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Good one. Yes and no! Under normal circumstances I would say that taxpayers shouldn't be on the hook because it's not their direct doing if, at some point in time decades down the road, the fund defaults. However, the taxpayers are the recipients of public services, the law puts them on the hook and in the final analysis, it's their elected representatives who have placed their union cronies on the board so there is some culpability there.
It is a heads I win and tails you lose situation with the taxpayer holding the bag.
State employees should have a 401K like everyone else and if it goes in the toilet, then you are in the same boat as those who do not work for the state.
Personally It would not give me a minute of heartburn if the State employees had to take a haircut on their pensions.
I do have an understanding. My question to you is, what should be done about the poor management at PG&E and the investors that support them? I'm suggesting that their should be a priced paid for such poor management.
If what they did was negligent, then the management should be doing prison time.
The investors have no say in the way the company is managed. Their investment should be predicated on the finances of the company which they can have access to. Their investment should not be a slush fund for a corrupt governor who sees an opportunity to help balance his out of control spending by stealing investments and that is what the rating agencies are telling him.
Those investors by the way help to keep your rates lower by providing capital that would otherwise have to be secured by borrowing. When they decide to dump the utility stocks because of corrupt government, you will pay for that with higher rates.
...but at least they secure the votes, because that's what is really important. We are already seeing what happens when the producers leave, and are replaced by the takers. We get exactly what we have now. It's only going to get worse, fast.
It'll be interesting to see what happens when state checks start bouncing.
Go East young men, where fiscal responsibility proves to be the best way of running a state, and a country for that matter.
If you do, ditch your failed collectivistisc ideologies, it kills everything it touches.
I love how all the wingers are hyperventilating as they root for California's demise.
In a minute they'll start going on about how patriotic they are.
For their part, I suspect the Californians will keep leading the country in innovation, business, and culture, as they have for most of the last century.
We don't have to root for California, it will happen under the failed leftist ideals,laws, rules, regulations....funny how everyone who is innovative in tech, aerospace, business ect is leaving....
It is a heads I win and tails you lose situation with the taxpayer holding the bag.
State employees should have a 401K like everyone else and if it goes in the toilet, then you are in the same boat as those who do not work for the state. Personally It would not give me a minute of heartburn if the State employees had to take a haircut on their pensions.
I'm sure you wouldn't. But obviously you're not one who was guaranteed certain things as a condition of employment. Those who would cavalierly break a contract and a trust lack character.
If what they did was negligent, then the management should be doing prison time.
The investors have no say in the way the company is managed. Their investment should be predicated on the finances of the company which they can have access to. Their investment should not be a slush fund for a corrupt governor who sees an opportunity to help balance his out of control spending by stealing investments and that is what the rating agencies are telling him.
Those investors by the way help to keep your rates lower by providing capital that would otherwise have to be secured by borrowing. When they decide to dump the utility stocks because of corrupt government, you will pay for that with higher rates.
Investors are the owners of the company. The owners and management should be held accountable for what the company did. There is plenty of evidence that the company was negligent.
There is something in between prison and no consequences. That is a fine. Public utilities are not above the law.
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