Wednesday, October 22, 2008

Boone "Windmill" Pickens Destroys 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.

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