Wednesday, October 22, 2008

Aubrey McClendon loses 1.5BILLION!

Woah. I couldn't believe this. Aubrey Mclendon of Chesapeake Energy lost 1.5BILLION dollars buying stock on margin. Excerpt from Barrons:

"Two weeks ago, such market pressure forced Chesapeake Energy (CHK) Chairman and Chief Executive Officer Aubrey McClendon to nearly liquidate his 5.5% stake in the natural gas exploration company. Amid the tumbling market, McClendon sold a staggering $570 million in stock, a stake worth over $2 billion in July."


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