I'd personally have more faith in a privatized company or a government entity (rather than a public company) because the lack of ability to freely trade shares means shareholders are more aligned with the long-term mission of the company.

With public companies, the people who own the company don't even live here and they only own it to make a quick buck. They'll live in an armchair in Wall Street and short sell in a heartbeat to make quick bucks on the downturn, not realizing that their trigger-happy, short-selling behavior is actually hurting California residents who depend on the company to be funded at the worst of times to fix problems and upgrade infrastructure.