While I’ve been directing most of my ire about the Sonics’ move to Oklahoma at David Stern and Clay Bennett, Aubrey McClendon (pictured) was the Chesapeake Energy (CHK) CEO/billionaire who was bankrolling the criminal collusion to steal the team from Seattle. So, what’s he been up to?
[A]s gas and oil prices rose this spring and summer, McClendon wasn’t happy with just making boatloads of cash on hyper-inflated gas prices. No, he doubled-down, and took out sizable loans from his broker and bought huge chunks of CHK stock in his own company as the share price roared from $37 to almost $70 this summer.
Then, when oil prices began to unravel and soon after, the stock market got all black-hole-ish, those banks who loaned him the money came knocking, wanting it back, because they were, uh, going out of business…
The stock reached an all-time high of $69.40 on July 2, the very same day the Sonics settled the lawsuit with the City of Seattle, essentially marking the end of the Seattle Supersonics franchise. [Seattlest]
McClendon’s net loss from selling all those shares he owed was a delicious $1.86 BILLION. And yet, somehow, I still don’t think that’s enough pain and embarrassment. Rich assholes always just lose shitloads of money, then gamble their remaining millions to get it all back. Once — just once — I want a guy and all his male heirs tortured to death on their yacht by Somali pirates. I think I’ve earned that much.