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Apr 30, 2012
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Chesapeake Energy to review and change McClendon's financial arrangements
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As Chesapeake Energy faces increasing scrutiny over the loans received by Aubrey McClendon, the company's chairman and chief executive, officials announced Thursday that the company will review McClendon's "financial relationships with outside parties" and phase out an unusual compensation plan that allowed him to "invest alongside Chesapeake in every well that it drilled, sharing in both the profits and the expenses," The New York Times reports. Meanwhile, the Securities and Exchange Commission has begun an informal inquiry into the matter while Standard & Poor's downgraded Chesapeake's debt "further into 'junk' territory," the article said. For more, read the full story here.
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Posted by
M. Warnock
in
United States
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