Thurston County will get to vote to authorize the Public Utility District to expand into electricity in November. It is on the ballot, friends. We did it. No paid signature gatherers, just volunteers knocking on doors.
Let’s talk about Puget Sound Energy for a moment. It is not a Puget Sound based company despite the name. PSE is owned by the Macquarie Group of Australia. I have nothing against Australians, but the Macquarie Group appears to be an investment company. A slinger of high finance instruments including Collateralized Debt Obligations, one of the casino style financial models that create privatized profit and socialized risk.
The SEC is reported to be considering lawsuits against the Mac Group. Should we continue to trust them with an electricity monopoly in Thurston County or should we vote for PUD Power and have them compete with a utility that is locally owned, locally controlled, and locally accountable? Want to know more about Macquarie Group? here’s a piece from The Australian:
Macquarie Group unit faces US probe over deal
- SCOTT MURDOCH
- The Australian
- July 14, 2012 12:00AM
MACQUARIE Group is being investigated by the US Securities and Exchange Commission over a botched subprime mortgage bond deal from before the global financial crisis.
It was revealed yesterday that Delaware Investments, now a subsidiary of Macquarie Group, and Mizuho Financial Group are likely to face civil charges over the $US1.6 billion Delphinus bond offer in 2007.
The Wall Street Journal reported yesterday that the SEC, the US corporate regulator, was about to file lawsuits against the two groups.
It will be alleged that the bond deal consisted of a collateralised debt obligation that “imploded” just months after it was sold to investors.
Want to read the whole article in The Australian? Sure, why not. I don’t think The Olympian is covering the Macquarie Group story. just sayin…