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April 28, 2011

Rawlings-Blake: Constellation deal a "net gain" for Baltimore

Mayor Stephanie Rawlings-Blake said that the sale of Constellation Energy, the city's lone remaining Fortune 500 company, to a Chicago-based company represents a "net gain" for Baltimore.

"I had a great conversation with [Constellation Energy CEO Mayo Shattuck] and he assured me this would be a net gain for Baltimore," said Rawlings-Blake.

Rawlings-Blake said the deal, in which which Constellation is selling itself to Exelon for $7.9 billion in stocks, would result in a new building and new jobs in green energy in Baltimore.

Asked whether she was disturbed to see the city's last Fortune 500 company be sold, Rawlings-Blake said that was a "simplistic way to look at it."

"This will be an expanded company that maintains its presence Downtown," said Rawlings-Blake. "You could see the glass half full or half empty. I look at the glass half full and keep moving."

Posted by Julie Scharper at 12:46 PM | | Comments (9)
Categories: City Hall
        

Comments

What else can she say? She has no control over this. So, she's doing what every good mayor needs to do: express optimism in public while quietly cursing the greed of the Shattucks of the world.

When I look at this man's public "accomplishments", I can only hope he will someday face a day of reckoning. This man is a prime example of a destroyer. As to his wife, while I don't usually believe in attacking a man's family, she's put herself out in public in such a way as to make her fair game. Her public face makes me wonder if this wasn't a match made in heaven but in h**l. Their actions and public attitude of "let them eat cake" are despicable. (Anyone remember Ms. Shattuck on that Millionaire's dispensing charity show? Obviously made no impact on their behaviors.)

how do you call your policies causing corporations to leave Baltimore in packs a "simplistic way of looking at it"? If taxes weren't so high for businesses in MD, this article would just be about just a company leaving, instead of one of the last major ones.

He and his wife can now join Bob Irsay.

As for the Mayor..how can this be a great deal??? Your city will lose highpaying jobs in 2012..guaranteed...

Maybe we can make 750 E Pratt (CEG headquarters) into Harborplace East with $7 / hour service jobs?

Yeah, Bob Ehrlich was in the pockets of big business and corporations.

Meanwhile CEG/BGE execs were funneling campaign money to Martin O'Malley and The Baltimore Sun just looked the other way and reported it as a back page story.

Now, the other shoe drops, Baltimore loses its last Fortune 500 company and O'Malley's PSC is going to rubber stamp it and Rawlings-Blake just says that's simplistic? Are you kidding me?

Jobs in Maryland guaranteed for 2 years? Hell, it will take 2 years to fully merge the 2 companies. You don't think they won't start laying off workers in Maryland after that and sending the jobs to Chicago? Are you people at The Sun or the Mayor's office dumb as a rock or what????

This is political and corporate corruption at its finest. Both O'Malley and Shattuck got their golden parachutes to success and the general public is getting screwed again. $100? Are you kidding me?

If this were Bob Ehrlich approving this, there would be public outrage and The Baltimore Sun would be pouncing and so would Rawlings-Blake. O'Malley was on TV repeatedly slamming CEG/BGE while taking money from them and every media outlet in Maryland just looked the other way and refused to confront him on this hypocrisy.

Instead, The Baltimore Sun just rubber stamps this too. Sad and pathetic.

Welcome to the Peoples Republic of Maryland.

The CEO has assured me that the CEO has done the right thing here.

Bullseye Comicshero dead on.
Villify Ehrlich but sainthood for the two of the biggest frauds in Maryland, MOM and his puppet SRB.

With all due respect to The Mayor (who I truly think is fabulous), she is acting politically ham-handed on this latest Mayo grab the bucks and run caper. As was the case when Mayo tried to dump the company via the deal with Florida Power and Light, having run Constellation into the ground with his previous corporate strategy of transforming a nice regional operation into a national energy broker, only to have the MD PSC stick it in his ear, what Constellation announced with the Chicago crowd is just the opening act in the passion play, not the final scene of the last act. Better the Mayor keep her powder dry than come off looking like she has been bought off by Mayo on the cheap. It's call negotiation, not capitulation, Madam Mayor-

One thing is for certain, this will bs a "net gain' for Mayo!

Shattuck is a trained investment banker and if you've followed his career he has done the same since his Alex. Brown days leading to CEG. Control the company and position it for sale to provide shareholder wealth (himself as well). Now let's see if the PSC approves something they would have rejected years ago. Who's the bad guy? The rich guy or the ones who let it happen?

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About the bloggers
Annie Linskey covers state politics and government for The Baltimore Sun. Previously, as a City Hall reporter, she wrote about the corruption trial of Mayor Sheila Dixon and kept a close eye on city spending. Originally from Connecticut, Annie has also lived in Phnom Penh, Cambodia, where she reported on war crimes tribunals and landmines. She lives in Canton.

John Fritze has covered politics and government at the local, state and federal levels for more than a decade and is now The Baltimore Sun’s Washington correspondent. He previously wrote about Congress for USA TODAY, where he led coverage of the health care overhaul debate and the 2010 election. A native of Albany, N.Y., he currently lives in Montgomery County.

Julie Scharper covers City Hall and Baltimore politics. A native of Baltimore County, she graduated from The Johns Hopkins University in 2001 and spent two years teaching in Honduras before joining The Baltimore Sun. She has followed the Amish community of Nickel Mines, Pa., in the year after a schoolhouse massacre, reported on courts and crime in Anne Arundel County, and chronicled the unique personalities and places of Baltimore City and its surrounding counties.
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