As chairman and CEO of Chesapeake Energy, Aubrey McClendon
has been a powerhouse in the vast U.S. natural gas market, directing the
company's multibillion dollar energy-trading operation and setting output
targets for America's second-largest producer.
Behind the scenes, a Reuters investigation has found, McClendon also ran
a lucrative business on the side: a $200 million hedge fund that traded in the
same commodities Chesapeake produces.
On Tuesday, two weeks after Reuters reported that McClendon
has taken up to $1.1 billion in loans against his stakes in Chesapeake oil and
gas wells, the company stripped McClendon of the chairmanship and reiterated
that it's reviewing details of the loans. A statement quoted McClendon, who
will stay on as CEO, saying that the move will enable him to focus his
"full time and attention on execution of the company's strategy."
But for at least four years, from 2004 to 2008, McClendon's
attention extended well beyond his job at Chesapeake. During that time, said a veteran trader who
helped run McClendon's private hedge fund
, the Chesapeake executive engaged in "near daily"
communications and "exhaustive" calls to help direct the fund's
trading….
Read all about it at http://www.cnbc.com/id/47261565
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