Pacific Electric and Gas Hoping for a Bailout?
Pacific Gas and Electric faces up to $30 billion in potential liability costs as a result of California wildfires. Is their announcement that they’re preparing to file for Chapter 11 bankruptcy real or a thinly veiled plea for a bailout?
(From CNBC.org)
PG&E Corp. stock cratered Monday after the company said it will file for Chapter 11 bankruptcy protection amid the financial anguish stemming from its part in helping spark a wave of historic wildfires in California.There was some speculation that PG&E was bluffing in order to force aid from California.
http://www.againstcronycapitalism.org/
Source: https://www.ac2news.com/2019/01/pacific-electric-and-gas-hoping-for-a-bailout/
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BS, if they aren’t rolling in money from gouging the public then I miss my guess. Hid it in an account somewhere? One disaster and bet you they collected fees for repairs through the decades, what happened to that. On top of that they charged customers and insurance companies for every repair they could. Now it is time to fix their crap. The people should not fix it for them.