KW: California’s Pacific Gas  & Electric company apparenty is in dire straits. Will it be the catalyst for a bank implosion and the start of another financial crisis?

PG&E will become the third largest IG default since 1999, behind Lehman and Worldcom, with $17.5bn of index eligible debt.

Source: Lehman, WorldCom And Now PG&E: The “Failing Angels” Are Back | Zero Hedge