“It’s a massive hijacking of the state of California.”
– Michael Aguirre, former city attorney of San Diego.
Action – The Assembly may have already voted. So head to Gov. Newsom’s corner and start there.
Earlier post here, includes background information and script for Limón.
Minimal script to Governor Newsom: We didn’t elect you to let PG&E’s lawyers stampede you like a newbie and lock us into a terrible energy deal. CA is supposed to lead the way on energy in this new century. This Wall St. bailout is a throwback to Enron’s energy endrun of 1996 and the corruption that followed. Stop this now. Do not sign this legislation.
(This is Indivisible Ventura’s email…Feel free to use your 6000 allowable characters in any reasonably-polite way you’d like. Use facts from our article and those of others.)
Per Mike Gatto of CALMatters “(AB 1054) has but one purpose: make as much money for the Wall Street consortium as quickly as possible, from our pockets. Moreover, it could turn PG&E into a zombie company, laden with debt. The consortium wants PG&E to replace the bonds it owns with new debt, costing billions more, while hedge funds and bankers, reap hundreds of millions in fees to underwrite and secure that debt. And get this: the group would also take control of PG&E and install its hand-picked board of directors. Therefore, it’s safe to conclude that this proposal would end up similar to the leveraged buyouts we’ve seen in the past: a new master demands juicy returns, which lead to higher costs for customers, diminished service quality, and future worker layoffs…. (PG&E) recently underwent a much overdue house-cleaning after it filed for bankruptcy, and the new team has been willing to work with Gov. Newsom and the Legislature on comprehensive safety measures–something we never saw during my tenure in the Assembly. It has followed the proper legal process, and it seems to recognize that it must compensate wildfire victims fully. Thus, at this point, I see no point in substituting in a set of distressed-debt profiteers for the current board.”
We are tired of being taken advantage of by big corporations and we’re tired of the politicians who allow it to happen. The mortgage bubble, the robo-signing scandal, there’s so many instances that there’s a whole website devoted to how the top 1% takes our money. Enron was a “fool me once” kind of lesson for CA and we can’t believe you fell for it again.
With this kind of deal, you’ve transformed yourself into the kind of democratic leader who dispirits voters. Who could make them stay home from the polls, because even those who are supposed to champion their values have feet of clay. Why bother?
Are you the one that leads CA into the new century of energy independence or will history mark you as a weak governor who started the next Enron debacle?
It would take a huge act of political bravery to stare at that bill on your desk, pen at the ready and say, instead, “I’ve thought about this, and I’m not going to sign”.
How brave are you, Governor Newsom?