No sooner than this deal was nixed for the bailout and infusion of 1 billion dollars into Constellation Energy Group Inc. - Maryland's large electric utility - than Warren's company reaps a whopping 590 million dollar gain. Now that's what I call making money folks.
Problem is . . . guess to whose demise? Maryland ratepayers better look out. If you think Illinois politics is corrupt, watch Maryland's politicos as they go into action.
Look at what Warren's CEO said about the deal;
"We were pleased to have been able to quickly provide a significant amount of capital that was critical to Constellation Energy as they went through unprecedented financial times," Gregory E. Abel, president and chief executive of MidAmerican, said in a statement.MidAmerican Energy distributes energy in the U.S. and U.K. consumer markets and has approximately 6.9 million electricity and gas customers. Its subsidiaries include California utility PacifiCorp.The Associated Press contributed to this article.
Click here for the details: http://www.baltimoresun.com/business/bal-constellation1217,0,5383240.story
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Beezer -- or whatever your name is -- who are you to talk about politicians, and why should anyone believe what you're saying behind a pseudonym?
ReplyDeleteNot to be difficult, but come on, you're throwing around some strong comparisons and allegations here...
Response to 2:07 Posting
ReplyDeleteDid not Constellation's subscribers utility rates increase by 72%?
I think I put rather mildly considering their electric rate increase was the largest ever recorded here in America.
BEEZER
Wait a minute in the Obama renaissance era, no one should be allowed to make that much money. Maybe it's OK since Buffet is an Obama dude.
ReplyDeleteSmart Capitalism or playing the right cards at the right time at someone elses expense? Good intentions or concentrated greed? Whatever it was, it was smooth. France , outsource again?
ReplyDeleteI looked it up. Warren Buffett made a deal on or about September 18, 2008 for the purchase of Constellation Energy.
ReplyDeleteHe announced sale on December 17, 2008. He made 590 million dollars in almost 90 days. And still, he will receive 14% interest on the 1 billion dollars loaned to Constellation Energy Group.
Now that deal takes the cake.
Just wait till the ratepayers get their next electric bill.
ReplyDeleteI'm sure they haven't seen the last of 72% increases.