Top-paid executives

Top-paid executives

There are 37 comments on the Baltimore Sun story from Aug 17, 2008, titled Top-paid executives. In it, Baltimore Sun reports that:

Constellation Energy Group dominated the list of the most highly paid local executives in 2007, a year in which the company's stock price rose nearly 50 percent.

Join the discussion below, or Read more at Baltimore Sun.

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T-bird

Ocean City, MD

#1 Aug 17, 2008
I just opened up my $500 BGE bill for the month of July. I have window air conditioning units that I don't use unless it is humid as hell, and someone is in the room. My house is not big and I have tried to make install insulation wherever I can. Yet my wife and I still have to fork over a huge part of our income to a monopoly like Constellation Energy each month. The higher BGE bills means NOT eating out with the kids occasionally, NOT going to the movies, NOT buying new school clothes for my daughters. I hope Mayo Schmuck and his jackass executive buddies appreciate where they get their big salaries from. I for one would like to see the State of Maryland build their own power plants and compete with Constellation Energy. This is what happens when we allow a monopoly to develop.
Fed up in Towson

Cockeysville, MD

#3 Aug 17, 2008
How is this different than pro athletes being paid millions? I don't see anyone lining up to cap how much the Ravens' players and coaches can make after they have a 5-11 season. The bottom line: you get whatever you negotiate prior to the job, regardless of your field. Maybe people who don't like this should have negotiated a better salary before they took their current job?

To the guy with a $500 BGE bill -- we have a large house and our bill wasn't nearly that high. In fact, it's lower than last year at the same time because we bought a bunch of fans and don't turn on the AC anymore unless it gets into the 90s. If you hate giving BGE your money, use less power -- it's in your control.
Bryce Be Quick

Lansdale, PA

#4 Aug 17, 2008
Confused-- indeed, have your children grow up to be either a meterologist, where they can "predicate" the weather incorrectly more than half the time and still keep your job, or a Fortune 500 CEO, where compensation and performance bare a similar non-resemblance.
Kathy from Ellicott City

Columbia, MD

#6 Aug 17, 2008
It's discouraging that Marylanders have to bear the burden of 50% rate increases while the top executives at Constellation Energy are making millions more. Sure, we can, and should, use less energy, but shouldn't these rate hikes be examined if the company can afford to pay it's top executives these salaries?
Maria Allwine

Abingdon, MD

#7 Aug 17, 2008
No one on the planet deserves to make or should make what these people do. Who says anyone should be paid that kind of money? Isn't the subprime debacle teaching anyone anything about the unbridled greed of these CEOs? Aren't we all paying through the nose for everything in every aspect of our lives because of the obscene greed and amorality of these people? You bet we are. Read about what really happened at Bear Stearns if you want a different perspective on what many of these CEOs really are - thieves who have no concept of stewardship - of a company, employees and shareholders, much less what is good for this country.

The executive/CEO culture in this country coddles and rewards a hyper-wealthy group of people who sit on each others' boards, approve each others' compensation packages and make sure that, should one of them fall, there is a place for him/her to land so they can do the same thing over and over again while enriching themselves. If you or I don't perform at our jobs, we're fired and left with nothing - no health insurance or care, no multi-million dollar bank accounts and often no prospect for another similar job. Being fired from our jobs ruins our lives and our families' lives - no such fate awaits our titans of industry. And don't feed me that garbage about the responsibilities they shoulder - nonsense. If you want to be a CEO, you have obligations to your company, your employees, your community and your country - I doubt if most of them have any idea of what this really means.

Mayo Shattuck's millions in compensation are paid for by all of us. To Fed Up in Towson, I say that you have no idea about what really is happening to us under deregulation. There are people with no AC whatsoever who gets bills over $500 each month. Conservation is a separate issue - what the issue really is under deregulation is the fact that we pay about 14 cents per killowatt hour (with no end in sight to the rising rates) while the cost to produce that electricity is about 5-6 cents per killowatt hour. Under regulation, we paid a little more than the cost to produce which ensured a fair profit for BGE to pay its employees well and put money back into the infrastructure. Under deregulation, BGE has taken the enormous profits and run. If you wonder why the infrastructure is in such bad shape, look no further than deregulation. BGE threatened to leave the state if it wasn't deregulated and the general assembly fell for its blackmail - which many lawmakers have admitted to me (and others). Wake up! We're being ripped off. If you want to really understand the mindset of the CEO culture in this country read "Barbarians at the Gate" which chronicles the RJR/Nabisco takeover by KKR in the late 80s. That book will open your eyes and provide you with a different understanding of how corporations really function in this country. It's time for those of us who actually work and who experience the enormous daily stress of worrying if we'll actually have a job tomorrow to take control of our lives. And we can start by joining those of us in the MD Coalition to Stop the BGE Rate Hikes - we're doing good work for all of us.
Yodey

Owings Mills, MD

#8 Aug 17, 2008
Admittedly, Shattuck has Baltimore by the balls...guy has it all virtually, ridiculously - even grossly OVERPAID...and a HOT MILF wife to boot. I saw her at local event last yr - forget the Ravens games - and she was STILL Smokin in her mid-40s!!!

I've heard this guy is genius but a jackass but you gotta like being him waking up every morning w/$13.5M annual salary/income AND ridiculous stock options to boot...and a every chance he wants to poke at that beauty.

We should all have it that lucky/easy.
Fed up in Towson

Cockeysville, MD

#9 Aug 17, 2008
Maria Allwine wrote:
No one on the planet deserves to make or should make what these people do. Who says anyone should be paid that kind of money?
Why not? Because you don't think it's fair that someone makes more than you? What's next, you'll want to redistribute the wealth of someone who spent their entire life building a business from scratch because they have more money than you? Here's a news flash: life's not fair. You can either complain about it, or work your ass off and improve your lot. There are those who do, and those who whine. Which do you want to be?
Maria Allwine wrote:
To Fed Up in Towson, I say that you have no idea about what really is happening to us under deregulation. There are people with no AC whatsoever who gets bills over $500 each month. Conservation is a separate issue -
Show me someone who has no AC and gets a $500 / month BGE bill in August -- I'd really like to see that. What, do they have a neon billboard ont their roof? I'm sure you're passionate about your beliefs, but that statement is just silly.

And BTW, conservation (more like supply and demand) is indeed the root of the issue. Look at gas prices -- when it got to $4 / gallon, a significant number of people simply stopped driving, and the prices went back down as the demand dropped. ONLY USE WHAT YOU'RE WILLING TO PAY. I have the windows open and the fan going right now, and the meter outside is going around nice and slow. All energy is going to be more expensive from now on (plus higher energy taxes from all of the people whining about the government to "do something" when nothing can be done -- and how will they replace declining gas tax revenues?).

Bottom line -- you want to pay less to BGE? Use less electricity.
questionauthorit y

Virginia Beach, VA

#11 Aug 17, 2008
Mayo Shattuck should get paid a lot. In 2001 he singlehandedly saved the company from the damage wrought by his clueless predecessor, Christian Poindexter
questionauthorit y

Virginia Beach, VA

#12 Aug 17, 2008
Yodey wrote:
Admittedly, Shattuck has Baltimore by the balls...guy has it all virtually, ridiculously - even grossly OVERPAID...and a HOT MILF wife to boot. I saw her at local event last yr - forget the Ravens games - and she was STILL Smokin in her mid-40s!!!
I've heard this guy is genius but a jackass but you gotta like being him waking up every morning w/$13.5M annual salary/income AND ridiculous stock options to boot...and a every chance he wants to poke at that beauty.
We should all have it that lucky/easy.
The woman is only 41--give her a break.
questionauthorit y

Virginia Beach, VA

#13 Aug 17, 2008
Maria Allwine wrote:
No one on the planet deserves to make or should make what these people do. Who says anyone should be paid that kind of money? Isn't the subprime debacle teaching anyone anything about the unbridled greed of these CEOs? Aren't we all paying through the nose for everything in every aspect of our lives because of the obscene greed and amorality of these people? You bet we are. Read about what really happened at Bear Stearns if you want a different perspective on what many of these CEOs really are - thieves who have no concept of stewardship - of a company, employees and shareholders, much less what is good for this country.
The executive/CEO culture in this country coddles and rewards a hyper-wealthy group of people who sit on each others' boards, approve each others' compensation packages and make sure that, should one of them fall, there is a place for him/her to land so they can do the same thing over and over again while enriching themselves. If you or I don't perform at our jobs, we're fired and left with nothing - no health insurance or care, no multi-million dollar bank accounts and often no prospect for another similar job. Being fired from our jobs ruins our lives and our families' lives - no such fate awaits our titans of industry. And don't feed me that garbage about the responsibilities they shoulder - nonsense. If you want to be a CEO, you have obligations to your company, your employees, your community and your country - I doubt if most of them have any idea of what this really means.
Mayo Shattuck's millions in compensation are paid for by all of us. To Fed Up in Towson, I say that you have no idea about what really is happening to us under deregulation. There are people with no AC whatsoever who gets bills over $500 each month. Conservation is a separate issue - what the issue really is under deregulation is the fact that we pay about 14 cents per killowatt hour (with no end in sight to the rising rates) while the cost to produce that electricity is about 5-6 cents per killowatt hour. Under regulation, we paid a little more than the cost to produce which ensured a fair profit for BGE to pay its employees well and put money back into the infrastructure. Under deregulation, BGE has taken the enormous profits and run. If you wonder why the infrastructure is in such bad shape, look no further than deregulation. BGE threatened to leave the state if it wasn't deregulated and the general assembly fell for its blackmail - which many lawmakers have admitted to me (and others). Wake up! We're being ripped off. If you want to really understand the mindset of the CEO culture in this country read "Barbarians at the Gate" which chronicles the RJR/Nabisco takeover by KKR in the late 80s. That book will open your eyes and provide you with a different understanding of how corporations really function in this country. It's time for those of us who actually work and who experience the enormous daily stress of worrying if we'll actually have a job tomorrow to take control of our lives. And we can start by joining those of us in the MD Coalition to Stop the BGE Rate Hikes - we're doing good work for all of us.
I have AC and my last bill for a 3-floor townhouse was $108. What are these folks doing?
questionauthorit y

Virginia Beach, VA

#14 Aug 17, 2008
T-bird wrote:
I just opened up my $500 BGE bill for the month of July. I have window air conditioning units that I don't use unless it is humid as hell, and someone is in the room. My house is not big and I have tried to make install insulation wherever I can. Yet my wife and I still have to fork over a huge part of our income to a monopoly like Constellation Energy each month. The higher BGE bills means NOT eating out with the kids occasionally, NOT going to the movies, NOT buying new school clothes for my daughters. I hope Mayo Schmuck and his jackass executive buddies appreciate where they get their big salaries from. I for one would like to see the State of Maryland build their own power plants and compete with Constellation Energy. This is what happens when we allow a monopoly to develop.
The profit is coming from the trading side of the house. BGE is not that profitable.
Makeshift Patriot

Baltimore, MD

#15 Aug 17, 2008
Wow, check out the last names of the gents in these pictures. It is no wonder old stereotypes die hard.

Energy is a public need. You can only conserve so much in your home. Deregulation without viable competition was idiotic. I would rather see a state owned monopoly like public water, rather than a private monopoly who can make you die of thirst if it is not "profitable."

We get our energy in the form of Wind Power from Washington Energy, but must still pay BGE for their infrastructure.

The state should seize all energy related infrastructre and producing facilities, so it can turn a profit. We could use the extra revenue, and it may even lower taxes.

If emminint domain can apply to an individual's property, then it should also apply to a business, especially one that serves the public.
John Thomas

Baltimore, MD

#16 Aug 17, 2008
Add together these top five executives compensation and you get 54.6 million. Add 200 million to that and you're still under what Oprah makes in one year. $260,000,000.
John Thomas

Baltimore, MD

#17 Aug 17, 2008
T-bird wrote:
I just opened up my $500 BGE bill for the month of July. I have window air conditioning units that I don't use unless it is humid as hell, and someone is in the room. My house is not big and I have tried to make install insulation wherever I can. Yet my wife and I still have to fork over a huge part of our income to a monopoly like Constellation Energy each month. The higher BGE bills means NOT eating out with the kids occasionally, NOT going to the movies, NOT buying new school clothes for my daughters. I hope Mayo Schmuck and his jackass executive buddies appreciate where they get their big salaries from. I for one would like to see the State of Maryland build their own power plants and compete with Constellation Energy. This is what happens when we allow a monopoly to develop.
Do you still have Cable tv?
Jim

Rockville, MD

#18 Aug 17, 2008
Every spring, my next door neighbors are without electricity and gas for a couple months because BGE has disconnected their service. Their service has been disconnected because they cannot afford to pay off the heating bills that build up over the winter. They are hard-working, good people with full-time jobs. For two months each spring, they don't cook, they use ice and coolers instead of their refrigerator, and they light their house with candles and battery-powered lights. I'm sure there are many BGE customers in the same boat. I honestly can not understand how some of you try defend the level of compensation these guys get. There are a lot of reasons to be proud of our country, but gross over-compensation for corporate executives and professional athletes is not one of them. Abraham Lincoln said that many of us deal well with adversity but the true measure of a person can be made when he is given power (no pun intended). On behalf of all the people in Maryland who are taken advantage of by Mayo Shattuck, I say Constellation and BGE represent everything that is wrong with America.
Makeshift Patriot

Baltimore, MD

#19 Aug 17, 2008
Yeah, its bad when pro athletes get paid more than the military, police, firefighters, teachers, and social workers. Pro sports compensation is justifiable to the wealthy, if it keeps the average Joe from not thinking too much about his lot in life. Breads and Circuses are the age old antidote to revolution. When people can't afford their potato chips, beer, and cable TV to watch football (or whatever), then they will be up in arms.

“panem et circenses”

Since: Jun 08

East Coast USA

#20 Aug 17, 2008
Makeshift Patriot wrote:
Yeah, its bad when pro athletes get paid more than the military, police, firefighters, teachers, and social workers. Pro sports compensation is justifiable to the wealthy, if it keeps the average Joe from not thinking too much about his lot in life. Breads and Circuses are the age old antidote to revolution. When people can't afford their potato chips, beer, and cable TV to watch football (or whatever), then they will be up in arms.
Well said, but how do you convince the average Joe of this?
Yodey

Owings Mills, MD

#21 Aug 17, 2008
questionauthority - "The woman is only 41--give her a break." Dude, what's the big deal??? I said mid-40s, you say 41 - the broad is old and thus a MILF!

I hope your a female - what male would walk around actually knowing a specific non-relevant fact like that??? Heck, if you gave me her bra size - now that MIGHT be significant.

Please, I DO NOT like liberals replying to my comments...stay away questionauthority, ya Nancy Pelosi, granol-eatin, sandal-wearin minority!
OLDIE

Wyoming, MI

#22 Aug 17, 2008
Mayo Shattuck and the rest of his jackass friends should live like the people they put the screws to. They are a damn disgrace. Far too many pay too much for their services and some can't even afford the utility service. I hope and pray one day they are forced to live the life they have made for the rest of us or even better I hope they loose everything they have. That would be very fittingand appropriate.
OLDIE

Wyoming, MI

#23 Aug 17, 2008
questionauthority wrote:
Mayo Shattuck should get paid a lot. In 2001 he singlehandedly saved the company from the damage wrought by his clueless predecessor, Christian Poindexter
Mayo Shattuck should get paid NOTHING as he has done NOTHING for the public. What he gets is equivalent to white collar crime, plain ridiculous. He should be ashamed and embarrassed. He held the general assembly hostage ( of course our G.A. is the laughing stock of American politics) and has stolen from the citizens with the attitude of being a savior. Disgusting and disgraceful!

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