Wednesday, July 26, 2006

Correction: Vertucci out of the box thinker – Not crazy:

Yesterday there was a news flash on the blog that I went crazy and thought I should add a correction by elaborating on my brief comments defending the Mayor over Con Ed.

The reason for my defense of Con Ed is that I found it interesting how people in this city have been acting like the power outage and the time it was taking to fix it was a big conspiracy against Queens’s residents to keep them without their air conditioners.

The way I look at it is if there is anyone who wanted power restored as soon as possible it’s Con Ed. Con Ed is a publicly traded corporation traded on the market that has millions of shareholders to answer too. The last thing Con Ed wants to do is go days without revenue and worse have to spend cash to reimburse people affected. These are things that negatively affect the balance sheet, which doesn’t make investors happy.

Finally for those calling for the head of Con Ed’s CEO they don’t have to worry. If there is true blame to be had investors will be the first to recognize it and act accordingly. My point is Con Ed is not the MTA where there is nobody to answer too when things go wrong and those acting like it is don’t understand how free enterprise and the invisible hand that guides it works.

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