Governor (Jerry Brown) says ratepayers should not pay for retirement of PG&E CEO

[Newsjock]

Source: San Jose Mercury News

With outrage growing over PG&E's plan to award outgoing CEO Peter Darbee $35 million as he retires under a cloud of controversy, Gov. Jerry Brown on Friday said that ratepayers should not be required to pay any of Darbee's retirement package.

"At a moment when so many Californians face foreclosure, unemployment and depressed wages, it's about time for corporations to rein in executive compensation," Brown said. "At the very least, California ratepayers should not be footing the bill for this."

As Brown weighed in on the controversy, however, the California Public Utilities Commission, which regulates PG&E and other utilities, acknowledged late Friday that ratepayers will pick up nearly one-third of the bill for Darbee's retirement.

Terrie Prosper, a spokeswoman for the CPUC, said the commission in 2009 approved a PG&E request to cover salaries, benefits, and pensions with rate increases. From that money, "PG&E allocated $9.6 million in pension benefit to Mr. Darbee out of its total pot of ratepayer funds," she said.

Read more: http://www.mercurynews.com/san-mateo-county/ci_17911975

[NYC_SKP]

1. Jerry Brown is correct, not surprisingly. (nt)

K/R

[valerief]

2. He's right, but he's pissing in Fox's hurricane of misinformation. nt

[SoapBox]

3. $35 million? Granted to him by his pals and cronies? HELL NO, I say!!!

Outrageous.

And where is the T.HaterBaggers bunch on this issue? Oh ya, their AstroTurfingPuppetMasters gave no marching orders, so they are dumb to this scam.

Jerry? Stand up for working (and more importantly, NOT working) Californians and help stop this obscenity.

[Scuba]

4. +1

[RUMMYisFROSTED]

5. It takes a unique talent to sell energy in California.

:eyes: