[DUMBGRUNT]

No haircut in this game.
More like decapitation for the shareholders, evisceration for bondholders and the ratepayers will be placed on the wheel.
Unions? They get a free lunch and paid vacation.

The same playbook as the BIG AUTO BAILOUT.

[hanamizu]

The same playbook as the BIG AUTO BAILOUT.

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I do see your point, but there is a really big difference. If GM had been allowed to fail/die/go bankrupt many people would have had huge financial problems. But PG&E has to keep functioning one way or the other every single day or the economy and ordinary lives of 10s of millions of Californians will be torn apart. One week of no electricity across the whole state is pretty much unthinkable.

California has a really big problem on its hands. But no matter what “the spice must flow”.

[gibsonguy]

Nationalize the utilities, sound familiar?