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re: T Boone Pickens, OSU,and death...Is it a money maker?
Posted on 10/5/12 at 8:53 am to Indiana Tiger
Posted on 10/5/12 at 8:53 am to Indiana Tiger
good read, thanks
quote:
Holder soon seized on a counter narrative: They’d been duped. Holder revealed that he had been in such a rush to meet Pickens’s deadline that he never read some of the insurance papers. Cowboy Athletics insisted this meant that the policies weren’t valid, so after having spent two years and $33 million under the impression that they were very real, it canceled them and asked for its money back.
1
Posted on 10/5/12 at 9:46 am to TigerintheNO
It's confusing as Hell, but it sounds like Pickens gave a bunch of money to the OSU athletic department. The AD (handpicked by Pickens) threw it into a foundation started by Pickens, who invested it in Pickens's hedge fund. With those proceeds, they took out these life insurance policies. Pickens's ego wouldn't let him stop there, so he marketed the plan to other fat cats, with himself and the OSU AD getting a share of the profits.
Then the stock market went to shite in 2008 and they declared themselves too big to fail and welched. Do I have this right?
Then the stock market went to shite in 2008 and they declared themselves too big to fail and welched. Do I have this right?
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