Forbes: McClendon 3rd Highest Paid CEO

[solitude]

Interesting information in the latest issue of Forbes Magazine....

Even with delayed prior year numbers, Aubrey K. McClendon of Chesapeake Energy is the third highest paid CEO in America. Oracle's Larry Ellison took the number one spot.

Aubrey K. McClendon - ONE YEAR compensation: 116.89 Million Dollars.

{AN ASIDE} So, let me get this straight, he could have paid for the NBA Practice Facility himself, in toto, and still made $97,000,000.00 in one year. And he's just one of the PBC partners. When I see these numbers, I cringe at the thought of the penny-on-the-dollar tax to subsidize a Bennett, McClendon, Jeff Records, Tom Ward, et al. enterprise. It's lunacy.......Never again.{/ASIDE}

Forbes List from the latest issue of the magazine:
CEO Compensation - Forbes.com

He also covers his bases politically. From OpenSecrets.org: Aubrey Spreads The Wealth

$117,000,000.00 --- in one year. Yet, he's an investor in an enterprise that funded a campaign to convince the working people of Oklahoma City to lay down their tax money for one of his private investments. Chutzpah.

God almighty.

[bornhere]

Class warfare! Class warfare! McClendon is a victim... can't you see that?

[Kerry]

You are assuming he gets that in tax free cash.

[flintysooner]

Look at the details though:
Salary: $.98 Million
Bonus: $1.58 Million
Other: $11.82 Million
Stock Gain: $102.52 Million

Also, the 5 year total compensation is shown as $157.50 Million.

[kevinpate]

now, now. If the man's company is going to continue to buy up OKC two blocks at a time, he's going to need most of that in the long run. No small wonder then he wants others to pay for the items in the first instance.

[metro]

It's not uncommon for CEO's to make ridiculous amounts of money annually. Keep in mind, most of that is on paper like flintysooner has pointed out. His net worth can tank as quickly as he gained it. Look how many high-paying jobs he has created on Western Ave. alone. Close to 3000 well paid jobs and his employees get excellent benefits.

I'm sorry, but our tax for the Ford Center was not a "raise". I agree with the principle behind it some are making "tax break for the rich". But I'm sorry, if we want the NBA or any major league sport, this is the rules. If you can't play by the rules, then don't play. I know myself and most posters and citizens in OKC, want to play!! The vote passed by a large margin.

[kevinpate]

> most posters and citizens in OKC, want to play!!

Actually, most citizens simply didn't care enough either way to even bother to make it to a poll. Not uncommon though. And such general apathy is of course a good thing for those who prefer what we tend to call majority rule.

However, were I a voter in the appropriate district, I would have voted yes, and I frequently don't fall in line with the 'majority'

[onemoreokie]

I don't have any problems with his compensation. I'm pro-capitalism...being able to make mad money is one of the things that makes America great!

As far as subsidizing the NBA in OKC with the continuation of the MAPS tax...I think long term it will be a great win for the city. I keep thinking about the number of skeptics against the first MAPS tax.

Love him or hate him he's one ruthless and highly skilled businessman.

The class warfare comment is spot on....With the socialist pandering going on in today's political spotlight I wonder where this country is headed.

[kevinpate]

hell ... handbasket
handbasket ... hell
;^)

[onemoreokie]

I'm sad to say I tend to agree with you.

[flintysooner]

He's probably selling the stock this year. A lot of people are selling appreciated capital assets now in advance of the next Congress. Many financial advisors are recommending taking any possible capital gains this year while the federal capital gains tax rates are low. That's because they expect the capital gains tax rates to go up regardless of who wins the presidency although I suppose the general consensus is that the rates will increase more with Obama or Clinton.

I think the last capital gains tax rate was changed retroactively so doing it this year is probably the most prudent course.

[onemoreokie]

When your bored go pull up a chart (CHK) and look when he's bought stock and what the stock price has done subsequently. He's got a lot of money in the game so to speak.

[TaurusNYC]

Let's see.....latest polls show that 69% disapprove of George W. Bush, and 81% think the country is headed in the wrong direction. Conservatives currently have the White House, Supreme Court, and had the majority in Congress for 12 of the last 14 years. But it's "socialist pandering" that has you worried about where the country is headed? How many socialists do you know? How many socialists are in the government? How many socialists are running for public office? Do you honestly think socialism is a threat? Wake up.

[solitude]

Just a reminder - I also voted YES. It's just that things like this, when I really sit down and think hard about it, that I shake my head and ponder how this is all so wonderfully AMERICAN to some. But then I have to remember, I'm in Oklahoma where even the poorest have been raised on rightwing spin that turns red into blue and blue into red and 'values' have been twisted so long through that other branch of PBC - the Gaylord family. Instead of outrage at CEO compensation - it's a great thing! And then those same men run to the taxpayers for every kind of possible subsidy, tax relief and "public contribution" - but - they call themselves conservatives(!).

[Midtowner]

Without McClendon, we don't have Chesapeake. Without him, we don't have thousands of great jobs in OKC, not to mention a huge tax base, not to mention an NBA team on the way.

People should be rewarded for taking risks and making smart investments.

Every single thing he has done has been beneficial in some way to Oklahoma. I don't really see the problem here.

I want as many McClendons in Oklahoma as possible.

[flintysooner]

Are those of you who are upset about this wanting federal salary and compensation controls?

[Blangdon]

I think I remember reading somewhere that McClendon and Ward put a combined $50,000 of their own money and McClendon has now turned that into a net worth of about $3 billion dollars. Now tell me that ANYONE would say they wouldn't want that for themselves. I'm not saying money is everything or that I think everyone should strive to achieve what McClendon and Ward have, but I do believe that the man has almost gone bankrupt, twice. And that because of his business acumen he has become a city and state leader. I don't see where he's gone wrong. Simply because the American sports culture has made it a norm to have the city/state pay for capital improvements in exchange for a cut of the profits down the road doesn't mean everyone should all of a sudden jump on his back about how much he makes.

Just doesn't really make a lot of sense to be mad at someone for getting in a game that's been going on a LONG time. But maybe that's just me...

[onemoreokie]

OK I agree that we may not be headed towards "socialism" in the true sense but I am scared when the party some here so dearly love speak of windfall profits tax, doubling capital gains tax, taxing all income for social security and having government mandated healthcare. How would you like healthcare run by the same group that runs the post office? We need more incentives to keep business growing and new ideas coming not less.

[bornhere]

A windfall profits tax would impact me to a small extent, and a capital gains tax increase moreso. But we've run up huge debt funding Fearless Leader's Glorious Patriotic Victory in Iraq, and lining the pockets of the various war profiteers who are carpetbagging over there — plus the additional cash the same fatcats are raking in dragging their heels in New Orleans. God knows none of them are going to pay any of the load, and I can't see dumping the whole burden on convenience store clerks and used car salesmen and phone company linemen.

My 'class warfare' comment was sarcasm, by the way. I don't begrudge McClendon his wealth, but I agree these PBC partners could have paid more of the cost of this NBA import. The 'that's the way it's done' argument doesn't cut it. The only reason it's done that way is because coast to coast, politicians would rather curry favor with the wealthy than represent the people.

[Kerry]

Some of you are confusing Republican with Conservative.

BTW - Why shouldn't OKC pay for the practice facility and arean upgrades? They are owned by the city. As representatives of the people it is the politicans job to ensure that the City gets a fair return (either monatary or non-monatary) on the investment. It is not the job of the private business owner to do the government workers job for them.

[onemoreokie]

I won't be standing up defending any politicians regardless of their party affiliation. I can't stop thinking of the quote "the lesser of the evils is still evil". Neither party has a reputation I could defend.

[bornhere]

I agree the city should pay for the arena upgrades if we're going to have them (which we are, of course). For the practice facility, I don't see it. The city may get some use from it, but it's essentially a specialized facility with one user, and the user ought to own and operate it, IMO. We aren't paying for the boathouses on the river (probably because no one at the chamber thought of it) or the Blazers practice facility.

Again, the 'that's the way it's done' argument doesn't hold water with me.

[metro]

FYI to all the NBA haters... Do you think it would have gone over so well with PBC's "good faith", "Specific performance" and "fraud" court cases if PBC offered $100 Million of their own money to the Ford Center, and not officially offered anything in Seattle. Yes it was assumed in Seattle but never made an official statement. They probably would have lost the court battles over something like that. I'm no lawyer, but that's just common sense. They were already "secretly" trying to weasle out of Seattle to OKC, it would have been bad faith if they offered OKC cash for an arena while they were still obligated to Seattle for one year. I imagine, if/when we get the Sonics, PBC will offer OKC money on upgrades/ new arena in 10-15 years. These guys are good corporate citizens of OKC, they will pay their dues and have already.

[soonerguru]

As a dedicated progressive, I would usually abhor deals like this. However, it was inevitable. I actually predicted it would dominate MAPS III. It didn't, Thank God. I actually think we got off pretty cheaply on the deal, given what citizens in other cities are paying for arenae and stadii.

I held my nose and voted for it, because the NBA will make a huge economic impact in OKC, which will benefit our city. It also will not be a bad thing to have an improved arena for concerts and other events.