Yes, they are trying to retake their long-lost title as the world leader in oil and gas industry corruption. Warning, guys, there’s some tough competition in the field. But in dollar value, this Chesapeake Energy (CHK)-McClendon thing may be right up there. Of course we don’t know if there really was any corruption, do we? As one McClendon supporter puts it:
They were much too smart as individuals,” Cirino said of McClendon and Ward. “They would be able to manage that conflict there, if there was one.
If you like you some journalistic investigation into fossil fuel industry (and if you don’t, why are you here?), go take a read.
Note: as usual, no position in this stock, or any energy stock. But I did touch on this story, briefly, a few years ago. Yes, 2008, and yes, he hung on another four years.