Tom Tom, clubbed

Credit: Brad Gregg

Apparently, that was just a warm-up act.

Now, the news agency is examining SandRidge Energy and its CEO, Tom Ward. In a recent story, Reuters showed how some
practices at SandRidge didn’t differ much from those at Chesapeake,
which Ward had co-founded with McClendon.

Reuters
reported that Ward received $75 million in personal loans from Bank of
Oklahoma Chairman and CEO George Kaiser and opened the company’s books
for review to secure the personal loan.

In
addition, Reuters noted that Ward’s salary was $7 million more than the
two men who served as CEOs of Chevron, a company 60 times the size of
SandRidge. A chunk of that compensation came when SandRidge was going
through financial difficulties, according to Reuters.

A
major SandRidge shareholder, TPG-Axon, is calling for a replacement of
the company’s board. Another shareholder
group, Mount Kellett Capital Management, wants Ward suspended while an
independent audit firm and law firm investigate allegations involving a
trust headed by Ward’s son.

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Gazette staff

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