PG&E Monopoly Controlled by the 1%: A perfect storm of environmental destruction and the transfer of public utility wealth from California’s 99% to the Global Rich
The foundation of a public utility is public trust. Public utilities by definition include responsibilities and expectations implied in that trust. Public utilities are essentially government approved monopolies. They were originally guided by the expectation that the monopoly would operate as a benefit to, and protector of, its’ customers. The purpose of this paper is to show how the current Board of Directors and operational structure of the Pacific Gas and Electric Company (PG&E) allows for enormous profits and bonuses at the expense of safe, reliable delivery of electricity to the public. This paper also offers a solution!
The core individuals of the richest Global 1% function as a non-governmental network of similarly educated, wealthy people with common interests of managing, and protecting concentrated global wealth and insuring its continued growth. The Global 1% comprise over 36 million millionaires, and 2,400 billionaires who employ their excess capital with investment management firms like BlackRock and Vanguard Group. The top 17 of these trillion-dollar investment management firms controlled $41.1 trillion dollars in 2017. These firms are all directly invested in each other and managed by only 199 people who are the decision makers on how and where global capital will be invested. Their biggest problem is they have more capital than there are safe investment opportunities, which leads to risky speculative investments, increased war spending, and the privatization of the public commons.1 “The gap between the richest and the poorest U.S. households is now the largest it’s been in the past 50 years.”2
https://www.projectcensored.org/pge/