Sen. Kamala Harris introduces bill to crack down on PG&E bonuses

[TexasTowelie]

WASHINGTON — Sen. Kamala Harris is introducing legislation that would ban utilities under bankruptcy, like Pacific Gas and Electric Co., from paying bonuses to executives, following a pledge by Democratic state Sen. Scott Wiener of San Francisco to convert PG&E to a government-owned company.

The two efforts underscore growing frustration with PG&E in the wake of dangerous wildfires sparked by its equipment and preventive power outages in response that have at times left millions in California without electricity.

The bill from Harris, reported first by The Chronicle, is set to be introduced on Wednesday. As justification for her effort to bar executives from bonuses, the California Democrat cited reporting by The Chronicle that revealed PG&E wined and dined gas employees days before planned power outages, and the company’s plan to pay $11 million in performance bonuses to its executives. A federal bankruptcy judge later denied the bonuses plan, though he did approve a payout to 10,000 employees.

Harris’ legislation would prohibit a utility company undergoing bankruptcy proceedings from paying its executives bonuses, “golden parachute” severance packages or treating them to trips or other benefits. As penalty, any utility that did so would have to pay 100% tax on the compensation.

Read more: https://www.sfchronicle.com/business/article/Exclusive-Sen-Kamala-Harris-introduces-bill-to-14830087.php

[Grokenstein]

1. Heh! Almost tempted to check out SFGate

...where the alt-right trolls who have been screaming that this is all Newsom's fault--then screaming at every step Newsom has proposed to deal with this ongoing trumpian PG&E clusterfunk--are no doubt screaming that this is some sort of vile plot to deprive Americans of their right to the pursuit of happiness, or some similar garbage.

[FailureToCommunicate]

2. Kamala's bill could apply to ANY company trying to avoid paying for mismanagement.