Friday, August 19, 2011

More on New York AG Subpoenas

Yesterday, Goodrich Petroleum announced that it had received a subpoena from the New York Attorney General and the SEC.  (Here is some more on the New York subpoenas.)  It looks like the AG also is targeting Chesapeake Energy, Range Resources and Cabot Oil & Gas, ostensibly because the state's pension fund has $45 million invested in the four companies.

I wonder how much is political pandering versus real investigation.  If there is something being done wrong, it definitely needs to be revealed.  If this is a politically-motivated fishing expedition, it is an unnecessary waste of time.  Only time will tell which it is.

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