executives will be appointed by the governor.
     
  16. MicroBrew Titanium Belt

    Joined:
    Apr 9, 2007
    Messages:
    37,516
    Likes Received:
    2,969
    Sue them. Let them go bankrupt. The State can buy the assets and continue operation.
     
  17. Lord Coke Red Belt

    Joined:
    Aug 18, 2003
    Messages:
    8,047
    Likes Received:
    3,182
    Location:
    \
    If we want are system to work big business have to be allowed to fail. This notion that companies will get bailed out if they make mistakes incentives companies to take unnecessary risks.
     
  18. N13 Ophiuchus Phoenix Platinum Member

    Joined:
    Jul 23, 2003
    Messages:
    58,495
    Likes Received:
    308
    Location:
    Outskirts of Infinity
    They should be wondering if California is too big to pfail.
     
  19. HIMBOB Steel Belt

    Joined:
    Apr 13, 2011
    Messages:
    32,742
    Likes Received:
    0
    I think that is the most logical option.

    Investors need to price risk correctly.

    Of course legal penalties for those that were complicit in the safety violations. If they find no one responsible judgement goes against the board.

    This really is the crux of the issue with unethical companies. Investors reap outsized rewards (till it bites them) but management (esp board level) reap vastly more but then suffer only marginally when it goes to shit. This is a classic and evet more frequent issue. It's not new (agency problem) but it's getting worse as board level pay blows out.
     
  20. Arkain2K Si vis pacem, para bellum

    Joined:
    Dec 6, 2010
    Messages:
    29,159
    Likes Received:
    301
    I'm glad we're served by Southern California Edison in Orange County. Never have safety issues with their maintenance schedule.

    In fact, there are Edison billboard everywhere that reminds people to call them immediately if anything fishy is spotted, and Edison would would get right on it.

    On the other hand, I have heard many horror stories about PG&E blatantly violating safety procedures, and now Sacramento is rewarding them with this bailout that come right out from the people's pockets.
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.