Hawaiian Electric stock plunges 40% after lawsuit alleges it failed to shut power off ahead of the Maui wildfires
Hawaiian Electric stock plunges 40% after lawsuit alleges it failed to shut power off ahead of the Maui wildfires
Hawaiian Electric’s stock tumbled to a 13-year low Monday morning, plummeting nearly 40% after a class action lawsuit filed over the weekend alleged that Maui’s devastating wildfires were caused by the utility’s energized power lines that were knocked down by strong winds.
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Absolutely bizarre utility companies are for profit with shareholders.
We have been shown over and over that investors will take profits during good times, build no resilience to handle disasters, invest the bare minimum back into infrastructure and jobs, drain the companies until bankruptcy arrives and taxpayers are left with the bill.
This could work with proper regulation. But regulation can be corrupted. Money corrupts. This industry involves lots of money. And so here we are.
When Jeremy Corbyn proposed to buy back utility companies here shortly before the energy crisis, people looked at him like a lunatic.
Really sounds like a capitalistic society.
Because communist societies did better?
Maybe it's time to admit that the biggest flaw in our systems is human nature.
Right? It’s not like consumers have an alternative to whoever their provider is.
No, it's just the corporate feudalism we live under. I guess that's pretty bizarre itself, though.
We live distinctly under capitalism. No need for any other names that obscure that relation.