Billions of dollars are being made off PG&E’s bankruptcy, largely at the expense of ratepayers.
Hedge funds are playing both sides — they’re making large investments in PG&E stock, and at the same time buying billions in insurance claims as a bet against the utility. (Big Short, anyone?)
Plenty of others have swooped in for their share as well, from lawyers and consultants to investment advisers and accounting firms.
Hey, at least the lights are on. (For now.)