More Bushco corporate welfare in the new energy bill, what a surprise
With the repeal of the Public Utility Holding Company Act (PUHCA), expect a consolidation of the utility industry, as huge corporations buy local utilities and use ratepayer assets to finance risky investments. This likely will lead to more Enron-style scandals, higher electricity bills and more blackouts. Assets of the 179 largest investor-owned utilities in the United States were estimated to be worth $600 billion in 1996 – closer to a trillion dollars today. Electric utility industry revenues constitute between 3 and 4 percent of the gross domestic product, larger than telecommunications, natural gas pipelines, and airline revenues combined. PUHCA’s repeal will allow, for the first time since 1935, the ownership of this huge and essential public service by investment banks, oil companies, insurance companies, electric equipment companies and others with potentially huge conflicts of interest.
citizen.org
NY Times article; Picture shows Republicans laughing and slapping each other on the back. You know that's because they are going to make a bundle themselves on this new legislation. crooks!
nytimes.com |
