Shareholder confidence in Chesapeake Energy Corp. sank to itslowest point since the 2008 global economic meltdown as companydirectors reversed course on the need to examine Chief ExecutiveOfficer Aubrey McClendon's personal financial transactions.

Chesapeake's board, propelled by a plunging stock price andpotential conflicts between McClendon's personal finances andcorporate duties, said yesterday it would end a program allowingits chairman and CEO to buy stakes in the company's wells andreview loans McClendon obtained by using those investments ascollateral.

“Simply letting the Founders Well Participation Program expireis too little, too late,” said New York State Comptroller Thomas P.DiNapoli, who oversees 3.1 million Chesapeake shares held by the$140 billion New York State Common Retirement Fund. “Much moreneeds to be done to restore investor confidence.”