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Non-Tech : The ENRON Scandal
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To: JBTFD who wrote (1777)1/30/2002 2:49:40 PM
From: The Duke of URL©  Read Replies (1) of 5185
 
I didn't say you (or the public) weren't getting ripped off. PGE and SCE were public utilities in the State of California. For 100 years California paid them. They were not supposed to make a profit over a modest return on capital.

Weellllllllllllllll, it all started with Pac Bell. The phone company, which was also public.

Pac Bell was allowed to spin of Airtouch, for 16BILLION dollars which all went to the share holder of pac bell. When someone pointed out that this money should have gone to the rate payers, the people of the state of california, the state "negotiated" a payment of about 100MM. Sort of 1/10th of one percent.

Same with PGE and Southern Cal edison, more complicated but still the same idea.

It was either stupidity or political campaign contributions.

And we here in California do not like to be called, stupid!!!!

:))
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