Editorial defends CEO's $75 million bonus

From an entertainment rag in Oklahoma City.

The Local Heat
PO Box 18672
Oklahoma City, OK 73154
(405) 313-7128
info@thelocalheat.com


Cheasa-peake-a-Boo
by Aaron Parker

Okay. Here's the short version: Chesapeake Energy Corporation (OKC) chief executive, Aubrey McClendon, defending himself against questions and accusations that he's greedy and lacks ethics, had this to say about his bonus (figures around to the ballpark of $75 million) he received from his company.

According to the Associated Press, McClendind said that he worked 100 hours a week for the last 20 years building Chesapeake and that he personally lost $500 million last year after being forced to sell almost all of his Chesapeake stock. He said that he doesn't know another CEO that works as hard as he does to increase shareholder value. "Why did I do that?" he asked. "I did it because I believe in creating value."

Basically, a couple of shareholders of Chesapeake stock were upset because the company had lost money while Mr. McClendon received millions in bonuses. Let's recap: McClendon worked 100 hours a week for 20 years. Not two years, but 20 years building his company. Mr. McClendon lead Chesapeake to its current height of being the largest independent producer of natural gas in the U.S. Not to mention that he has been instrumental in creating thousands of jobs where many Americans are able to feed their families. Now if he was wrong in anyway (sic), Mr. McClendon should correct the situation.

However, if it weren't for McClendon, there would be no Chesapeake stock. Let that man make his money. He earned it. If Local Heat is about what's hot, when it comes to entrepreneurialism, they don't get too much hotter than Aubrey McClendon. Dollar bill ya'll.

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My thought: Yeah! Hand that man tens of millions cold hard cash, no questions asked! After all, he worked a hundred hours a week (so he says, and well, ya gotta believe him) for *gasp* twenty years! :nopity: So he “earned” all that money, I tell ya!

would not employ the people it does and not provide what it does for our energy needs if it were not for McClendon. I have no idea about his politics or personality but CHK is open for business because of him.

But only if it were MY $75 million dollar bonus......

Actually, if he brought lots of jobs, didn't destroy the local environment, brought in a lot of tax
revenue locally, and no one lost out, I say what the hell, it's not like a lot of the clowns we read
about who ran their companies into the ground, left in disgrace and THEN walked with a $75 million
bonus. Any clause concerning a golden parachute ought to include the phrase "unless you fuck up!"

Good grief :wtf:

Then he was a "hard working" incompetent. So why should he have gotten those bonuses then.

I'd be pissed, too, if I were one of those 600 folks who may be losing their jobs while the CEO is gettin' handed a $75 million bonus.

http://blogs.journalrecord.com/persquarefoot/2009/07/22/rumors-about-chesapeake-energy-cause-concern-in-the-okc-office-market/
http://www.forbes.com/feeds/ap/2009/07/31/ap6726799.html
http://www.supersonicsoul.com/2009/07/chesapeake-lay-offs-beg-question.html

That does not entitle him to millions when the company is losing money. If he were a small business owner he would understand economics a little better. Sometimes you win and sometimes you lose. Even Warren Buffet knows that.

http://journals.democraticunderground.com/HughBeaumont/60

The wealthy? PFFFFFT. No such nonsense ever befalls them. They make a bad business decision or three? They still get to not only keep their jobs but end up getting bonuses they don't need and stock option packages that are unnecessary, and the company can always bounce back knowing they can lay off another 1 to 3 thousand or so workers to make up for the blunder. Just like this company is doing. Amazing.

It's not as if he hasn't already been paid for those 20 years.

Does he think he's the only person who works long hours? Okay, say he is telling the truth, which I strongly doubt he is, at 100 hrs a week, 52 wks a year, that's 5200 hrs. Was that time worth $14,440 an hour? I don't think so. He is just another greedy ass
sociopathic fucking thief! He istealing money from stockholders and employees by taking such a huge bonus. Even if his bonus was $1 million, that's still $200 per hour!

No, sir, you are not worth that much money in any sense of the word. You are greedy. Period!

And if they were exempt employees, as professionals normally are, they didn't get paid overtime for it. How many of them were laid off or will soon be laid off with a minimal severance package?

How well did he serve the CUSTOMERS?