Related to this story

  • Updated
  • 2 min to read

California's largest utility, Pacific Gas and Electric, is about to emerge from bankruptcy with a depressed stock price and a very high debt load. If it cannot operate safely and profitably, a state takeover may be the option, columnist Dan Walters says.

  • Updated
  • 2 min to read

Facing a vicious circle of conflicting demands and priorities, the California Public Employees Retirement System is turning to debt - a risky scheme to borrow billions of dollars in hopes of juicing its investment returns, columnist Dan Walters says.