Boone "Bailout My Windmill Losses, In Advance" Pickens Has Huge Energy Trading Losses

A member of the oligarchy is taking a big hit in his energy trading fund.

About half of the investors in Boone Pickens's energy-oriented equity hedge fund have asked to withdraw their money on the heels of losses of about 60% this year, according to WSJ.

Boone "Windmill" Pickens Grills His Own Donation

Boone Pickens has taken heavy losses (over a billion dollars) in recent weeks in his hedge fund. He has been long oil when it has been crashing. This suggests that he has no clue regarding ABCT. If he did, he would have been out of oil this summer, given Bernanke's shut down of money supply growth.

Pickens, who would like US taxpayers to bailout in advance his money losing windmill operations and force consumers to buy natural gas he owns, even managed to lose a chunk of money he donated to his alma mater, Oklahoma State University.

NYT reports that building on Oklahoma State’s athletic village has been held up, and the athletic director, Mike Holder, said the project would have to wait until Pickens’s financial situation improved. Holder and a spokesman for BP Capital declined to disclose the current value of the university’s investment in Pickens’s hedge fund.

Buffett Boosts His Oligarch Credentials, Again

Last week, billionaire Warren Buffett bought into Goldman Sachs with a $5 billion investment. Today, General Electric announced that Buffett is buying $3 billion of perpetual preferred stock from it.

GE has fallen 42 percent this year as a result of negative reyurns from its huge finance arm.

Both, Goldman Sachs and General Electric will be major beneficiaries if the $700 billion Paulson Plan is passed. Thus, the most significant beneficiary of the $700 billion Paulosn Plan is the richest man in America. Cute.

Buffet's father, Howard, is surely turning in his grave. The senior Buffett was an old school conservative. He most assuredly would have preferred dying a pauper then to accept or benefit from government "bailout" money in anyway.

On CNBC today Boone Pickens said that "[Treasury Secretary] Paulson is in communication with Buffett; that's good. The coach is out there in Nebraska. It's a nice, quiet place to think. He's available."

So Pickens, who has been hawking a bailout in advance of his future money losing wind turbine project, knows Buffet is talking to Paulson. Guys, this is one small club.

-Robert Wenzel

Texas Gov Calls Ethanol Mandate a Scam; Prefers Windmill Scam

Rick Perry, Texas' Republican governor, asked the Environmental Protection Agency to reduce the federal requirements on biofuel. Of course, the EPA said no.

Currently,30% of the U.S. corn crop is put into the production of only 3% of the fuel we use. Perry's against this."It's the biggest scam that's ever come along," Perry told CNBC's Jim Cramer.


So de we have a new free market adovcate, who sees through all these special interest scams? No, Perry just wants Texas-based scams. Texas is the land of Boone Pickens, aka, T. Boone Pickens. Windmill Pickens is big on energy produced by windmlls, but Pickens would like a pre-operations bailout. Pickens can't make the money he would like from his windmills, so instead of operating them at a loss and then going hat in hand to the governmet to bail him out, he wants the bailout money, aka, the subsidy, up front amd now. Perry's all for it.

Stephenson Picks Apart Pickens

Billionaire Boone Pickens wants your tax dollars so he can build windmills with your money. He has been ranting on about a $700 billion annual "wealth transfer" to foreigners.

E. Frank Stephenson explains here why Pickens is blowing enough hot air with his argument to probably fuel a dozen windmill farms all by himself.

Pickens Bails, Says Yang Is A Yahoo

Boone Pickens excoriated Yahoo's management for failing to reach an agreement to sell all or part of the Web portal to Microsoft Corp.

Pickens, who bought 10 million Yahoo shares in May in hopes that an acquisition was imminent, said Monday that he got tired of waiting for a deal and sold his entire holdings at a loss.

"I think that Yahoo management was pathetic," Pickens told The San Francisco Chronicle's editorial board.

Pickens declined to say how much money he lost on his Yahoo investment. A little calculation, though, can result in a rough determination. He bought his shares in early May, likely paying between $25 and $27. Yahoo! is now trading five dollars lower, in the $20 to $22 range. That puts Pickens' loss at around $50 million

Boone Pickens: Subsidize My Windmills

Boone Pickens is a very smart man. He understands oil and energy better than most analysts. But, he has just made an $85 million ad buy to run the above commercial. The ad says he has a plan to solve the energy "problem". The ad states that wind power is part of his plan. What he doesn't tell you is that he is looking for his subsides for his own wind farms. When someone has a plan, they can go ahead and execute it. When someone has a plan and they run commercials to tell you about the plan, they want you to pay for their plan.

Boone, also, bitches that 700 billion dollars are leaving this country every year for the purchase of oil. I say that it's a pretty good trade for us. We get oil, the oil producers get deprecating dollars. Hey, isn't that what Boone is doing in his oil trading business, laying off dollars and buying oil?