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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: JRI who wrote (125013)9/23/2001 12:51:06 PM
From: portage   of 436258
 
JRI, a similar thing in terms of bailouts is probably about to happen in the outfall of the energy deregulation mess in California.

After the top execs from PG&E got their bankruptcy creditors to double their salaries to keep their "expertise" (at creating a huge mess) to clean up, they now have gotten tentative approval to shift the energy infrastructure assets up to the parent company, where they'd be free of state PUC scrutiny, and only subject to review of FERC. FERC is the paper tiger that the energy companies have gotten Bush to stock with his buddies to ensure that dereg works pretty much as a one way street in their favor - at least until the Senate threatens to investigate them.

It remains to be seen if the state PUC can stop this - they're supposed to have approval power for the transfer, but it's unclear in a case of bankruptcy - some are saying that creditors will have primacy over the state's strategic interests. Funny how states' rights advocates only exercise that perogative when when it suits their interests.

Lesson 1: it pays to be too big to fail. How many times have we learned that already ?

Lesson 2 : complete deregulation only works when maximizing cost savings doesn't compromise other critical needs like safety and keeping the juice coming to the outlets.

Now that the shock from the horrendous attack is waning, other rocks are starting to be looked under.
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