Palco's Woes And Maxxam

The latest report from the State Water Resources Control Board says that Palco's economic woes are due to its parent company, Maxxam, sucking millions of dollars from Palco and not because of over-regulation of the timber industry. Of course, we've heard this almost daily from the environmental groups for some time. Who does one believe?

I suspect there's likely a little truth in what both sides are saying but find it difficult to accept a report from an agency involved in regulating the timber industry that says they have nothing to do with any problems the timber industry claims to have. Of course they're gonna say they didn't cause any problems for Palco. It's no different than anything else going on in the country though, I suppose. One group accuses another of causing all the problems and the other group denies it. You have to look past the rhetoric of both special interests to get an even handed look at what's really happening.