PG&E Launches $100M Fund For San Bruno Victims

[Kadie]

Sep 13, 2010 12:57 pm US/Pacific
PG&E Launches $100M Fund For San Bruno Victims

SAN BRUNO, Calif. (AP) - The president of Pacific Gas and Electric Co. says the utility company is launching a $100 million fund for victims of last week's gas pipeline explosion.

PG&E president Chris Johns announced in San Bruno on Monday that the money was to help victims meet their day-to-day needs and would come with "no strings attached."

Johns says the company had already given San Bruno's mayor $3 million to help cover the city's own expenses in battling and recovering from the blast.

Residents from homes destroyed or badly damaged in the blast were told in a private meeting Monday that they'd receive $50,000 checks this week.

http://cbs13.com/local/san.bruno.gas.2.1909973.html

[izquierdista]

1. That's gonna cut the stock price

What's going to cut stock prices even more is realizing all that money they saved on plant, property and equipment to boost executive bonuses is just about to bite them in the ass. Not just PG&E, but a lot of American companies.

[Tansy_Gold]

2. They. Don't. Care.

They will jack up the rates to compensate. CEOs will not feel the bite; the consumers will. Stockholders will not feel the bite; consumers will. Little people don't count.

They. Don't. Care.



TG, NTY

[GreenPartyVoter]

3. + a googolplex

[gratuitous]

4. Gosh, what a swell bunch of guys!

Of course, if PG&E had invested money into gas line maintenance and upkeep, they wouldn't have had to worry about blowing up a bunch of people and their homes in San Bruno, but that might have lowered executive compensation. You can also bet that if PG&E voluntarily kicked out $100 million, some attorney or actuary somewhere told them they could be on the hook for billions.

Golly, how cynical I've become. I should hang my head in shame.