Meanwhile, the gringos seek to keep their title as #1 (CHK)

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.

2 thoughts on “Meanwhile, the gringos seek to keep their title as #1 (CHK)

  1. westslope

    Reading your 2008 bloomberg.com piece, my first reaction is that the head guys are supposed to be great risk managers. They are supposed to risk manage for the benefit of shareholders. In this case, McClendon clearly experienced difficulties risk-managing his own portfolio.

    Why do American shareholders put up with this BS?

    As for McClendon himself, I understand self-interest, self-confidence, ego, arrogance, occasional mistakes, etc. But from a distance, McClendon’s personality strikes me as narcissistic.

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