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T Boone Pickens, OSU,and death...Is it a money maker?
Posted on 10/5/12 at 8:25 am
Posted on 10/5/12 at 8:25 am
Interesting article on T. Boone, OSU, and a concept called "Gift of a Lifetime."
If Only T. Boone Had Died
If Only T. Boone Had Died
quote:
One morning in September 2007, billionaire oilman T. Boone Pickens and 27 men and women gathered in the lobby of Oklahoma State University’s Gallagher-Iba Arena to celebrate that they were all, one day, going to die. Three things united the orange-and-black-clad Cowboy fans: They all were more than 65 years old; they all loved their alma mater; and they all had passed a rigorous physical. “We’re partners in a deal,” Pickens, a graduate of the class of ’51, said once the chatter had died down. “It’s a good deal.”
The deal in question was called Gift of a Lifetime, a name meant to be read literally. Each of the 28 partners had allowed the school to take out a $10 million insurance policy on his or her life, with the annual premiums to be paid by Oklahoma State. For donors, the appeal was simple. The plan cost them nothing. In return they received a bronze statue of the school mascot (a bucking bronco named Pistol Pete), a plaque on the side of the stadium, and the knowledge that their deaths would enrich the school they loved.
Pickens, with Holder in 2007, has given his alma mater nearly half a billion dollars
For Oklahoma State, life (or, more appropriately, death) was not so simple. To make money, the school had to outsmart Lincoln Financial Group (LNC), the insurance company behind the polices. Pickens believed he had found a better formula than Lincoln had for figuring out when people were going to die. With this edge, the school predicted that Gift of a Lifetime would eventually net its athletic department as much as $225 million. “Imagine endowing all of OSU’s Athletic Scholarships,” read the program literature. “Sound too good to be true? It’s not.”
Posted on 10/5/12 at 8:37 am to Indiana Tiger
Very interesting read. Seems like if Pickens would just donate the money straight up that he would be able to provide more support than any other individual gives a university. Its almost like he's creating more trouble for himself through these schemes and hedge funds, etc. But I guess that's how he became so successful, always looking for the next deal.
Posted on 10/5/12 at 8:47 am to Indiana Tiger
Pickens is a self-gratifying jackass. He's the Warren Buffet of petroleum.
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.
Posted on 10/5/12 at 1:58 pm to Indiana Tiger
OSU is a terrible school academically.
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