Constellation to lay off more than 800 workers

People who are stockholders and employees of CEG should read page 55 through 58 of the latest prospectus document accompanying the special stockholder vote on Dec 23. Look at how Mayo, Perlman (ex-Enron) and the others who have been at CEG less than 10 years took a company that everyone was proud to work for and turned into a bank with no respect for any employees. Employees were a necessary evil and huge bonuses were paid over the years to cronies of the brokerage arm and ex-enron and ex-excelon people who came to CEG to make a quick buck. Funny thing is that they used Calvert Cliffs and the other plants as the collateral to get their lines of credits. Now we can see the smart investors like EDF and Buffet only want the really assets and not the made up ones brought on top of CEG employees by Mayo and gang.

Too bad for the CEG employees, they have suffered for years with this disrespect by senior management, with fancy programs that never helped any employee.. For those outside of management, now they will be humbled for all those years of treating employees who built the company badly

Take the deal. Keep the company public.

Maybe Mayo and his loyal circle should consider a pay cut to free up some cash. They have no problem axing people trying to put a roof over the family head, but they have to problem raking the rate payers and stuffing there pockets with cash. I hope all these mergers fall apart, and the state of Maryland takes ownership of the plants and BGE. The way it should be in my opinion. The whole industry has gotten so screwed up since deregulation.

Interesting that none of the posts happen to mention that CEG's problems are occurring in the midst of one of the worst economic breakdowns in the last century. Context is everything.

At Mrs. shirley's, constellation employees are encouraged to go there and spend money. Lot's of it all paid with their ceg credit cards. As the belt tightens on BGE's spending it hasn't tightened on the big-wigs spending using the ceg credit cards to entertain. The spending using the ceg credit cards and writing them off as buisness expenses are horrendous. As for layoffs, they did it by performance. I know of a few BGE employee's with 20+ years get canned while sitting in a dept. meeting and have security just walk them out, without a thank you or a fu. The company needs to be looked at. For their spending and for their lack of leadership. Maryland is paying more for electricity because of greed at ceg. Its their in the numbers but know one in this state will touch them. They bring the largest tax revenue to state and the state knows if they fall then they lose out.

Here is one for you all. Look at who fronted 10million dollars for BGE home's new "green" facility in white marsh. Who do you think? Here is another one, look up constellation real estate. They have fly ash dumping grounds that they sold to developers that know have homes on them. They are all around the state, including in Gambrills, RT 170 just before Waugh Chapel where there are new townhomes/condos built. Look at the california union busting company the company contracted at a nice sum of 15million dollars to make sure employee's were brainwashed to vote no back in 2001. They need to be investigated by someone.