Tuesday, May 1, 2012

When Energy Industry Greed and Wall Street Corruption Converge

Aubrey McClendonChesapeake Energy has been fined repeatedly for its sloppy safety record when it comes to "fracking" natural gas drilling, particularly in Pennsylvania. Now Aubrey McClendon, the same CEO who repeatedly professed Chesapeake's innocence on safety violations, is stepping down as chairman of the board after a Reuters report revealed he was playing Wall Street-style accounting games, using company resources to rake in extra cash for himself:
Aubrey McClendon, the embattled chief executive of natural gas company Chesapeake Energy, will relinquish his title as chairman of the board, the company said Tuesday.

The news follows last week's announcement by Chesapeake that McClendon agreed to negotiate an early termination of the controversial Founder Well Participation Program (FWPP), which allowed him to take personal stakes in wells drilled by the company.

The incentive program came under fire last month following news that McClendon took out loans worth over $1 billion against his personal stake in the company's wells, raising concerns about a conflict of interest.
How the hell does this asshole not get fired outright? What does it say about the state of the energy industry & corporate America that this guy is revealed to be using Chesapeake Energy as his own personal piggybank and he still gets to stay on as chief executive officer?

Side note: McClendon is also one of the weasels who helped screw over Seattle Sonics basketball fans.
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