Investing in corruption pays off for PG&E and other utility companies backing SB 901

Investing in corruption pays off for PG&E and other utility companies backing SB 901

By Lynda Carson - September 2, 2018

In the dark of night late Friday evening August 31, 2018, corrupt California lawmakers backing SB 901 screwed the rate payers of PG&E on behalf of PG&E shareholders, and the Wall Street insurance brokers affiliated with PG&E. Reportedly, the bill allows PG&E to screw the ratepayers by coercing the ratepayers to shoulder the multibillion-dollar cost of last year’s wildfires that devastated communities throughout California. It was also reported that Sen. Jerry Hill, the only Democrat who voted against SB 901, stated that PG&E management has “focused on shareholders’ profits over safety, adding that “this bill rewards their bad behavior. Under this bill the ratepayers will pay for a company’s neglect,” Hill said.

During 2017, PG&E shares reportedly dropped because of concerns over California wildfire liability. Since then PG&E has spent months lobbying corrupt California lawmakers in the effort to promote a legislative bill to screw the ratepayers on behalf of the investors and shareholders. Lately, PG&E has been saturating the airwaves on radio and TV in California with propaganda to hoodwink the public into believing that the shareholders should not be responsible for the irresponsible actions of PG&E, with regards to the massive wildfires in California that have displaced tens of thousands from their homes that were destroyed.

It was revealed that corrupt California lawmakers beholden to PG&E Corp., and other utility companies facing billions of dollars in lawsuits/damages due to massive deadly wild fires in California, voted on the double-crossing scheme to place the rate payers on the hook for billions of dollars in additional monthly utility costs.

According to the East Bay Times, The Utility Reform Network (TURN) opposes SB 901; “We strongly oppose this total bailout of PG&E,” Mark Toney, executive director of The Utility Reform Network, told lawmakers last week. This happened a few minutes before the Conference Committee on Wildfire Preparedness and Response voted to recommend the legislative package to the full state Legislature, which the corrupt lawmakers passed late Friday evening as a Labor Day holiday 'double-cross' to the ratepayers being screwed by PG&E.

Reportedly according to Insurance Journal, PG&E did not get all that it wanted. However, it was revealed that corrupt lawmakers including Sen. Bill Dodd, that are beholden to PG&E and other utility companies have done everything possible to stick it to the rate payers. Reportedly, this was done to “help ease Wall Street’s concerns regarding the company’s liquidity.”

According one opponent of the corrupt lawmakers; “Without any transparency, the conference committee decided to give a massive bailout to PG&E that would force ratepayers to pay for PG&E’s negligence,” said Becky Warren, spokeswoman for the Ratepayer Protection Network. “We cannot give a blank check to PG&E.”

AARP also opposed Sen. Bill Dodd’s bill known as “SB 901,” and reportedly according to the East Bay Times, “One provision in the proposal, which is using SB 901 as a vehicle to navigate the legislative maze, could allow PG&E to use revenue bonds to pay off wildfire costs dating back to 2015, according to an AARP analysis released Tuesday, August 28, 2018. That time frame is crucial, AARP officials said, because it covers lethal events such as the fires that scorched the Wine Country and nearby regions in 2017 and the deadly Butte fire.”

“This is absolutely a bailout” of PG&E and other big utility companies, Blanca Castro, AARP’s advocacy director, said Tuesday.

Those that will be hurt the most by the corrupt lawmakers beholden to PG&E, other utility companies, and affiliated Wall Street insurance companies, will be the elderly and disabled on fixed incomes who cannot afford to get screwed by the actions of the corrupt lawmakers of California.

The bill next goes before the corrupt Governor Jerry Brown for his signature, and it is up to the ratepayers of PG&E and other utility companies to speak out in opposition to the multi-billion dollar swindle being orchestrated by the corrupt lawmakers of California.

Lynda Carson may be reached at tenantsrule [at] yahoo.com

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