Chesapeake CEO's hedge fund activity scrutinized
BY ADAM WILMOTH NewsOK.com
Wednesday, May 09, 2012
5/09/12 at 2:17 AM
OKLAHOMA CITY - Chesapeake Energy Corp.'s most recent contract with CEO Aubrey McClendon specifically allowed him to participate in hedge funds that trade in natural gas but barred him from directing such a fund, according to regulatory filings.
McClendon's 2009 contract said he can invest in a hedge fund as long as it does not actively engage in oil and natural gas production activities and as long as McClendon "does not directly or indirectly provide input, advice or management," Reuters reported Tuesday.
Spokesmen for Chesapeake and McClendon declined to comment.
Reuters reported last week that McClendon and Chesapeake co-founder Tom Ward - now CEO at Oklahoma City-based SandRidge Energy Inc. - ran a $200 million hedge fund from 2004 to 2008. A veteran trader who helped run the fund told Reuters that McClendon engaged in "near daily" communications and "exhaustive" calls to help direct the fund's trading.
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