Two top Constellation executives resign

Two top Constellation executives resign

There are 14 comments on the Baltimore Sun story from Nov 11, 2008, titled Two top Constellation executives resign. In it, Baltimore Sun reports that:

Management changes continued today at Constellation Energy Group , as the Baltimore company said that two top executives for its competitive merchant energy businesses, which includes the commodities trading ...

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Dave

Hyattsville, MD

#1 Nov 11, 2008
Well, lets see how much of a golden parachute these 2 Constellation brain childs receive. Probably a few million. Sorry that I didn't see Shattuck's name in the article as one of those leaving.
New York NY

United States

#2 Nov 11, 2008
These guys were the smartest guys at CEG and responsible for making most of the money CEG made in the last 10 years and helping Baltimore City become a decent place to leave in vs. a dump it used to be.
MidAmerican would like for CEG " to go back to basics" - i.e. keep BGE and its nuke fleet, while getting rid of all the smart guys. If that happens expect the real estate prices in Baltimore to drop more, crime to rise, restaurants to go out of business, etc.
Baltimore residents can thank the Maryland politicians for blocking the merger with FPL in 2006.
gbw

Glen Burnie, MD

#3 Nov 11, 2008
There has to be some lawyer out there who is willing to sue constellation and its excutives for failing to do their job and losing millions of shareholders dollars. If no one is sued or prosecuted for criminal behavior, public faith in big corporations will occur.
Pearl

United States

#4 Nov 11, 2008
gbw wrote:
There has to be some lawyer out there who is willing to sue constellation and its excutives for failing to do their job and losing millions of shareholders dollars. If no one is sued or prosecuted for criminal behavior, public faith in big corporations will occur.
Try Peter Angelos - he's got his hand in just about anything.
Surf52

Baltimore, MD

#5 Nov 11, 2008
If you haven't already figured out you're not going to come out anywhere near a winner in any of this, I've got a couple of bridges in New York City you may be interested in.
Art

Middle River, MD

#6 Nov 11, 2008
New York NY wrote:
These guys were the smartest guys at CEG and responsible for making most of the money CEG made in the last 10 years and helping Baltimore City become a decent place to leave in vs. a dump it used to be.
MidAmerican would like for CEG " to go back to basics" - i.e. keep BGE and its nuke fleet, while getting rid of all the smart guys. If that happens expect the real estate prices in Baltimore to drop more, crime to rise, restaurants to go out of business, etc.
Baltimore residents can thank the Maryland politicians for blocking the merger with FPL in 2006.
LOL. You must have REALLY OD'd on the CEG-Aid. So now they're responsible for the Baltimore "renaissance"? I'd be stunned if they even LIVED in Baltimore!

And if they were so smart, they shoulda made sure their company's risk wasn't so high (I think their stockholders would have appreciated that). The company tanked in less than ten years! They should have also recognized that the FPL merger was idiotic to try during an election year while the company had to raise rates by 72%.

Baltimore will be just fine without CEG. BGE's not going anywhere, and CEG was never tied to the city anyway.
Brooksie

Towson, MD

#7 Nov 11, 2008
what was the name of that movie about Enron--"The Smartest Guys in the Room," or something like that? Smart guys sure have destroyed a lot of value in recent years, and this group at CEG is no different.
Voice of Reason

Washington, DC

#8 Nov 11, 2008
I would just like to point out that Mayo isn't taking his golden parachute, rather he is donating it to charity.
Also, CEG has done a lot of good for this community, aside from the money it has pumped into the local economy via its highly paid employees, it also donates a ton of money to local charities.
And, in case you haven't noticed, CEG was forced into sale after rumors re: its exposure to Lehman Bros. surfaced and investors panicked. This happened to most companies with trading operations or any sort of risk, which is why the market is so far down. It has nothing to do with CEG's management and everything to do with the market.
Enough with the conspiracy theories that Mayo and CEG management drove the company down. Give me a break. Maryland should be doing everything possible to keep the high paying CEG jobs here. There aren't a lot of local companies that can attract the educated and skilled people that work at CEG and subsequently support our local economy.
George from Pasadena

Glen Burnie, MD

#9 Nov 12, 2008
At last we get to see the faces of the men who made the screw ups. Good going Mayo. Now how about throwing yourself on the funeral pyre of burning useless stock.
George from Pasadena

Glen Burnie, MD

#10 Nov 12, 2008
To the "voice of reason" You are probably a nice person but in this day and age it is not fashionable to still believe in Santa Claus, the Easter Bunny, The Tooth Fairy and over paid CEO's. Opps!! Maybe you are a wolf in sheeps clothing. Maybe , just maybe you work for "THEM"
George from Pasadena

Glen Burnie, MD

#11 Nov 12, 2008
To "Pearl". At least pete gave back to the community he came from.
Ralph

Nottingham, MD

#12 Nov 12, 2008
IMO, all these guys were grossly over compensated. They just are not as good as they would like everyone to think they are.

CEG/BGE stock closed around 25 cents/share higher when the deal with American Energy (?) closed than when CEG was created 10 or more years ago. That's an abysmal failure of leadership anyway you look at it.
Surf52

Baltimore, MD

#13 Nov 12, 2008
George from Pasadena wrote:
To "Pearl". At least pete gave back to the community he came from.
Yeah, he took the Orioles and gave us a perennial loser.
Employee of 28 years

AOL

#14 Nov 12, 2008
Oh, BS. Give me a break. F'ing Shattuck ran one of the top companies in Maryland down PERIOD. He should give his golden parachute to the employees, you know the ones that do not make 7 digits. Refresh my memory, didn't Mayo come out & state the company was not that exposed to Lehman?? Refresh my memory again, what were the other bids for the company? He is pushing a sale that is below it's worth. What happened to offering the company sale to others, why just Midamerican?$107 a share company sold for $26.50 I do not care what the market was doing or not doing.
In 28 years of working for BGE/CEG I have never seen such crap. I was always a strong supporter of the company, not anymore. Keep sending your BS messages Mayo, every employee knows you are full of CHIT.
Voice of Reason wrote:
I would just like to point out that Mayo isn't taking his golden parachute, rather he is donating it to charity.
Also, CEG has done a lot of good for this community, aside from the money it has pumped into the local economy via its highly paid employees, it also donates a ton of money to local charities.
And, in case you haven't noticed, CEG was forced into sale after rumors re: its exposure to Lehman Bros. surfaced and investors panicked. This happened to most companies with trading operations or any sort of risk, which is why the market is so far down. It has nothing to do with CEG's management and everything to do with the market.
Enough with the conspiracy theories that Mayo and CEG management drove the company down. Give me a break. Maryland should be doing everything possible to keep the high paying CEG jobs here. There aren't a lot of local companies that can attract the educated and skilled people that work at CEG and subsequently support our local economy.

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