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PG&E is worth pennies on the dollar and it's infrastructure is worth more than the going price. Greg Palast says the public should launch a hostile takeover. But Paul Elliott Singer, known as the Vulture, is closing in on it. Power companies have two jobs: Keep the lights on and don’t kill your customers. Pacific Gas and Electric Co. of Northern California flunks on both counts. So how can California put an end to PG&E’s reign of error? The answer: Make this so-called “public utility” into a true public system—a customer-owned power cooperative, a plan proposed by the city of San Jose. Currently, the only things “public” about PG&E are the bills the public pays and the charred homes and bodies this bankrupt beast leaves behind. But how can the public take ownership without busting
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PG&E is worth pennies on the dollar and it's infrastructure is worth more than the going price. Greg Palast says the public should launch a hostile takeover. But Paul Elliott Singer, known as the Vulture, is closing in on it. Power companies have two jobs: Keep the lights on and don’t kill your customers. Pacific Gas and Electric Co. of Northern California flunks on both counts. So how can California put an end to PG&E’s reign of error? The answer: Make this so-called “public utility” into a true public system—a customer-owned power cooperative, a plan proposed by the city of San Jose. Currently, the only things “public” about PG&E are the bills the public pays and the charred homes and bodies this bankrupt beast leaves behind. But how can the public take ownership without busting
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PG&E is worth pennies on the dollar and it's infrastructure is worth more than the going price. Greg Palast says the public should launch a hostile takeover. But Paul Elliott Singer, known as the Vulture, is closing in on it.
Power companies have two jobs: Keep the lights on and don’t kill your customers. Pacific Gas and Electric Co. of Northern California flunks on both counts.
So how can California put an end to PG&E’s reign of error?
The answer: Make this so-called “public utility” into a true public system—a customer-owned power cooperative, a plan proposed by the city of San Jose. Currently, the only things “public” about PG&E are the bills the public pays and the charred homes and bodies this bankrupt beast leaves behind.
But how can the public take ownership without busting government coffers?
The way Gordon Gekko did it in “Wall Street”: through a hostile takeover bid for PG&E’s stock—now bouncing on the floor at about $4 per share.
It’s been done before, in New York.
TruthDig
Greg Palast - End PG&E’s Reign of Error With a Hostile Takeover