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Making a long-term investment to squeeze it for unsustainable short term profits is genuinely stupid. If you've got a better name for it I'm all ears. But PG
by inferiorhuman 7y ago
Making a long-term investment to squeeze it for unsustainable short term profits is genuinely stupid.
If you've got a better name for it I'm all ears. But PG&E has been neglecting their infrastructure at least since the early 90s when their lackadaisical approach to clearing brush led to the Sierra Fire in '94.
Keep in mind that PG&E's record keeping was so lax that they blew up a neighborhood in San Bruno after increasing the pressure on a gas pipeline without knowing if the line could support such pressure. Apparently PG&E also got sued a couple years ago by shareholders alleging gross mismanagement and demanding safety reforms. I'd say there's plenty of stupid and greed at PG&E to go around.
- roenxi 7y ago> If you've got a better name for it I'm all ears. 'Incompetence' would be the normal choice. And standard run-of-the mill incompetence has nothing to do with profit motives or incentives. You can get incompetence with any governance structure; it isn't related to profit motives. If they are being sued by their own shareholders that is quite solid evidence that it isn't capitalist incentives that are the problem.