The more you poke into gas giant Chesapeake CEO, the more foul odor emerges. There’s a sad inevitability to the news that a lifeline to foundering law firm Dewey & LeBouef was withdrawn. It’s a good day for Carlyle’s founders, even if they didn’t get their price and an Obama donor offers a revealing anecdote about how the rich see themselves. Read about it in our morning Wall Street roundup.
Bad gas: From 2004 to 2008, Chesapeake Energy CEO Aubrey McClendon ran a private hedge fund that traded the same commodities that Chesapeake produced, according to Reuters. The $200 million fund listed Chesapeake’s Oklahoma City HQ as its mailing address, and employed an accountant who was also on staff at the natural gas powerhouse. Marketing the fund, we expect, was a breeze.
McClendon addressed media for the first time since he was stripped of his chairmanship, but wouldn’t discuss reported conflicts of interest: “Your mother told you not to believe everything you read or hear for good reason,” he said. Read More