Chesapeake Energy / Energy / Hydraulic Fracturing

Fracker Aubrey McClendon booted from Chesapeake board

NEW YORK, NY — “Aubrey McClendon, the self-proclaimed ‘World’s biggest fracker,’ has been booted as Chairman of Chesapeake Energy, the company he co-founded in 1989.  Not exactly a surprise, given the depth of the shithole he’d dug for himself recently, but it’s still remarkable when a corporate three card Monte player like McClendon bows to pressure from outsiders – even his own stockholders.

Details are still sketchy, but it looks like McClendon was forced to step down by shareholders who were pissed off about the revelation of a shady billion dollar personal loan from Chesapeake. (You can read about the details of the loan deal here.)  They also halted a program that allowed McClendon to siphon off a portion of the revenue from thousands of company-operated wells.  The facts of the loan itself were bad enough, but the way the Chesapeake’s PR dweebs handled it – at first they said the board was ‘fully aware’ of the loan and approved it, then the next day reversed themselves – just made the whole deal more rancid.  Chesapeake is a publicly-held company, with a market cap of about $12 billion.  Isn’t someone supposed to be paying attention to how much money the Chairman and CEO is pulling out on his ATM card?”

— Jeff Goodell, Rolling Stone

Read the whole story: http://www.rollingstone.com/politics/blogs/national-affairs/fracker-aubrey-mcclendon-booted-from-chesapeake-board-20120501#ixzz1tisZ6kx3

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