10.15.08 9 years ago 16 Comments

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.

[via Deadspin]

Around The Web