PG&E files for Bankruptcy

[fan_since79]

Stock drops 50% in early trading this morning.

I wonder if rate payers will ultimately be on the hook for their potential liability losses, estimated at $30 billion.

https://www.cnbc.com/2019/01/14/pge-stock-craters-as-beleaguered-utility-faces-bankruptcy.html

 

[Amazing Larry]

Don't worry everyone. The CEO is retiring before the company goes bk so she can collect her millions.

https://www.bloomberg.com/news/articles/2019-01-14/pg-e-s-former-ceo-to-walk-away-with-millions-after-wildfires

[yk9001]

28 minutes ago, Lhalo said:

Don't worry everyone. The CEO is retiring before the company goes bk so she can collect her millions.

https://www.bloomberg.com/news/articles/2019-01-14/pg-e-s-former-ceo-to-walk-away-with-millions-after-wildfires

For a job well done....

PG&E said Monday that Williams will receive severance. That payment will likely be $2.36 million to $4.46 million, depending on how her departure is categorized, according to the firm’s most recent proxy statement. She also has $3.1 million of pension benefits that may be in flux if the firm enters bankruptcy court. She was paid $8.6 million in 2017, mostly consisting of stock awards, the filing shows.

[yk9001]

It drove me nuts seeing the executive pay for all the banks back in 2008.

Compensation committees are just a circle jerk.

"

[Angel Oracle]

The higher ups should get squat, and like it!

They have it coming for probably being negligent, and contributing to the fire disaster in Paradise this past autumn.  

SCE >>>>>> PG&E.

[gotbeer]

11 minutes ago, Angel Oracle said:

The higher ups should get squat, and like it!

They have it coming for probably being negligent, and contributing to the fire disaster in Paradise this past autumn.  

SCE >>>>>> PG&E.

The same SCE that fired all it's tech people to hire H1B personnel because they didn't want to pay the tech people?  The SCE that was responsible for the Thomas and Woosley fires?  SCE is just as bad as PG&E.

[fan_since79]

42 minutes ago, yk9001 said:

It drove me nuts seeing the executive pay for all the banks back in 2008.

Compensation committees are just a circle jerk.

"

I recall the last CEO of the failing Washington Mutual getting something like $22 million for being on the job for maybe six weeks. 

[Taylor]

1 hour ago, yk9001 said:

For a job well done....

PG&E said Monday that Williams will receive severance. That payment will likely be $2.36 million to $4.46 million, depending on how her departure is categorized, according to the firm’s most recent proxy statement. She also has $3.1 million of pension benefits that may be in flux if the firm enters bankruptcy court. She was paid $8.6 million in 2017, mostly consisting of stock awards, the filing shows.

Blood money.

[Tank]

4 hours ago, yk9001 said:

It drove me nuts seeing the executive pay for all the banks back in 2008.

Compensation committees are just a circle jerk.

it irritated me too. 

i thought the big executive bonuses was supposed to stop or at least reduce significantly after the meltdown of '08. No? Yes?

[Tank]

4 hours ago, yk9001 said:

For a job well done....

PG&E said Monday that Williams will receive severance. That payment will likely be $2.36 million to $4.46 million, depending on how her departure is categorized, according to the firm’s most recent proxy statement. She also has $3.1 million of pension benefits that may be in flux if the firm enters bankruptcy court. She was paid $8.6 million in 2017, mostly consisting of stock awards, the filing shows.

the lesson here? if you can't teach your child how to be a good left handed MLB starter, teach them how to be be a CEO.

[Angel Oracle]

4 hours ago, gotbeer said:

The same SCE that fired all it's tech people to hire H1B personnel because they didn't want to pay the tech people?  The SCE that was responsible for the Thomas and Woosley fires?  SCE is just as bad as PG&E.

https://www.usatoday.com/story/news/2018/11/21/woolsey-fire-lawsuit-southern-california-edison/2083920002/

Yep, sounds a lot like how the Paradise fire started.

In best Emily Litella….Never mind!

Both SCE and PG&E suck! 

[yk9001]

35 minutes ago, Tank said:

the lesson here? if you can't teach your child how to be a good left handed MLB starter, teach them how to be be a CEO.

Not even the CEO.  Just a member on the BOD.

 

4 hours ago, fan_since79 said:

I recall the last CEO of the failing Washington Mutual getting something like $22 million for being on the job for maybe six weeks. 

It's funny, that's the one I zero'd in on back then as well.

Every board member getting millions - not one could see the tsunami coming.... damndest thing

[mp170.6]

Give it time.

SCE will become State of California Edison before long and our rates will go up even further

[mancini79]

13 hours ago, Angel Oracle said:

The higher ups should get squat, and like it!

They have it coming for probably being negligent, and contributing to the fire disaster in Paradise this past autumn.  

SCE >>>>>> PG&E.

SCE was negligent with San Onofre Nuclear. In order to save money, they installed inferior steam tubes to keep the reactor cool. Knowing they effed up, they wanted to continue running the plant at a lower capacity to minimize the risk but still highly dangerous. It took officials to force a shutdown.

Now it will take years to decommission the reactors with tons of nuclear waste, being stored at the plant. As a result, SCE has to buy energy from other plants and that cost is being pushed onto the consumer.

PG&E was literally playing with fire while SCE was risking a nuclear explosion.

[gotbeer]

Well, PG&E got some good news.

Homeowner equipment caused California wine country fire

[Vegas Halo Fan]

On 1/15/2019 at 7:28 AM, Tank said:

it irritated me too. 

i thought the big executive bonuses was supposed to stop or at least reduce significantly after the meltdown of '08. No? Yes?

Given that the current administration seems hell bent on removing the protections that were put in place to keep that from happening again, I am guessing not. It's all about maximizing corporate profit and further enriching those who don't need it.

[Amazing Larry]

Maybe they do meed it.

[Tank]

22 minutes ago, Lhalo said:

Maybe they do meed it.

meed?

[Blarg]

Mead. 

[Tank]

16 hours ago, Blarg said:

Mead. 

had to work with what i was given.

[Vegas Halo Fan]

On 1/29/2019 at 6:10 AM, Tank said:

meed?

When I am posting from my phone,  spell check doesn't catch all of the typos.

[Blarg]

Don't run for president.

[Tank]

20 hours ago, Vegas Halo Fan said:

When I am posting from my phone,  spell check doesn't catch all of the typos.

apology accepted.

[gotbeer]

At least this one wasn't their fault.  But they are still getting flack.

US officials to investigate San Francisco gas explosion