Right out of Atlas Shrugged

Posted by $ Abaco 5 years, 4 months ago to Government
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This is right out of Atlas Shrugged. I'll flesh out why later. I'm so ticked about this... When you own a chunk of an entity's stock you pay attention to the manipulators. As a guy who spent several years as a registered investment advisor I know crap when I see it. Note the error in the wise mayor's statement in this story...

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  • Posted by AMeador1 5 years, 4 months ago in reply to this comment.
    Ha - I know that's true! I work in local government and it is amazing to me the lack of business knowledge that permeates it. Wasn't one of their complaints about not maintaining some of the equipment properly due to the fact that they were restricted from raising rates to bring in the additional income needed to do so? I though I had hear or read that somewhere.

    If so, this reminds me of the situation with NY City taking over the railroad/subway system that was initially privately owned and run - but when the private company wanted to raise rates - they were told they couldn't. It eventually ran them out, then the local government took the business over - and then figured out the rates needed to be higher to maintain the system.
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  • Posted by exceller 5 years, 4 months ago in reply to this comment.
    Don't expect local gov officials to understand bankruptcy laws let alone ownership.

    While it is true that CA environmental laws prevented some of the safety measures to be implemented, it is also true that PG&E has been negligent in maintaining the proper working order of its equipment for decades.

    As it happens in life, the disastrous fires erupting all over CA have multiple origin and will not be solved by a one off magic wand of changing ownership.
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  • Posted by AMeador1 5 years, 4 months ago
    How are the customers supposed to make this into a non-profit owned by the customers - yet be a public agency? One, it should not be a public agency. Two, bankruptcy doesn't take away ownership of the original company - I suppose they are filing a Chapter 11 for restructuring purposes - if so that makes this all moot - unless the judge in the bankruptcy case literally takes the business away from the owners to turn it over to this hodgepodge the Mayer is yapping about. Besides, wasn't a lot of the reasons behind why this all blew up because of the government regulations imposed on this company which kept them from doing a lot of what needed to be done to have stopped all this fire storm in the first place? (Fire storm referring to the fires as well as the overall collapse and problems of this company via regulation)
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