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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: David Jones who wrote (6790)11/14/2002 3:04:06 AM
From: MSIRead Replies (1) of 306849
 
The worst thing about Davis' handling of the PGE/Enron screw-job was failing to more activist on behalf of the ratepayers and taxpayers.

Few things merit the use of state power in private enterprise, but an emergency with monopoly-controlled infrastructure certainly qualifies.

Creative heads are lacking in state government, compared to the rapacious creativity in corporate enterprise. Instead of allowing PGE to have their "cake-and-eat-it-too" risk-free threat of bankruptcy (with the obvious plan of sticking it to the ratepayers throught the puppy-dog PUC later just like the nuke plants), he should obviously have offered to acquire the available assets from BK, operated under state stewardship, and dampened the price spikes. It was known that electricity usage didn't exceed the prior year, so it was little risk to assume the operation would have normalized.

That transaction would have saved tens of billions for the ratepayers, and as it turns out, the taxpayers as well.

Now, however, with GOP control of the judiciary as well as legislative, it's unlikely Davis will get California reimbursed for $30 billion from the funds PG&E hid in their parent co. and Enron's hidden offshore assets, currently being liquidated no doubt.
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