Skip to comments.PG&E stock plunges to record low after Citi warns it could be worthless
Posted on 10/28/2019 6:43:03 AM PDT by Eccl 10:2
Shares of PG&E Corp. plummeted on heavy volume to a record low Friday, after Citigroup warned that the latest California wildfire, which the utility may have helped start, could render them worthless.
PG&E PCG-28.5% said Friday that it filed an incident report with the California Public Utilities Commission (CPUC) regarding the Kincade fire, which broke out near Geyserville in Sonoma County.
(Excerpt) Read more at marketwatch.com ...
Everything is perfect out there! The weather is beautiful!!!!!! California Dreaming!!!!!!!
Because, civilization does not want those people. You've heard of the Midas Touch? The touch that turns everything to gold?
Kalifornia is the Crap Touch. We've already lost Oregon, Washington, Colorado, Austin.......
No more, please.
God forbid the Governor takes Trump's advice a few years ago and clears the brush.
Could offer the opportunity for “the state” to take over the electrical utilities. Scary thought indeed.
P,G&E - a shell corporation essentially run by the California State government - which itself is essentially a shell government actually run by liberal activist groups - incredibly had investors, although I suspect a majority of these were shell investors - public pension funds also controlled by liberal activists. Total insanity and sad for people killed or burned out of their homes.
And the Laws of Trickle-Down Socialism will stipulate that we’ll end up bailing them out of their own mess in the end.
Capitalism, meet socialist-styled communism.
Wow, talk about the gang who can’t shoot straight. Not only are they taking massive flak for these “proactive” outages to prevent wildfires, the efforts don’t aren’t even working to prevent said fires?
Pensioners prepare for incoming!
Which didn't stop Newsom from blaming these new fires on PG&E's "corporate greed." Perhaps the utility only exists to take the blame for the decisions of feckless politicians.
I know a guy who is retired in the San Diego area. He told me of all the issues with California and the utility companies. This was 10 years ago and he for casted the impending doom. He liked the weather and the ocean and decided the only way to stay was to try to go off-grid as much as he could. He went completely solar and put up a windmill, installed a water well and bought an electric car. He got rid of his cell phone, house phone and cable t.v. He goes to the local library every to check his email and pay his bills on line. I thought he was a bit extreme at first but after talking to him he laid out all the issues logically and predicted the coming chaos.
Smacks of stock bashing (a form of illegal stock manipulation) by Citigroup.
PG&E should cut power to the whole state of California. I haven’t read too much about this but I am 99% sure that the liberal government has a lot to do with the company’s problems. If they shut it down the liberals can learn what life will be like in their global warming utopia. They will still have their cars and other luxuries but I’m betting the loss of electricity for just a week will drive them over a cliff.
That is EXACTLY what is going to happen....California will “nationalize” PG&E, taking it over and turning it into a state-run agency.
Cuomo is positioning to do the same in New York with National Grid.
The left never stops grabbing power....even if they must setup a scape goat.
You should also include state and municipal unions as owning the state of California lock, stock and barrel and lining their pockets with taxpayer money for their obscenely generous pension plans.
So not only fires and no electricity here comes massive default by PG&E on retirement incomes.
And for those dependent on the collapsing retirement systems, but stupid should hurt
PG&E can do nothing without approval from California utility regulators. Those regulators forced PG&E to spend on alternative energy rather than maintenance of transmission and distribution systems (lines, stations, etc)
Of course, the socialists now blame PG&E company for following what regulators demanded.
Nobody will note this. The media is in the bucket with the Democrats.
They will take over PG&E, giving lucrative jobs to friends and family of Democrats. Nothing will get better.
Every few years, when something like this happens, they will sacrifice a lamb to placate the people.
But the people will keep electing the Democrats.
I posted 3 weeks ago that anyone who keeps this stock is a moron...
Well, now, at least money losing morons.