I can't answer the questions raised by Jeff Bull over at Blue Oregon regarding the relationship between the city and PGE, but I can ask one of my own:
How can PUC Chairman Lee Beyer claim that the stock spin-off will "bring PGE back home as a local independent company?" The creditors of the bankrupt Enron, the ones who will get the stock and own the company, can't all live in the Portland area, can they?
Portland's own 'million dollar baby', PGE CEO Peggy Fowler, couldn't be happier:
"This is absolutely the best outcome for everyone, " she gushes. Well, for her, maybe. She'll continue to draw her fat salary plus bonuses. And she remains on PGE'S Board of Directors. The newly expanded board will be "mostly" Oregon -based, she says.
We'll see about that. In corporate politcs, the ones with the most stock call the shots.
And you better believe they'll be looking to maximize their investment, not looking out for ratepayers like you and me.
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