Source: The American Prospect
by David Dayen & Maureen Tkacik
“For 14 years, the Abu Dhabi Investment Council (ADIC) remained silent about John Raymond’s woefully underperforming Houston private equity firm Energy & Minerals Group (EMG). The $330 billion sovereign wealth fund’s leadership made no public pronouncements when Raymond, son of the iconic Exxon chief executive who masterminded the merger with Mobil, agreed to invest some $3 billion in the new venture of extravagant fracking mogul Aubrey McClendon, who’d just been forced out of the company he’d founded for looting corporate coffers …. They raised no alarm bells when McClendon and his new company American Energy Partners were sued a few years later for stealing trade secrets, or when the next year he was indicted for orchestrating a vast bid-rigging conspiracy, or when following his spectacular death the day after the indictment by driving 75 miles per hour into an overpass wall, EMG’s investments were themselves set ablaze.” (03/31/26)