THE REAL CHIP KEATING

While Frank Keating was Oklahoma’s governor, mutual fund tycoon Jack Dreyfus paid Frank Keating’s three children — including Chip — $10,000 a year for seven years, totaling roughly $240,000, to cover their educational and travel expenses. During the same period, Governor Keating was personally arranging meetings between Dreyfus and state and federal corrections officials so Dreyfus could pitch his mood-altering drug Dilantin for use in prisons. The arrangement triggered an Oklahoma Ethics Commission complaint and an editorial rebuke from The Daily Oklahoman, which called accepting the gifts “naive at best and dumb at worst.” Years later, after Chip Keating lost his 2006 House race, his father — by then a Chesapeake Energy board member — helped land him a job at Chesapeake. By 2009 Chip Keating was paid $251,515 for a real-estate development role at the company. A shareholder derivative lawsuit (CJ-2009-3983) accused the Chesapeake board, including Frank Keating, of conflicts of interest and breach of fiduciary duty over wasteful spending — a board on which the elder Keating sat on the compensation committee that approved his own son’s salary.