TCT is composed in Portland, Oregon, USA. Here, our electricity is delivered by the Portland General Electric corporation, which trades as POR on the New York Stock Exchange.
There have naturally been several attempts over the years to make PGE a not-for-profit public organization. So far, they have always been rebuffed by moneyed forces.
Leap, now, to the present moment: As the overseers of the still for-profit PGE surely are having worried meetings about, in the present civilizational crisis, the socialization question naturally suggests itself again. Why should Portlanders allow Wall Street rentiers to skim off resources in this way?
Very soon, there will, of course, also be big questions about who among and how Portlanders are going to pay PGE and its absentee owners, now that capitalism has run off its rails and paychecks are dwindling at best. Again, why allow Wall Street rentiers a say in such a vital matter?
Imaginably, the financial status of POR itself might also soon reach a nasty point, raising public bailout issues. If this comes to pass, what should Portlanders demand in return?
Big questions, right?
So, what does the for-profit PGE do? It moves to pre-empt these screamingly obvious questions.
Its technique is surely happening all across the corporate-and-urban world:
Make a big-sounding donation, accompied by a press release to local news media. The aim, undoubtedly, is to implant this reaction in the audience:
Wowie! A million dollars! For homeless people and kids! So generous! So forward-thinking!
But wait. How many millions of dollars did Portland General Electric harvest on behalf of its shareholders last year alone? 1,509 millions.
So PGE is now “donating” less than one-tenth of one percent of its annual gross profits to its host city.
The minuteness of this number is enough to tell you that this is not, in fact, any kind of charity. This “donation” is neither more nor less than a marketing move, designed to pre-sell residents of the Portland metropolitan area on the notion that PGE is a good egg and shouldn’t be scrutinized.