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This narrative fashions PG&E as victims when they are the criminals here. Please have a look at Judge Alsup's early comments here [1]. The regulatory framework

by throw2016 8y ago

This narrative fashions PG&E as victims when they are the criminals here. Please have a look at Judge Alsup's early comments here [1]. The regulatory framework was compromised by lobbying and the usual problems like ex PG&E execs in regulatory positions so there was no oversight. This is not a problem of government but corrupt compromised 'business friendly' governance enabled by the twin evils of regulatory capture and corruption which we have seen replicated in all industries. The idea that without governance these companies would behave themselves is some kind of mythical fantasy completely disconnected from the real world and a long catalogued history of self serving greed driven behavior. No business is under obligation to behave unethically to make money. [1] https://apnews.com/e297eb8082294ee19588a05cd87670ec https://apnews.com/e297eb8082294ee19588a05cd87670ec

dmix 8y ago
Of course PG&E is not the victim, they should have suffered the consequences of their negligence long ago. Consequences which they are finally facing today after the political protection they've been offered for decades is no longer viable - aka easily hidden in exchange for backroom deals with the state. No company could have survived the 1500 safety lapses PG&E made without significant changes via legitimately confronting the liability normal private companies face without massive intervention by government (aka the securitization of liabilities which get pushed onto California consumers which is why they pay the highest rates in the country). There are countless examples where PG&E was given a free pass by the local governments in the name of keeping the status quo, including executives/board smartly making politically-friendly climate policy compromises to keep on their good side in exchange for protection from any real liability. When you get compromises from private entities in exchange for free-passes for prior negligence you only get bigger and bigger failures... which is exactly what happened. In the past the smaller compromises were easier to hide, but they consistently were getting worse (this isn't even the first bankruptcy). PG&E has never been held fully accountable as any non-well politically connected company would. Finally, the gov "keeping the power on" excuse still had plenty of options that don't include avoiding massive restructuring or total bankruptcy/destruction of the negligent parties. Better, more responsible, companies should have took over long ago. But that doesn't happen in state heavy economic systems where political favours are preferred over markets as it is in California, just like it doesn't happen in other more obvious negligent countries like Russia and China. When politically connected companies always survive regardless of behaviour then consumers and the public always lose. Period.

dmix 8y ago

Of course PG&E is not the victim, they should have suffered the consequences of their negligence long ago. Consequences which they are finally facing today after the political protection they've been offered for decades is no longer viable - aka easily hidden in exchange for backroom deals with the state. No company could have survived the 1500 safety lapses PG&E made without significant changes via legitimately confronting the liability normal private companies face without massive intervention by government (aka the securitization of liabilities which get pushed onto California consumers which is why they pay the highest rates in the country). There are countless examples where PG&E was given a free pass by the local governments in the name of keeping the status quo, including executives/board smartly making politically-friendly climate policy compromises to keep on their good side in exchange for protection from any real liability. When you get compromises from private entities in exchange for free-passes for prior negligence you only get bigger and bigger failures... which is exactly what happened. In the past the smaller compromises were easier to hide, but they consistently were getting worse (this isn't even the first bankruptcy). PG&E has never been held fully accountable as any non-well politically connected company would. Finally, the gov "keeping the power on" excuse still had plenty of options that don't include avoiding massive restructuring or total bankruptcy/destruction of the negligent parties. Better, more responsible, companies should have took over long ago. But that doesn't happen in state heavy economic systems where political favours are preferred over markets as it is in California, just like it doesn't happen in other more obvious negligent countries like Russia and China. When politically connected companies always survive regardless of behaviour then consumers and the public always lose. Period.