4 ms·

I think the point is that dividends are a distribution of profits, and they shouldn't be booking profits at all if they are violating regulations and endangerin

I think the point is that dividends are a distribution of profits, and they shouldn't be booking profits at all if they are violating regulations and endangering lives by avoiding maintenance expenses.

dehrmann 7y ago
I looked through old news stories. I found this (April 2016): https://www.sacbee.com/news/california/fires/article74496267.html https://www.sacbee.com/news/california/fires/article74496267... > Cal Fire blames PG&E for Butte Fire, will seek $90 million > A Cal Fire investigation has found Pacific Gas and Electric Co. responsible for the 2015 Butte Fire, one of the most destructive wildfires in state history. Also found this (July 2016): > Pacific Gas & Electric Company has signed a multi-million dollar contract...to remove about 160,000 dead trees that were cut down to protect power lines on private property in 10 Central California counties. https://www.sierrastar.com/news/local/article90649657.html https://www.sierrastar.com/news/local/article90649657.html There wasn't tons of outrage--op-eds saying this is a disaster waiting to happen--and they probably saw "most destructive wildfires in state history" and $90M and decided it was manageable. They were also probably still focusing on preventing the next San Bruno pipeline explosion and less worried about wildfires. It's too easy to look back with a hindsight bias and say "of course they should have done more."
- ltbarcly3 7y ago
  I have no idea how you managed to find that stuff but missed the deadliest wildfire in California history, and when they exploded a neighborhood? https://en.wikipedia.org/wiki/Camp_Fire_(2018) https://en.wikipedia.org/wiki/Camp_Fire_(2018) https://www.nytimes.com/2019/05/15/business/pge-fire.html https://www.nytimes.com/2019/05/15/business/pge-fire.html Not only was PG&E found liable due to poor maintenance, they have gone bankrupt as a result. Then there was the time PG&E didn't maintain their gas pipelines and one exploded an entire block of houses, killing 8 people: https://en.wikipedia.org/wiki/San_Bruno_pipeline_explosion https://en.wikipedia.org/wiki/San_Bruno_pipeline_explosion Or you could google for "PG&E maintenance" and click the first link that isn't on PG&E's website: https://www.salon.com/2019/10/09/after-choosing-profits-over-maintenance-california-utility-giant-forces-blackouts-on-customers/ https://www.salon.com/2019/10/09/after-choosing-profits-over...

dehrmann 7y ago

I looked through old news stories. I found this (April 2016): https://www.sacbee.com/news/california/fires/article74496267.html https://www.sacbee.com/news/california/fires/article74496267... > Cal Fire blames PG&E for Butte Fire, will seek $90 million > A Cal Fire investigation has found Pacific Gas and Electric Co. responsible for the 2015 Butte Fire, one of the most destructive wildfires in state history. Also found this (July 2016): > Pacific Gas & Electric Company has signed a multi-million dollar contract...to remove about 160,000 dead trees that were cut down to protect power lines on private property in 10 Central California counties. https://www.sierrastar.com/news/local/article90649657.html https://www.sierrastar.com/news/local/article90649657.html There wasn't tons of outrage--op-eds saying this is a disaster waiting to happen--and they probably saw "most destructive wildfires in state history" and $90M and decided it was manageable. They were also probably still focusing on preventing the next San Bruno pipeline explosion and less worried about wildfires. It's too easy to look back with a hindsight bias and say "of course they should have done more."

ltbarcly3 7y ago
I have no idea how you managed to find that stuff but missed the deadliest wildfire in California history, and when they exploded a neighborhood? https://en.wikipedia.org/wiki/Camp_Fire_(2018) https://en.wikipedia.org/wiki/Camp_Fire_(2018) https://www.nytimes.com/2019/05/15/business/pge-fire.html https://www.nytimes.com/2019/05/15/business/pge-fire.html Not only was PG&E found liable due to poor maintenance, they have gone bankrupt as a result. Then there was the time PG&E didn't maintain their gas pipelines and one exploded an entire block of houses, killing 8 people: https://en.wikipedia.org/wiki/San_Bruno_pipeline_explosion https://en.wikipedia.org/wiki/San_Bruno_pipeline_explosion Or you could google for "PG&E maintenance" and click the first link that isn't on PG&E's website: https://www.salon.com/2019/10/09/after-choosing-profits-over-maintenance-california-utility-giant-forces-blackouts-on-customers/ https://www.salon.com/2019/10/09/after-choosing-profits-over...