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bmayerle1

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  • bmayerle1 commented on Matt Winkler's article 01-11 19:47
    A Taxpayer Bailout May Be the Only Option for PG&E
    PG&E Corp. (PCG) is facing an imminent liquidity crisis that could bring its shares close to zero. Since it is a utility, it will probably ultimately...
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    bmayerle1 01-11 19:47
    • I don't see PG&E as systemically important, except of course to it's shareholders and bondholders, and the army of lawyers that will make a killing suing the pants off PG&E for the wildfire damages (doubtful the insurance policy had a $30 billion limit). The utility lobbyists are working overtime right now.

      I read the Public Utilities Commission is proposing the issuance of 20 year  bonds to fund the liabilities, with interest paid by increased utility bills, of course. Who will buy the bonds?

      If PG&E get's bailed out, rather than be placed in receivership if indeed it is insolvent, then we can throw out any further notions of free markets. Utility bankrupcies are not without precedent and in the event of liquidation, the stockholders will get wiped out - which is a hazard of owning a business. 
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