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Illustration: Aïda Amer/Axios

If you're an executive who doesn't feel like making tough decisions about corporate priorities — like PG&E's potential climate liabilities or Citgo's Venezuela ties — there's always an alternative: file for bankruptcy.

My thought bubble: These problems are not what America's bankruptcy regime was designed to solve. Bankruptcy is messy and expensive; what's more, judges don't tend to make great corporate executives. But it's easy to see why an executive holding a hot potato might be tempted to pass it on to someone — anyone — else.

Details:

  • PG&E, the solvent California utility, filed for Chapter 11 protection this week, citing assets of $71.4 billion and liabilities of $51.7 billion. PG&E no longer needs to pay out money to the victims of the devastating Camp fire; instead, it gets to punt all decisions about how much those individuals will receive to the bankruptcy judge.
  • Citgo, the oil refiner owned by Venezuela, is also reportedly considering bankruptcy, even though it is so valuable that it is the crown jewel of Venezuela's foreign assets. (Citgo denies the report.) Filing for bankruptcy would stop the refiner's executives from having to choose which Venezuelan president they are loyal to. A judge, instead, would need to make all ownership determinations.

Go deeper: PG&E employees are bracing for bankruptcy fallout

Go deeper

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."