What's Buffett Buddy Lou Simpson Doing on Chesapeake's Board?

Chesapeake shareholders should hope Simpson at least has some helpful comments for McClendon. He might start with the most oft-quoted comment from his old boss Buffett, from a time when Buffett found himself under duress, back in the days of the Salomon Brothers trading scandal, though it was still a relevant comment during last year's David Sokol insider trading affair: "If you lose money I will understand, if you cause us to lose one shred of reputation, I will be ruthless."

Buffett has also said: "Don't do anything you wouldn't want printed on the front page of the paper." Simpson might add to that: "Or on the Reuters home page."

-- Written by Eric Rosenbaum from New York.

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