Looks like the original GEC installation may have been done properly...its even in ridged for protection.

Then maybe the owner read some do it yourself book and saw that a ground rod was required now and tried to do it himself.He put the chain links behind the LB to get space for the U bolt install.Then maybe the painter stepped up on the assembly to reach something above and the clamp broke away from the water pipe...whatdayathink???

shortcircuit