Posted on 02/15/2019 7:04:59 AM PST by SeekAndFind
Gov. Gavin Newsom announced that the insolvent State of California is putting together a "Strike Team" that could move to nationalize the assets of the bankrupt PG&E utility.
Newsom told lawmakers in his State of the State speech, "We're facing hard decisions that are coming due." In his first month in office, Newsom has been dealing with a $7-billion tax shortfall since December, $1 trillion in unfunded public employee pensions, President Trump threatening to withhold $9 billion in wildfire aid, and cancelation of the state's $98.1-billion high-speed rail boondoggle.
Undeterred by the tsunami of grim financial challenges, the wildly progressive rookie governor trumpeted that he had convened a "Strike Team" supposedly crewed by the nation's best bankruptcy attorneys and financial experts from across the energy sector to develop a comprehensive PG&E strategy to unveil within the next 60 days.
Many utility industry analysts believe that Newsom is scheming to have the State of California nationalize PG&E by engineering a wipeout of public shareholders and forcing holders of PG&E's $18-billion debt to take a "big principal haircut."
A webinar featuring Karol Denniston, senior bankruptcy partner in the San Francisco office of Squire Patton Boggs, highlighted that PG&E before filing its second Chapter 11 was still burdened from the aftermath of its first bankruptcy in 2001, on criminal probation for its gas line explosion in 2010, liable for $20 billion from 2017 wildfires, and liable for another $10 to $20 billion for 2018 wildfires.
(Excerpt) Read more at americanthinker.com ...
“Nationalize” = “Export the debt of”
Nationalize or state-ize?
...
Good question. The article seems to be below average blog quality.
That’s brilliant. Gavin Maduro.
That could definitely work.
What inevitably happens in Blue States is that they screw it up so bad the voters decide they have to hire an adult to fix it.
Rudy Guiliani is probably the most recent example of that. Came in and completely fixed NYC. I think he term limited out if I recall.
NYC is back to being extremely broken.
If VoterID becomes the law of the land, it could happen in CA (GOP governor winning).
The author of this article is an idiot and a liar...
CA has a 2-year surplus of $29bil in the state budget.
PG&E take over by the State would not be “nationalization”.
The $1tril in unfunded pension liabilities refers to municipal pensions, not state.
That said, sane people don’t want a state takeover. They want the assets to be sold on the open market to the highest bidder and proceeds distributed to the creditors in accordance with Federal law.
The progressives guaranteed that PGE could not survive economically by requiring the company to maintain conditions in its rights of way that inevitably led to wildfires and then made t\PGE liable for the law-caused wildfires.
The rate data is inaccurate.
I pay < $.08/per KW hour.
I enjoyed the quote but was curious about it.
And found a fun provenance.
Still a KEEPER!
And better with a bit of underlying form.
‘The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation’.
The closest viable word would probably be “provincialize.”
Is no electricity at any price a high or low price? I foresee lots of shivering in the dark, either way.
Should we invest in portable generators or will there be a bubble in solar power until they figure out it won't work and doesn't help with shivering in the dark, in any case?
“The article seems to be below average blog quality.”
It’s a joke for stupid people.
The same playbook as the BIG AUTO BAILOUT.
California has a really big problem on its hands. But no matter what “the spice must flow”.
Taking over PGE will definitely hasten the day when California is actually bankrupt, actually can’t pay its employees or its welfare drones. Their only hope for a reprieve (for a couple of years) is for the Social Democrats to take Presidency and Congress. That will nationalize California’s failure and drag it out a while for California while hastening the Big Inflation and Collapse of the nation.
five days stranding on queue (largely outdoors in the weather)... just to renew a driver license
and
the most corrupt state “regulatory” commission imaginable, protected by similarly-paid-off governors and legislators...
so now they think they know how to fix and run the nation’s largest gas and electric corporation?
ha ha!
let the Californication state corruptoids take over PGE and prepare for even more blackouts, utility-caused deadly fires, and utility gas line explosions!
How about “socialize”?
Precisely. You cannot "Nationalize" a the State level. And California does not have the authority to do so.
Ha ha—or what we do with our kindergarteners.
As California descends into being Venezuela...
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