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Non-Tech : Kirk's Market Thoughts
COHR 212.18-1.7%Jan 30 9:30 AM EST
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To: Sun Tzu who wrote (18982)5/23/2024 9:34:52 AM
From: Kirk ©1 Recommendation

Recommended By
Cogito Ergo Sum

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Out here in the West, we have this problem with the electric utilities which used profits from government regulated rates to reward insiders with huge salaries and bonuses plus dividends to shareholders. This was money that should have gone to keeping the infrastructure safe. Eventually, one of their (PG&E) gas lines exploded and wiped out many homes and killed the owners. I remember seeing the smoke from the beach after windsurfing, it was that close.

PG&E was found guilty of a felony but there were no clawbacks or prison sentences. I believe the shareholders suffered as the company went bankrupt but they've reorganized and are bragging again about huge profits to gain more investors to push the stock up. While bragging on CNBC about great profits and dividends again, the users suffer soaring rates to pay to upgrade the power lines that caused many communities to burn down during high wind storms a few years ago. I forget how many died in the fires.

Did the Maui power company learn anything from the California power companies? Evidently they learned they can skimp on safety, enjoy the profits and if the town burns down...

I believe the power companies have budgets to wine and dine the regulators. I believe our own governor who has presidential aspirations was caught eating at the French Laundry (VERY expensive Micheline Star restaurant in Napa) without a mask against his own orders to not eat indoors with anyone but your family in your own home.

snopes.com

politico.com
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