Governor Davis' bailout is now disguised as the $7 billion purchase of the transmission system which has a book value of only $3.8 billion. We should pay less than book value; these utilities say they're near bankruptcy (though their parent corporations are fat with assets they bought with our last bailout)." --Medea Benjamin, February 24, 2001. Meanwhile, California legislators have been dismantling the state's pollution-control regulations in order to build cheap energy plants.