I have been an investor in Chesapeake Energy (CHK) for a number of years. Aubrey McClendon is the ultimate wildcat gambler. He gambles with his finances and with the company itself. However, the SEC may finally be saying “guys, come on.”. The shenanigans might just come to an end. This is the second major issue in the past few years with Aubrey. Could get interesting, but I doubt it. That is a well connected company with enough money and influence to cover things with a fine. Aubrey might just be asked to ride off into the sunset this time.
Many wonder why McClendon has been allowed to slide for so long. Here is a factoid that might allow you to put the pieces together:
• Katie Upton, Aubrey’s wife, is a (first?) cousin of US Congressman Fred Upton. Coincidentally, he is the chair of the House Energy and Commerce Committee.
Ahh, the connected. Makes you very sick if you dig too deep. Put your head down, work hard, and live your life.
NEW YORK (Reuters) – The Securities and Exchange Commission has opened an informal inquiry into Chesapeake Energy Corp’s controversial program that granted Chief Executive Aubrey McClendon a share in each of the natural gas producer’s wells, a source familiar with the matter said on Thursday.