On August 30, 2011, the National Highway Safety Board (NHSB) issued a report (report here) on the pipeline "accident" in San Bruno, California where numerous homes and lives were lost due to negligence on the part of PG&E (PCG). The NHSB cited at least 28 issues with the way PG&E inappropriately handled the gas pipelines under their control.
This reminds us of the “ring-fenced” strategy that PG&E (PCG) employed just before filing bankruptcy in 2002 (our reference and citation here). The Federal Energy Regulatory Commission (FERC) approved a plan from PG&E to shelter it’s profitable assets and only included the money losing divisions in the bankruptcy proceedings.
Again, PG&E (PCG) has managed to stick it to both the investors and consumers.