Holy COW! … And how convenient?
Aubrey McClendon, the former Chesapeake Energy Corp CEO, has died in a car crash less than 24 hours after being indicted on conspiracy charges.
McClendon took Chesapeake, a global energy company, and turned it into a powerhouse.
He may have been considered by some as a leader, but he also resigned under legal problems and was basically kicked out of the company, after people found out he was living ‘high on the hog’ with other people’s money, …until the indictment. Oops!
From the Daily Mail:
The crash happened on Wednesday morning around 9am in Oklahoma City, Oklahoma when the 56-year-old’s car struck an overpass bridge.
‘He pretty much drove straight into the wall,’ said Capt. Paco Balderrama at a press conference. ‘The information out there at the scene is that he went left of center, went through a grassy area right before colliding into the embankment.
‘There was plenty of opportunity for him to correct and get back on the roadway and that didn’t occur’.
He added that McClendon was not wearing a seat belt and was driving his 2013 Chevrolet Tahoe well over the 50mph speed limit before it was ‘engulfed in flames immediately’.
Police would not say whether the death was a suicide or not yet. The crash remains under investigation and authorities say it will be at least two weeks until more information is released but he added at this point it appeared ‘pretty cut and dry’ as to what had happened.
Balderamma says it is ‘possible’ that McClendon could have suffered some sort of medical event.
He was supposed to turn himself into jail at 11am.
McClendon, who was dubbed ‘America’s Most Reckless Billionaire’ by Forbes, is survived by his wife Katie – a Whirlpool heiress and relative of the model Kate Upton – and their three adult children Jack, Callie and Will.
McClendon was indicted late Tuesday for allegedly conspiring to rig the price of oil and natural gas leases in Oklahoma. The Department of Justice accused him of orchestrating a conspiracy that spanned 2007 until 2012.
Looks like McClendon got caught. He knew it and he didn’t want to pay the price for “living high on the hog”, so he found a way out. You know what they say, everything eventually catches up.
Chesapeake like McClendon, went from boom to bust. The stock went from $70 to $3.40.
Oklahoma Governor Mary Fallin said in a statement that McClendon “will be remembered for his innovations in the oil and natural gas industry, his civic generosity and being a driving force to help grow economic opportunities for Oklahoma City. He was a visionary who raised the profile of Oklahoma.”
My condolences to the McClendon family. Unfortunately for them, their lives will be effected by the turmoil that Aubrey McClendon left behind.
Lesson learned – crime doesn’t pay. If you can’t do the time – don’t commit the crime.