This guy was once a superstar on Wall Street. He made billions as the founder of Chesapeake Energy. His hubris led him to borrow tens of millions on margin to buy his own stock. When oil prices collapsed in 2008/2009, the margin calls wiped him out. He ended up leaving the company he founded in disgrace. They are headed towards bankruptcy, as he loaded the company up with debt to buy shale properties. Yesterday he gets indicted for rigging bids for land purchases. He decides he isn’t going to spend his final days in prison, so he accelerates his vehicle into a bridge abutment and commits suicide. It can’t be proven, so his family probably gets a huge life insurance payment.
Aubrey McClendon, the co-founder of Chesapeake Energy Corp (CHK.N) who led it to become one of the world’s biggest natural gas producers before he was tarred by federal anti-trust charges, died on Wednesday in a car accident in Oklahoma City, police said. He was 56.
McClendon died one day after the U.S. Department of Justice indicted him for allegedly violating antitrust laws by colluding to rig bids for oil and gas acreage while he was at Chesapeake, which has been a central player in the U.S. fracking revolution of the past decade. He denied the charges.
McClendon resigned from Chesapeake in 2013 after a corporate governance crisis and investor concerns over his heavy spending.
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