First, the fairy tale: Constellation Energy is a company that is a victim of difficult economic times, which resulted in the demise of the company. Fortunately, through the leadership of Mayo Shattuck, the company was saved from total destruction by a white knight named Warren Buffett. That’s the fairy tale.
Now, let us examine the truth. One of only two Fortune 500 companies in the state of Maryland was brought to its knees by executive mismanagement and financial poor judgment. Warren Buffett confiscated a $25 billion company at a fire sale that should have never occurred for $5 billion. As a result, tens of thousands of shareholders have lost a huge amount of their investments and retirement funds. More than a million Maryland ratepayers are placed in jeopardy by the company that was built on their backs.
