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Read Making a Killing

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NEWS RELEASE
Jan 01, 2001

BAILOUT WATCH:
Keeping an eye on the energy industry and the politicians
ISSUE #70 TUESDAY, AUGUST 28, 2001

SPECIAL SACRAMENTO WAR ROOM EDITION:

FTCR Opens War Room in Sacto.

Our volunteer-based campaign to stop the bailout received a lot of attention in Sacramento yesterday. The first group of volunteers, from all over the state, wore the yellow "Bailout Watchdog" armbands as they marched the halls of the Capitol building, drawing questions and high-fives from other visitors. News stories covering the opening of our makeshift War Room at the nearby Sheraton noted that polls show the public strongly against the bailout. FOR INFO ON HOW TO PARTICIPATE IN THIS EFFORT, CALL THE "BAILOUT HOTLINE" at 310-392-0522 EXT 8.

Likely Assembly Votes for the Bailout.

Here's our unofficial estimate of Assembly Members likely to vote for the Edison bailout as of now. Note that no Republicans are as yet on board the bailout.

Name Phone #
Alquist, Elaine -D (916) 319-2022
Aroner, Dion -- D (916) 319-2014
Calderon, Tom - D (916) 319-2058
Cardenas, Tony - D (916) 319-2039
Cardoza, Dennis - D (916) 319-2026
Cedillo, Gil -- D (916) 319-2046
Chan, Wilma -- D (916) 319-2016
Chavez, Edward -- D (916) 319-2057
Chu, Judy -- D (916) 319-2049
Goldberg, Jackie - D (916) 319-2045
Hertzberg, Bob - D (916) 319-2040
Keeley, Fred -- D (916) 319-2027
Koretz, Paul -- D (916) 319-2042
Longville, John -D (916) 319-2062
Migden, Carole -D (916) 319-2013
Nation, Joe -- D (916) 319-2006
Papan, Lou -- D (916) 319-2019
Salinas, Simon --D (916) 319-2028
Shelley, Kevin -- D (916) 319-2012
Steinberg, Darrell -D (916) 319-2037
Strom-Martin, Virginia -- D (916) 319-2001
Vargas, Juan -- D (916) 319-2079
Washington, Carl -- D (916) 319-2052
Wesson, Herb -- D (916) 319-2047
Wright, Roderick -- D (916) 319-2048

Forty-one votes are needed for passage. We count 25 so far. But remember, the deal making has only just begun….

… Davis Offers Deal on Bailout.

Now the deal making has started in earnest. Yesterday, the Capitol was rife with rumors that Davis has promised to sign a bill increasing workers comp benefits -- which he has twice vetoed -- in exchange for support for the bailout. Davis's move is intended to win support from Democrats and organized labor; Senate President John Burton -- who has held the line against a residential/small business bailout since January -- is the author of the workers comp bill. But he has promised he will never make such a deal.

The Midnight Edison Hour.

While the public outrage over a bailout grows, the Assembly is voting to make the deal even worse for consumers. At a hearing yesterday that went through midnight, the Assembly Energy Committee wasn't content with giving Edison $3.9 billion in ratepayer money in exchange for nothing but a paper option to buy Edison's transmission system for $1.2 billion, its estimated value. Nope, the committee members decided to double the price that the state would have to pay Edison to $2.4 billion. This just guarantees that the public will get nothing in exchange for the bailout, since the politicians will never authorize the purchase of the transmission system at 200% of its actual value.

Judgment Day: 434 Days Until November 5, 2002.
--------------------------
FTCR is a non-profit, non-partisan advocacy organization. For in-depth information on the utility deregulation disaster, to DONATE and join the campaign to fight the bailout, or to comment, visit our web site at www.ratepayerrevolt.org. 310-392-0522 xt.309.
© 2001 FTCR
1750 Ocean Park Blvd., Suite 200
Santa Monica, CA 90405
www.consumerwatchdog.org


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