Feel sorry for poor Chesapeake Energy filing bankruptcy?

CEO Robert D. “Doug” Lawler found in examining the company’s books a $110 million bill for two parking garages, Faber reported Monday. That was part of about $30 billion in spending above cash flow that happened from 2010-12, while the late Aubrey McClendon was CEO and prior to Lawler taking over in 2013.

Other revelations include a wine collection in a cave hidden behind a broom closet in the Chesapeake office. Extravagances further included a season ticket package to the NBA’s Oklahoma City Thunder that was the biggest in the league and a lavish campus that was modeled after Duke University, complete with bee keepers, botox treatments and chaplains for employees.

In the Chapter 11 announcement, Lawler added that the company is “fundamentally resetting” its capital structure and business “to address our legacy financial weaknesses and capitalize on our substantial operational strengths.”

Peel me a grape!

Anti-science ignoranus

…Top U.S. COVID-19 adviser Anthony Fauci recently blamed the country’s ineffective pandemic response on an American “anti-science bias.” He…compared those discounting the importance of masks and social distancing to “anti-vaxxers” in their “amazing” refusal to listen to science.

It is Fauci’s profession of amazement that amazes me. As well-versed as he is in the science of the coronavirus, he’s overlooking the well-established science of “anti-science bias,” or science denial.

Americans increasingly exist in highly polarized, informationally insulated ideological communities occupying their own information universes

In theory, resolving factual disputes should be relatively easy: Just present strong evidence, or evidence of a strong expert consensus. This approach succeeds most of the time, when the issue is, say, the atomic weight of hydrogen.

But things don’t work that way when scientific advice presents a picture that threatens someone’s perceived interests or ideological worldview. In practice, it turns out that one’s political, religious or ethnic identity quite effectively predicts one’s willingness to accept expertise on any given politicized issue.

It’s called “Motivated reasoning”, folks. The American Way.