24
Oct
08

T. Boone just lost all your money


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Originally uploaded by johnvierdsen

When Oklahoma Mr. Moneybags and Oklahoma State alum T. Boone Pickens decided to give $165 million to the Cowboys’ athletic department and put in plans for a massive renovation of the OSU football stadium, fans and everyone else in the program didn’t expect this.

In a stunning vote of faith in the free market, the university allowed Pickens to have total control of the cash, investing it in a hedge fund. See, this is a bad idea. You’re depending on that money. If something goes pear-shaped, and it did, your ill-timed all-in at last Friday’s poker night would look wise in comparison.

There are ways — bonds, money market fund, a fucking savings account, anything that will be pretty safe but still earn interest on the donation.

Now, construction has to be stopped on the stadium, and not even head coach Mike Gundy (HE’S A MAN! HE’S 40!) can fix the situation.

Oklahoma State Would Like to Renegotiate That Mortgage Right About Now, Please [The Sporting News]

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3 Responses to “T. Boone just lost all your money”


  1. 1 wondering
    October 24, 2008 at 6:59 pm

    How much money did he lose?

  2. October 24, 2008 at 7:19 pm

    Reports say that the fund was up to $300 million on oil investments, and then a source in the program said it was pretty much gone. Then, late in the day, OSU said everything’s business as usual. The real story, snark aside, is that it’s somewhere in between.


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