Who is this Chesapeake ???
- Thread starter QueEx
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. . . maybe this will help:
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Sounds like the free market at work to me.
No comments?
This is crony capitalism. This is how it works among the corporate elite. If you do the research you will find the board of directors of this company Chesapeake Energy are all cronies and friends of the CEO McClendon. Read the Forbes article about McClendon’s financial machinations. There are 17,000 people in the United States and Canada who have $100,000,000 ($100 Million) dollars or more. In order to make it onto the list of the 400 richest North Americans you need to have a minimum of $1,050,000,000 ($1.05 Billion). These are the people who populate the Fortune 1000 boards of directors.
Chesapeake is NOT Enron.
There are no completely fictitious balance sheet assets or completely made up real assets. The Chesapeakes natural gas actually exists. McClendon was just — with the companies board of directors full approval — maximizing his GREED.
Read the FORBES article – http://www.forbes.com/sites/francin...ke-energy-ceo-mcclendon-serves-himself-first/
An excerpt:<blockquote> In the fall of 2008, McClendon had to sell approximately $552 million worth of Chesapeake shares to cover margin calls. The company helped him recoup some of those losses, though. By the end of 2008, Chesapeake had given him about $100 million, including the $75 million that the directors approved as a “well cost incentive award” under the Founder Well Participation Program. To scrape up cash, McClendon even sold 9,000 bottles from his wine collection in two Sotheby’s auctions, which raised another $9 million. And, of course, footnoted readers will recall the post which reported that Chesapeake’s directors’ paid McClendon $12.1 million for his antique map collection.</blockquote>
Go to http://theyrule.net learn how to operate the site.
Below you see a small sample of the interlocking corporate directorships between Chesapeake and some other major companies brought up by theyrule.net
If you follow big business and politics you will recognize many of the names. This is how it works at the very top of capitalism, an arena few Americans know anything truthful about how it operates at this level.
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