A shareholder revolt by Carl Icahn and O. Mason Hawkins changed the board of directors enough to force McClendon out.
The company posted $1 billion in losses in the first three quarters of the year (fourth quarter results are pending) and its debt rose to $16 billion.
Despite the lousy financial results and the federal investigation, Bloomberg News reported that McClendon's severance package includes $34 million in
accelerated vesting of restricted stock that he was awarded previously, and about $12 million in cash severance and benefits.
Goodness. Just another case where a board of
directors failed to do its job and let a charismatic CEO walk all over it.
The first duty of boards is to make sure the boss puts the organization ahead of his personal finances.
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WORRIED that polar bears face extinction, writer Zac Unger moved to Churchill in Canada, where polar bears outnumber
people, to write a book about the bruins.
What he found was not what he expected, he told NPR.
"There are far more polar bears alive today than there were 40 years ago," Unger said, adding: "In 1973, there was a global hunting ban. So once hunting was dramatically reduced, the population exploded.
"This is not to say that global warming is not real or is not a problem for the polar bears. But polar bear populations are large, and the truth is that we can't look at it as a monolithic population that is all going one way or another."
That's encouraging. By the way, Unger's book is
titled, "Never Look A Polar Bear In The Eye."
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THE debate over "climate change," as "global warming" used to be called, has been long and inconclusive. Dire predictions from its believers often have not panned out.
One fact that all sides can agree on is that climate change research is an industry.
The General Accounting Office reported that Congress spent $106.7 billion on climate change research from 2003 to 2010. The federal government spent $79 billion on climate change technology research and tax breaks for green energy.
Spending more than $10 billion a year is a lot of money, even by Washington standards.