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pretty stunning
pacific gas and electric company
diverted more than one hundred million dollars in gas and safety operations
money
collected from customers over fifteen year period
isn't up surcharge
yet we give your product but we don't guaranteed safe unless you pay is just a
little bit more
annotate this on two million dollars
and they spent it
another purposes including profit for stockholders and bonuses for executives
according to a pair of state ordered reports
released
thursday it is in california
documents linkage deficient p_g_e_ any safety culture with its focus
on financial
performance
if you ever wanted
a better example of what we've been talking about on this program
whether it is the cottage industry run by
c_e_o_'s and board of directors
whether it is
the workings of
leveraged buyout companies like being capital
turning their companies
into financial instruments
this is it
this is it now this is in a
moran heavily regulated industry
so hike
i'm not surer but it would maybe appear
uh... that their simulate delegate your
i'm not a hundred percent sure but
it's a perfect example of what the what is happening in the uh... so-called
market
the free market
where you see corporations have been reduced
to financial instruments
they're not putting money back into their up product
into making it's safer
into developing other technologies
their cashing out there taking the chips off the table in a wrenching
a small group of executives
and their shareholders
and in this instance
according to the san francisco chronicle the low priority the company gave to the
pipeline safety
during the three years
leading to the sample localized
ending up killing eight people in destroying thirty eight homes
and you see this all the time
and i witness it just with uh...
the electric company national grid
provides electricity
app in the hudson valley ended through massachusetts
flower not commented on this many times you know we don't see
lecture grayer agreed i think they bought uh... national grid baat
niagara mohawk in my area and i'm not sure what it was in uh...
in worcester it's time i can remember
con ed i don't remember
and
what they do is they
cut back on things like
sending guys out to cut trees that may pull down power lines
they don't
invested in it
their equipment
their sucking profits out of it
and so you get things like
worcester massachusetts without power for two weeks
politics they moved halloween
the stunning was a perfect example
p jeannie wasn't hurting for cash this was not a cash problem
from nineteen ninety nine to two thousand ten according to an audit
company collected four hundred thirty million dollars more from its greta gret
gas transmission in storage operations
than the revenue authorized by the california public utilities commission
company spent fifty six million annually on an incentive plan for executives and
non employees directors including stock awards performance shares in deferred to
the incentive plan to do what
so how can you figure out the two had to take more money out of the company
period
by cutting back on pipeline replacement projects a maintenance laying off
workers using cheaper but less effective inspection techniques and trimming other
pipeline costs
p_g_ any saved opera to six percent of the money designated for the pipeline
safety
main it's an operations program
according to the overlaying california audit
they're putting this money into the pockets this is property rizzo
this is what are so-called capitalism
is in this country
kudos again too
newt gingrich find that out there
national grid
incidentally headquartered at in london
we like to have a real good senses through our customers off
dodged i don't know why there's a chimney sweep in charge national grid
that's just too they happen to put in charge of
i don't know why do you guys sounds like chimney sweep