Hawaiian Electric stock plunges 40% after lawsuit alleges it failed to shut power off ahead of the Maui wildfires

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.

No, it's just the corporate feudalism we live under. I guess that's pretty bizarre itself, though.

PG&E, the power and gas company for much of California does this. As a for profit company, they outsourced maintenance of their infrastructure to save money. The infrastructure was old, not well maintained or managed and it sparked several large fires over the years. They’ve paid lots of money in restitutions because of this. Now they shut off the power so they can’t be blamed for starting giant fires again…