Nader: Calif. Utilities Should Be Allowed to Fail
SAN FRANCISCO (Reuters) - Green party leader Ralph Nader stepped into California's power crisis on Thursday, urging consumers to resist what he called a "coerced bailout" of the state's utilities and saying the financially strapped companies should be allowed to fail.
"It's clear that deregulation has failed ... California consumers now face a coerced bailout of the utilities or their bankruptcy," he told reporters outside hearings on rate hikes utilities say are needed to preserve their ability to fund operations and buy power.
Bankruptcy by the public utilities need not disrupt electric service in California since their operations would be taken over by the courts, and ultimately the state, Nader said.
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