20 Replies to “O, Sweet Saint Of San Andreas”

  1. Chapter 11 bankruptcy isn’t some kind of ploy. It works on the theory that for the sake of workers and society it is better to keep a business as a going concern rather than have a disposition of assets. Essentially the net worth of the company is paid out to creditors. The shareholders are starting with a clean slate but their investment has no net value. If the company’s net worth is $10 billion, people suing for $30 billion are going to have difficulties collecting more than $10 billion regardless of how much whining they do. The amount collected should be very similar under full bankruptcy or Chapter 11 bankruptcy.

    Delivering electricity involves the risk of sparking. I have seen some great light shows. It is simply a risk of doing business. I’m not sure whether applying unlimited liability to power delivery is beneficial to society. Buy home insurance. Maybe it should be just another insurable risk.

    1. PG&E have liability insurance of $1.5 billion with over $7 billion in attempted claims thus far. The idea seems to be to float more bonds, whether the company goes bankrupt or not. You can’t just yank the poles out of the ground and sell them to some other company. Whoever takes over the utility will have the same problems. Sounds like California is accusing PG&E of not clearing brush under the poles, so more a story of negligence than government over-sight.

      1. it is government policy to not clear any brush that is why the fires get so large and intense.

  2. Nancy & California are in full “Obstruct & Resist” mode… She worries about her own Security & money for Botox….
    Nope Nancy! Obstruction will bring nothing but total destruction… The Shut down will last until you are gone… Those that voted for Obstruction will wish they had a future…..NOT

  3. PG&E has been engaged in an unholy alliance with State Government and the CA PUC who all share the goal of PUNISHING energy users in the State of CA. The State uses PG&E to levy economically punishing rates for energy users. A multi-tier punishing rate scale, and incessant programs and advertisements shilling for global warming have been punishing the energy consumer … all justified by the myth of global warming. The State REFUSES to build new power plants (just wind farms and solar farms) and so the only alternative is to make energy difficult to afford. PG&E wins. Jerry Brown wins. Junket-goers win. Ratepayers LOSE.

    Cooincidence? … you be the judge

    Being the first “latina” of something didn’t do a damn bit of good for the ratepayers of CA … let alone the dead ratepayers, burned to death by political correctness.

    Allowing Marxists to take charge of our means of production … energy… is the DUMBEST thing the people of CA have ever done.

    1. Being the first “latina” of something

      Being named after a high-class Japanese whore may not have been her fault, but the fact she didn’t change it the second she realized what it meant doesn’t augur well for her judgement.

      1. Geisha are not Japanese whores. They are women of art – well educated and well trained in the art of conversation and hostessing. In some of the better hot springs hotels in Kyoto you can ask for a Geisha. We did but there was a lot of translating required so it can slow down the evening. When the Japanese entertain they like to stay in their private rooms. Short tables and pillows are placed around the center of the room and that is where you eat. After dinner they take away the tables and pillows and bring you a bed roll that is laid on the ground over a straw mat. The Japanese love to drink so when it’s bed time you don’t mind the fact you are sleeping on the floor.

        After WWII and during the American occupation of Japan the whores called themselves Geisha girls and tied their obi (sash) around their front (and not their back) to make it easier to remove their clothing. But you know all this.

        1. looks like ream got it all wrong AGAIN. so ream, regarding fudged video evidence for instance, who is the fcukin idiot now?

          1. Still you, man. Sorry. Cryptographic signatures haven’t suddenly stopped working since the last time you made an ass of yourself in public.

            If you think the geisha weren’t whores you don’t know much Japanese history. A high-class whore is still a whore.

        2. yo, reamed one, you talking about every video format that exists in common use or just certain ones?
          and wtf is this emphasis on cryptography? since when does a run-of-the-mill video recorder give a crapola about that? what about a simple digital camera that happens to have a primitive video function? hmmmm?

          try this: what if mr mob boss is so wealthy he has *already* contracted HIS people to come up with a brand new video format WITHOUT your precious ‘cryptographic signature’, ‘just in case’ he needs it at some future point, and markets the thing to make money AND conceal his real intent to have something he can use to fudge with to get off any sort of charges?

          THAT is the essence of MY prediction. YOU are talking about data travelling over some means of *transmission*.
          you clearly havent a goddamn clue what my point is, so STFU until you figure it out.

          also, STFU forever until YOU cite a reliable source claiming true geisha were hookers.
          and feel free to quaff some fentanyl in the mean time.

  4. This is happening elsewhere (privatizing infrastructure). I always thought it was a quick way for governments to raise money but it looks increasingly like a good way to avoid liability. PG&E had fire troubles in 2017 in the amount of $16 billion for which they issued useless bonds. Now the shareholders and bondholders will be screwed when PG&E goes boobs up because the value of the company is barely one third of the claims. Lucky for California it can just help restructure the assets into a new company that will have the same liability going forward. I always wonder who invests in these companies. Most likely it is public pension funds. Do you laugh or cry?

    1. Speaking of “pension plans”, is CPPIB invested in Calimexifornia power corps? Inquiring minds might want to know.

      1. 3 largest sectors of the CPP asset mix: (1) public foreign equities (29.0%), (2) private foreign equities (17.3%) and real estate (12.9%) ~ 60% of all assets. Big thing is, although the CPP has annual returns over 10+ %, Canadians only receive 50-60% of what they paid into the CPP when they retire.

      2. If you look at CPP fund holdings it seems very diversified and quite frankly impressive. On the Calimexifornia, it appears no. For example,

        “Invested US$900 million in the take-private of Calpine Corporation, one of the largest independent power generators in the United States. CPPIB made this investment as part of a consortium comprised of Energy Capital Partners and other investors for US$5.6 billion in cash.”

        Calpine is heavy into nat gas and geothermal so their CO2 and other pollution footprint is low relative to their size. Calpine is big in Texas.

  5. Look. Unless you are big in Silicon Valley or Hollywood, nobody in Sacramento cares if your house is burnt to a crisp by a wildfire.

    On the contrary. If you’re a white US citizen they want you to go to hell or Arizona, and make room for your betters’ latest mansions.