Stay updated with breaking news from Jonathan Arnold. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
A California Newsroom analysis of federal filings found that 20 Wall Street hedge funds collectively dumped 250 million PG&E shares, and grossed at least $2 billion, after the utility emerged from bankruptcy protection last year. People whose homes were destroyed by PG&E-caused wildfires haven't fared nearly as well.
PG&E is mired in debt. Rates are skyrocketing. Tens of thousands of survivors of fires sparked by the utility's equipment are waiting for promised compensation. Amid all this, there's one group that's simply walking away: Wall Street hedge funds.
A California Newsroom analysis of federal filings found 20 Wall Street hedge funds collectively dumped 250 million PG&E shares, and grossed at least $2 billion, after the utility emerged from bankruptcy protection last year.
Many of these same hedge funds got an extraordinary amount of PG&E stock without paying a cent for it.