CEO deserves blame for Constellation's fall
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#1 Oct 3, 2008
What a poorly informed letter to the editor and classically biased just like The Baltimore Sun newspaper itself.
I have a relative who will LOSE a job probably from this mess.
Sorry, but not only Mayo Shattuck deserves blame, but Maryland's Democrat controlled State Legislature and 2 Democrat governors for the deregulation mess they single-handedly created along with the consequent energy crisis for average folks and the downfall of CEG/BGE 1 of Baltimore's LAST Fortune 500 companies.
Either of the proposed PEPCO or FPL mergers (both turned down my Maryland DEMOCRATS, state legislators, 2 Democrat Governors including O'Malley) would have prevented this mess, lowered rates, not only saved jobs, but potentially created new ones. But instead of LEADING, Maryland's Democrats grandstand for the so-called sake of the poor, while in effect creating MORE of those poor people by costing the state and its citizens THEIR JOBS!
Now Gov. O'Malley has the NERVE to say publicly this last ditch bailout deal is a GOOD DEAL for Maryland? What a pathetic liar. You could make a good argument that Martin O'Malley took a ride on a Golden Parachute to election victory over this crisis, but all on the backs of the poor. Martin O'Malley had his chance and took the easy road to get elected over the good of the public! O'Malley should be ashamed of himself and is no less sleazy then Mayo Shattuck. Instead of being a business scumbag, O'Malley is just a political one. What's really the difference? Both irreparably hurt the state of Maryland.
I personally think Gov. O'Malley should resign as well as Shattuck and if the voters of Maryland had any brains in their heads, they would vote this current State Legislature OUT OF OFFICE en masse for their ineptitude as well!
#2 Oct 3, 2008
So is Shattuck going to get $65 million for his efforts? That would pay a lot of our electric bills! When will this madness end? I thought we jailed people that stole from us!
#3 Oct 3, 2008
LOL at anyone that defends Mayo. The guy has tanked two of Baltimore's largest companies now. Funny how Buffett has already managed to turn a large profit off CEG. The stock is now worth more than the premium $26.50 he paid for it. More mismanagement by Mayo as he took a crooked deal on his way out the door.
#4 Oct 3, 2008
CEG share holders to not vote for this merger. Demand that Shattuck and his MGNT group do not receive thier golden pay outs. Demand that share holder value is increase before any deal is done. It is an outrage that so many Marylander's 401Ks have taken such a huge hit, as well as shareholders values when it is quite obvious there is tremendous wealth here that the haves to not want to share with the have nots. Ceg shareholders have been robbed, held up by the corrupt immoral unethical behavior of those in power. They should be horse whip, tar and feather and turn out onto the street without a dime.
#5 Oct 3, 2008
Mr. Shattuck and the Board have not lived up to their fiduciary resonsibilites to get the best price available, if the company was in such dire straights that it had to be sold.
Many people see Mr Buffet as some grandfatherly figure who comes to the rescue of troubled companies. I see him as a feeding shark who will devour prey that he feels is vulnerable.
Mr. Shattucks move was to save his millions and the shareholders be damned. I would expect nothing less from this corporate sleezeball. Not a dime of severence for his incompetence.
I will vote against the sale and I strongly suggest the other shareholders do likewise.
#6 Oct 4, 2008
The sad truth is that the primary role of BGE was and always is to provide power to its customers-- that's why utilities are, well, utilities.
Deregulation is what permitted folks like Mr. Shattuck to gamble the fortunes of once once solid companies whose mission changed from provision of a basic commodity (your heat) to wagering risky propositions in the open market.
Mr. Shattuck never really understood the risk profile of running a deregulated utility (as opposed to a bank), or his unique responsibility to customers in such a situation. The problems did not begin in the energy market, but rather when customers began noticing the utiility cutting corners in maintenance after storms. It was a warning that he never really understood.
Now, the PSC would actually be well advised to take control of this once great company, and release Mr. Shattuck back to the feral MBA forest where he was once captured
#8 Oct 5, 2008
What a poor informed person you are. Citing Maryland losing its "last Fortune 500 company" as somehow proof of Maryland being anti-business. You don't have a AAA bond rating by being anti-business. California currently the most messed up state in the union (with a Republican't governor) has about 125 Fortune 500 companies and is the biggest economic basket case in the USA. Additionally, to claim that the FPL and PEPCO deals would have kept rates low for the consumer...REALLY? How? FPL mostly owns oil and gas fired plants which produce electricity at very high rates. And sorry, but the Maryland Republicans voted 100% for Deregulation in 1999.
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