The bizarre Chesapeake Energy annual report

Yesterday the new Chesapeake Energy annual report arrived through the mail slot.  What planet it came from is unclear.

Chesapeake, as anyone who follows it or just reads the business section knows, has some big issues with its business and with its Chairman.  This AR is just one long advertisement.  At a time when even the most successful companies will limit the high quality, high gloss, photo shot part of their report to no more than ten pages, Chesapeake peaks out at 48 pages, an almost unknown length these days.  On top of that the proxy statement begins with an additional seven pages of the "high quality" marketing material.

This is not a sound decision by their IR department, marketing department, and their Chairman.  So many smiling faces, but then look at their stock price performance and what looks like improprieties by the CEO...