Goodwin said there are limited ways to punish a corporation. "It is not a life. It is not a being. It can't go to jail," he said. "The only thing that it can do is help make sure something like this doesn't happen again." - U.S. Attorney Booth Goodwin speaking about West Virginia Mine Settlement, December 6, 2011“Corporations are people, my friend,” Former Governor Mitt Romney at Iowa State Fair. August 2011"I'll believe corporations are people when
executes one." – Unknown Texas
The Curtain: American Clean Skies Foundation
The “ACTIVITES” section of ACSF states:
The Foundation has an active energy policy and research program.We also provide funding for energyNOW!, an editorially independent TV news magazine on
’s major energy and environmental challenges. The program is distributed nationally by Bloomberg TV and by the ABC affiliate in America Washington DC
Vice President of the T. Boone Pickens Foundation.
Clean Energy Fuels is a “GOLD MEMBER” of Kentucky Clean Fuels Coalition.
Littlefair is Chairman of the Natural Gas Vehicle America (ngvamerica.org) and has been a Board Member and Officer for 10 years. Littlefair was an officer at Mesa Inc. (a T.Boone Pickens venture), and served in various capacities for 10 years. Littlefair served in the Reagan White House from 1983–1987.
In May 2012, T. Boone Pickens sold his shares in Chesapeake Energy.
Ralph Eads IIIAubrey McClendon, CEO of Chesapeake Energy and Ralph Eads III, the Chairman of Jefferies Energy Investment Banking Group go way back in their association.
McClendon and Eads were Sigma Alpha Epsilon fraternity brothers at Duke University.
Prior to joining Jefferies, Eads was Co-President of Jefferies Randall & Dewey. In February 2005, Jefferies acquired Randall & Dewey, which became Jefferies' Energy Investment Banking Group. Eads was President of Randall & Dewey.
His career includes being the Executive Vice President of El Paso Corporation, where he was responsible for El Paso’s unregulated businesses. Previously, he was Managing Director and head of the Energy Group at Donaldson, Lufkin & Jenrette. He has held investment banking positions at S.G. Warburg, Lehman Brothers, and Merrill Lynch.
Eads is the Board of Trustees for Duke University.
Also on the Duke Trustee board is Xiqing Gao, the Vice Chairman, President and Chief Investment Officer of the China Investment Corporation (CIC), China's sovereign investment fund. CIC has minority interest in Chesapeake Energy's CHK-Utica in Ohio.
McClendon and Eads are partners in Clos Dubreuil, a winery in Bordeaux, France.
By May 2012, Chesapeake Energy shares had taken a beating. A series of articles by Reuters revealed many problems both with how Chesapeake Energy conducted business and how McClendon’s personal interests may have some conflicts.
McClendon was removed as Chairman of the Board, and in June 2012 Chesapeake appointed new board members.
Around the same time as the S&P downgrade other market analysts were downgrading Chesapeake from "Buy" to "Hold", or "Hold" to "Sell".
Jefferies said that the sale of some of the company’s assets in the Marcellus Shale should help bridge the 2012 funding gap. Commenting, the analyst noted that “Progress along this front should result in the stock reflecting more of the upside embedded in CHK’s asset base. An update on the Utica JV should be imminent.”
McClendon is depending now on his Jefferies confidant at an even more crucial moment. Falling gas prices, combined with the buying binge, is forcing Chesapeake to unload assets to keep the company afloat. Along with Goldman Sachs Group Inc. (GS), Jefferies bankers are seeking buyers for oil-rich prospects and lending Chesapeake $4 billion in the meantime.
“Without Wall Street, Chesapeake wouldn’t be able to do what it has done,” said Phil Weiss, an analyst at Argus Research in New York who rates the shares “sell.”
Eads and New York-based Jefferies declined to comment.
“Ralph Eads and Jefferies have unmatched expertise in the E&P business and have added enormous value to Chesapeake’s business and its shareholders over many years,” Chesapeake said in a statement, referring to the exploration and production industry. “We deeply value our long-term relationship.”