Prog Md Educ Fund Surprise Birthday Party for Constellation CEO Mayo Shattuck, Oct 7 2009

On Wednesday, October 7, 2009, Progressive Maryland Education Fund (PMEF) held a surprise birthday party for Constellation Energy CEO Mayo Shattuck III. The party coincided with two revelations about the birthday boy, who is ranked by Forbes as one of the most overpaid and underperforming in the nation:

1)Today is the day that he is qualifies for a $33 million retirement bonus from himself and the other board members of Constellation but paid for by BGE ratepayers a nice birthday present after he nearly drove the company into bankruptcy!

2)The $33 million retirement bonus may well be illegal. PMEF is joining with State Senators Jamie Raskin and Jim Brochin in asking Maryland Attorney General Doug Gansler to look into whether it should be nullified, as was the case recently with the Carefirst executive who also received years of phantom employment credit to qualify for a supplemental executive retirement plan.

Feeling sorry for Shattuck at the possible loss of his $33 million bonus, PMEF brought to his surprise birthday party two consolation presents: a $14.95 fake-gold watch, and a Twinkie with a candle on top. Watch the video to see how we did in our attempt to deliver the gifts to Constellations executive suites at 750 East Pratt Street in Baltimore.

Constellation is the parent company of BGE, Baltimore Gas and Electric, whose disastrous electricity deregulation has been the worst state public policy debacle in recent memory, allowing rates to nearly double while executives and shareholders cash in.

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News & Politics

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