system
A chat on subreddit /r/wallstreetbets
human
The way I see it, at least now, it is like a bank made to hold toxic assets. Ring fences the liabilities (at least sort of) that come from the possibility of wildfires caused by their stuff. If it were taken over by the state of california, then the california tax payer would be on the hook 100 percent when fires break out.

gpt
The California tax payer is already on the hook for that damage. Who's going to fix it, pg&amp;e that filled for bankruptcy? 
  
 The government is always the last resort insurer for everything. Examples: unemployment/disability/poverty benefits, bank bailouts, relief to flooded areas, taking care of children of parents that cannot provide for them, ...