12, March 2020 PG&E’s chutzpah
PG&E is one of the worst managed utility in US history. It has been forced into bankruptcy after admitting it caused 111 deaths and the destruction of 2,000 structures in the last decade.
Downed PG&E power lines in Paradise caused the worst wild fires in California history, killing 85.
Despite its appalling safety record, PG&E’s shameless attorneys submitted a request to the bankruptcy court to approve more than $450 million in in bonuses for its employees and executives.
The arithmetic and chutzpah are staggering. If approved, 400 senior employees and executives would receive $187.8 million in stock which nets out to a whopping f $469,500 per person. Another $266 million would fatten the paychecks of 10,000 workers or $26,600 per person.
PG&E would like the court to consider the money as incentives not bonuses. I wonder what would happen if the court declines PG&E request. Would the company retaliate by creating more mayhem? Is this a form of corporate blackmail?
As a cost saving measure, the company plans to cut its tree-trimming staff which would likely cause more fires.
California Public Utilities Commission has an appalling record overseeing PG&E. For decades the California PUC has a troubling record of establishing a “chummy relationship with the PUC and rubber stamped rate increase every year irrespective of performance.
Gov. Gavin Newsom needs to insist a member of his staff closely monitors PG&E as it attempts to emerge from bankruptcy.
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