Hedge Funds

Pickens' oil losses halt OSU building

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Declining oil prices are cheering average Americans - but not the athletics department at Oklahoma State University. That's because when T. Boone Pickens gifted the school $165 million in 2005, it insisted the cash be managed by Pickens' own BP Capital, which suffered losses in excess of $1 billion in oil-sector and broader equity declines according to press interviews. In October OSU temporarily halted an "athletic village" project due to the BP portfolio's losses.


T. Boone Pickens