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To: Cynic 2005 who wrote (54046)	1/4/2001 12:13:03 PM
From: yard_man	Respond to of 436258

I hope the "expert" was tongue in cheek -- I know a little bit about how they think, that's all. They are very political and want to please all parties as much as possible in any difficult situation U know AG is a champion of 'free market' reforms (don't give me any cr*p -- I mean how he defines them, appearances, etc.). He would not support allowing them to go bankrupt if it meant giving up on dereg -- if, OTOH, they could go bankrupt and deregulation proceed ... but there'd be lots of whining and gnashing of teeth, not to mention much work for attorneys. I don't think the operating losses -- while they may be huge in dollar terms -- are that big in the overall scheme of things (although they might cause indigestion to a lender or two). my own POV is that bankruptcy would be a good option -- purely on economic basis -- but not sure if it would be "fair." The regulators out there created the out-of-whack situation which lead to this. I think what the CPUC tried to do was right -- pain needs to be shared by the investors and the consumers -- if it can work that way. In a larger context, I think we are doomed to repeat Japan's failures -- the unwillingness to allow businesses to fail -- regulated or unregulated. At one pt my father-in-law controlled a chunk of PCG. Thank goodness he has been out of it for a few years ... I think there was something else behind the rate cut.