Executives of private water companies often say that their customers – not their stockholders -- come first.

But put them in front of an audience of Wall Street investors, and far away from reporters' microphones and notepads, and they sing an entirely different tune.

"Here’s where the rubber meets the road: What is the return to the
shareholder?"

That was Anton C. "Tony" Garnier, vice chair of Los Angeles-based Southwest Water Co., which pulled in $200 million last year from 2 million customers in 11 states. Garnier has been on cruising, amassing stock options worth nearly $4 million.

Garnier was one of several water industry executives who pitched their companies to investors at "Profiting in the Water Industry: Tapping a Reservoir of Wealth," held at New York City’s palatial Harvard Club June 8.

Asking for money can be like drinking truth serum.

"The regulators have a way of getting into your pockets," grumbled San Jose Water Co. President/CEO W. Richard "Rich" Roth, who still managed to collect more than $1 million in salary, bonuses and stock options last year.

"We blame it all on Erin Brokovich," complained Floyd E. Wicks, CEO of American States Water Co. of San Dimas, CA, which he said was sued 22 times after the film about a crusading water pollution activist was released in 2000.

The best podium pot-shot of the day came from Garnier: "How do we take some of the market share away from government?" As if government officials were performing the same song-and-dance at the Yale Club three blocks away. These guys are so driven by profit that they think they're in competition with the government. Are they oblivious to the fact that governments don't think in terms of profits, stockholder dividends and market share?

Governments care about only one thing: delivering safe, clean water to their constituents as efficiently and affordably as possible. They should be permitted to continue to do so. Private industry is more than welcome to make as much money as it can on SUVs, satellite dishes and other non-essentials. They shouldn't be able to do this with water.