Letters

LETTERS

October 21, 2008

Shattuck may make millions from deal

After reading the article "CEG chief waives payoff" (Oct. 18), I would note that I don't think Constellation Energy Group CEO Mayo A. Shattuck III would waive 18 cents, let alone $18 million. If MidAmerican Energy Holding Co.'s offer to buy the company is approved, Mr. Shattuck is eligible to get millions.

Although referred to as a merger, this deal is a shotgun takeover. Warren E. Buffet is trying to buy a company once valued at $16 billion for less than $5 billion.

CEG customers, employees and shareholders would be in a better position if the company had filed for bankruptcy and reorganized.

As a customer, shareholder and retired BGE employee, I urge the Public Service Commission and shareholders to reject this offer.

Walter J. Kasprzak, Fallston

Hold CEO responsible for huge energy losses

My wife and I, both retired teachers, purchased shares in Baltimore Gas and Electric Co. over the course of 30 years when utilities were regarded as safe, if unglamorous, investments.

Now The Baltimore Sun's headline "CEG chief waives payoff" (Oct. 18) portrays Constellation Energy Group CEO Mayo A. Shattuck III as a martyr instead of a willing participant in a culture of greed.

A CEO who allows his company to tank and be sold for 25 cents on the dollar shouldn't be rewarded by being offered an $18 million severance package; he should be held accountable for his actions.

Larry Schlude, Westminster

When 'Joe the plumber' looks in the mirror

Newly famous "Joe the plumber" has disparaged Social Security as a "joke" and says he "hates" the compulsory FICA payments that fund it. I'm "Dan the plumber," and I disapprove of that message.

Why do we two plumbers differ?

When Dan the plumber looks in the mirror, he sees Dan the plumber.

When Joe the plumber looks in the mirror, notwithstanding the lien on his house, he apparently sees some version of Warren E. Buffett.

Which of these two working-class guys is more likely to make political decisions that are in his own best interest?

Daniel Fleisher, Baltimore

The writer is a licensed journeyman plumber.

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