I have experience with municipally owned utilities. They are the worst run organizations. I really think a bunch of mayors will do a lot worse than bankruptcy.

I have experience with municipally owned utilities. They are the worst run organizations. I really think a bunch of mayors will do a lot worse than bankruptcy. The mayors end up hiring an expensive executive - who still negotiates a golden parachute. The mayors look up to exec because of the exec's pedigree or career experience and don't have the guts or knowledge to fire him when things are going bad. Tax payers often don't know how bad things are because there is no stock price to reflect it, so they keep paying and paying. A bottomless pit.