Posted on 12/10/2022 10:50:12 AM PST by Kevin in California
SAN FRANCISCO – While millions of California families struggled financially in 2021 due to the coronavirus pandemic, Pacific Gas & Electric’s CEO made over $50 million for leading the reviled utility with a history of bad investments and punitive energy bills.
the same time that CEO Patricia Poppe was raking in the money through direct compensation, the monopoly power company triggered the second largest wildfire in California history, estimated to cost more than $ 1 billion in damages, much of it from homes and entire communities burned to the ground
Documents filed Thursday with the Securities and Exchange Commission show Poppe received a total compensation package of $51.2 million, according to a recent report by the Bay Area News Group.
It’s good to be the CEO of a monopoly.
Careful. They’ll use this as an argument for socialized power.
PG&E is a private company and what they pay their executives is a matter for their shareholders and their board.
In the old days, a CEO would make something like 40 times the pay of an average worker. But for many companies it’s now more than 500 times.
So, yeah. There are greedy unions. But it’s a bit difficult to tell a union to be reasonable when the boss is making 500 times more than the guy working at the loading dock.
And as a side note, where are the boards of directors who set executive pay? Well, they’re happy cashing $100,000 paychecks for meeting just a few times a year. So they won’t be rocking any boats.
High rates suck, but you are falling for environmentalist propaganda.
Great payoff for a woefully corrupt and deadly “public” utility. Remember Erin Brokovich and the fire in Paradise California???
Ok, Leaning Left.
Just one more reason for Californians to “Embrace the Suck.”
“Former U.S. Ambassador Caroline Kennedy has resigned from Boeing’s board of directors after serving the global aerospace company for three years during its worst-ever crisis, the jet maker said Friday, raising the possibility the high-profile Democrat may return to a big diplomatic job in the new Biden administration.”
You have to pay big buck$ for expertise!!
Earned or received?
I have seen those ads, mostly about the new underground lines being dug. and yes the bills are out of sight.. $300 - $400 just for summer cooling..
Capitalism is the best economic system, period. But excesses in any system can wreck the system. CEOs can get too greedy. Unions can get too greedy. And as we all know, tax collectors can get too greedy.
Some sort of moderation in needed in every case above.
If I’m wrong, kindly push past the personal insult to me and tell me where I’m wrong. Heck, I might even learn something new.
Hard to say for a regulated monopoly.
If I’m wrong, kindly push past the personal insult to me and tell me where I’m wrong.
It wasn't an insult. It was a point of fact based on your posts.
Overseen by the California Public Utilities Commission..apparently their oversight is very short sighted.
In the old days, a CEO would make something like 40 times the pay of an average worker. But for many companies it’s now more than 500 times.
——————————————————————
Very True. As companies merged and grew larger and larger the overlapping Boards ensured the insiders were extremely well paid. I am on X board and I will reward CEO of Y. CEO of Y is on Z board and ensures Y is extremely well paid. CEO of X is on Z board etc.
Do I believe they are overpaid. Probably and certainly the golden parachutes are bull.
Now, look at sports stars. Look at their salaries for 9 mos of work. Are they overpaid?
51 million ?
Don’t be a dumb@$$
-fJRoberts-
It’s a regulated monopoly in California just as in most all states.
They do a terrible job. Our power goes out routinely but hey, we get texts and really keen websites to show us just how long their ancient equipment will be down.
An ordinary rainstorm is usually enough to start rolling blackouts.
PG&E blew up a whole damn neighborhood in the Bay Area bout a decade ago, I watched the plumes from my office. Knew almost immediately what happened: ancient pipes cracked and caused gas geysers in a San Bruno development.
They get fined and pay it with increased rates.
It’s the worst power company in America. Power companies in the surrounding states do far, far better under harsher weather conditions and also take up the slack for PG&E.
It’s not all their fault. Much of their problems come from the insane conditions imposed on them. But a lot of it IS their fault - paying the dividend and big salaries is what they’re focused on. Paying some token a ludicrous bounty to be the Big Cheese of this disaster of a company is well...ludicrous.
> It wasn’t an insult. It was a point of fact based on your posts. <
Well, okay. You have a right to your own reading of the matter. But I’ve always seen as a “fact” something that was beyond any dispute, like 1+1 = 2 or that there are 50 states in the United States.
If you think it’s a fact that I’m a leftist simply because I question CEO pay, then it’s probably best that we ignore each other in the future.
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