Unreal - from CNBC News:
California’s governor says he’s ready to take over embattled PG&E
One year after filing for bankruptcy, PG&E has worked out deals to borrow money and guarantee more than $25 billion in payouts to wildfire victims, insurers and local municipalities.
It’s even come to terms with bondholders. As a result, its shares have skyrocketed 37 percent so far in January. Mizuho upgraded the stock this week to a “buy.” That optimism may be premature.
The company has to exit Chapter 11 by a crucial June 30 deadline, and there is one huge remaining obstacle: California Gov. Gavin Newsom, who has long talked about a state takeover of the company.
“PG&E, that company no longer exists,” Newsom said this week at an event by the Public Policy Institute of California. He is rejecting PG&E’s plan, saying it leaves the utility with too much debt to survive another disaster, let alone provide the necessary investments to harden infrastructure. The utility serves 16 million customers in Northern California.
“I have no interest in the existing management and existing board,” Newsom said. “It has to be a completely new company.”
And he kept repeating this threat: “There’s going to be a new company or the state of California takes it over.”
This is exactly what happened in Venezuela. It used to export food. It used to have the largest GDP of any nation in South America. It used to be a vibrant culture - a happy well-run nation. The socialists moved in promising free shit to the low-information voters and Venezuela followed the same path that all other experiments in socialism have always followed.
Once you start nationalizing the industries, it is all over. There is no incentive to innovate or to build. Newsom is crazy.
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