T. Boone Pickens helps Oklahoma State by bankrupting it

The self-styled savior of American energy policy, T. Boone Pickens, famous in the national news for being a “maverick” oil tycoon that is now publicly advocating wind power as a solution to our energy problems, donated 165 million dollars to Oklahoma State University, second fiddle to Oklahoma University, several months ago - with the caveat that he would manage the money he donated. Thus he invested this “donated” money into his own commodity fund, where it eventually reached over 300 million dollars in value. Rather than giving this money to the university directly, though, he insisted that they borrow 200m using the fund as collateral. Then the hedge fund evaporated and the 300m in collateral, vanishing almost overnight. Oops. Supposedly his total donations in cash actually paid to OSU are 0$.

As a bonus, he supposedly got a huge tax break.

There might be better sites but here is one with the basic details…


Jesus, that made my head hurt.


And now he’s giving more money, this time in cash. Seems like he’s trying to do the right thing in the long view.