As fire survivors await compensation from PG&E for wildfires sparked by their equipment, hedge funds grossed at least $2 billion by getting rid of PG&E stock bought under the bankruptcy deal last year. That’s according to a new KQED/California Newsroom analysis. The hedge fund stock dump lowered PG&E's share price, and that’s affecting fire survivors’ compensation and resulting in higher prices for the utility’s ratepayers, who already pay 80% more for power than the U.S average. We get the details.
As Fire Victims Languish, Hedge Funds Cash out Billions in PG&E Stock
In an aerial view, the remains of homes and businesses that were destroyed by the Dixie Fire are visible on September 24, 2021 in Greenville, California. (Justin Sullivan via Getty Images)
Lily Jamali, outgoing co-host and correspondent, KQED California Report
John Geesman, former member, California Energy Commission