EXECUTIVE BEHIND CALIFORNIA GAS LEAK GETS $3 MILLION BONUS

Remember that major gas leak in southern California from a couple of months ago? The Porter Ranch gas leak was discovered on Oct. 23 and not capped until Feb. 18. It released roughly 100,000 tons of methane, effectively doubling the methane emissions rate of the entire Los Angeles Basin. It had measurable damage to the climate, and forced thousands of families out of their homes. 83 lawsuits have been filed against SoCal Gas, with many more possible. The company also faces regulatory fines and penalties. The utility knew that wells in its storage fields were deteriorating and had been leaking more frequently since 2008. Yet Debra L. Reed, chairman and CEO of the gas company’s parent firm, Sempra Energy, was fined just $130,000 for letting it happen on her watch. But don’t worry – the Board of Directors is still giving her a $3.17-million bonus, the largest bonus she’s received since becoming CEO of Sempra in 2011. That bonus brings her total compensation for 2015 to $16.1 million. Others on Reed’s management team also have been docked. The company’s President, Executive V.P., CFO and General Legal Counsel have all been docked a total of $157,000, but they, too, are still getting about $3.9 million in bonuses, combined.
* Wow – imagine how much they’d get if they were GOOD executives!
* Bonus is a good word. They. Bone. Us.
* I suppose we should be glad to see a female CEO getting absurdly disproportionate compensation just like the men.
* Sometimes, it almost seems like Bernie Sanders has a point.
* The Denver Bronco’s Von Miller has paid more fines for his gas leaks on “Dancing With the Stars.” (His partner Witney Carson fines him $100 every time he farts. And he farts a lot. They pointed this out on Monday’s show. Just thought you might want to know that.)