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For example, for PG&E, the root cause of them blowing up that neighborhood was that the money that was supposed to go to upgrading the gas lines was embezzled a
by hedora 3y ago
For example, for PG&E, the root cause of them blowing up that neighborhood was that the money that was supposed to go to upgrading the gas lines was embezzled and they faked the repair logs for the repairs.
Now, we have no idea which lines were repaired and not. Since this started decades ago, they have to dig up and inspect a huge number of lines.
Anyway, "mismanagement/poor incentives" is leaving out a lot of details involving graft and corruption, and malicious local governments.
For an example of corrupt/malicious local regulators: the Golden Gate Bridge maintenance road they recently built in Marin cost more than the bridge (inflation adjusted) and took longer to plan + build as well.
- bushbaba 3y agoWhat i dont get is that you have a private company which mis managed its assets. Caused harm to the public. And the public bails them out with no equity or upside. Total shame as the CPUC could have demanded the state or rate payers get equity/bonds in the company for the bail out.
- ryandrake 3y agoThe USA basically has one politically viable solution to every problem it faces: “handing money to corporations.” That’s all Congress and States are willing to do. Electric utility graft and corruption? Hand them money. Banking failure? Hand them money. Airplanes falling apart? Hand them money. Health Care incentives misaligned? Hand them money. Poverty? Hand money to corporations that will embezzle most of it. People out of work during COVID? Hand their employers money. Top corporations getting too big and powerful? Believe it or not, hand them money. That’s the only tool in the toolbox. It’s helpful to think of Congress as a gigantic money funnel where our tax dollars go in and they take turns aiming it at their favorite corporations.
- the_optimist 3y agoThe government itself is akin to a perfect corporation: not liable, no accountability, monopoly on taking, monopoly on force. What’s this alternative that corporations that you’re alluding to?
- the_optimist 3y agoSomehow voting reveals this government-is-godlike thinking that a magic superpower is going to bestow greatness upon humanity and achieve all of its hopes and dreams. When we look for a single example of this in all of history, the result is a null set, and in most cases the saviors are monstrous. Nonetheless, somehow this hope persists. See it every time in the votes here.
- paholg 3y agoJesus, in my mind the first thing you do there is arrest a bunch of people and nationalize (or statenize I guess, or whatever the word would be) the company.
- eropple 3y agoStatenize, v.: to banish to Staten Island. Can't say it couldn't help.