At the core of these hearings were the billions of dollars of financial risk the utilities are attempting to push onto customers to pay for outdated power plants over the next eight years, while providing profits for corporate shareholders.
How many more times are taxpayers and/or consumers going to be required to bailout Capitalism?
Consumers are not the responsible parties for not maintaining the aging coal plants and for not keeping them updated. So why, then, are the consumers being held responsible?
Did the consumers share in the profits of these coal companies during the coal boon years? Of course not ... only the shareholders!
One of the most basic concepts of investing in stocks is that the investor has an opportunity to make a higher rate of return on his/her investment in exchange for assuming the risk of a potential loss.
So where is the risk of potential loss when the capital investors can feel confident that more than likely an available bailout is just around the corner when the company's continued viability turns south? It's getting to the ridiculous point that the governments (Federal, State and local) are guaranteeing, through bailouts, that an investor will not lose money. Not only is this ass-backwards ... it is totally wrong.
I apologize for the foul language but this bullshit has to stop! Consumers cannot assume the responsibility of paying their own personal bills plus those of failing corporations.
Oligarchy is not just a word.
Excellent post. Why should consumers be taxed to maintain profits for the investors? I can see taxing people to help pay for constructing new solar and wind infrastructure because climate is upon us and the reality is that it will hurt everyone unless something is done but this is just double charging the consumers who will receive nothing for their expenditure.
You know Ohio squeezing the peasants to pay the nobility is not supposed to be the way freedom and equality works. Isn't this kind of like reverse social programs? The republicans cry about taxing the rich to help the poor but what about taxing the poor to help the rich?
I see you hate them ( the oligarchs) for their freedom.)
I actually try not to hate anyone but nor do I forgive them what is in actuality a crime. Rigging things so that you can literally steal and get away with it because you've passed laws that say it is legal doesn't change the fact that the thievery occurred. Worldcom's ceo trashed the employees pension fund and came away with over 700 million dollars ( he offered to give back 25 million though he stated that he didn't have to do that)
If I took your $700 bucks and offered to give you back $25 bucks but only if you said thank you... How would you feel? I don't respect their lack of decency or ethics. They steal from the little people like oligarchs have always done but now they trash our democracy too. I understand why they do...they just don't care is all. I detest what they do but I do not hate them.
Freedom? I remember what that word means! I remember freedom and democracy...we used to have that once!