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Thu Mar 22, 2012, 10:48 PM

Death Bets Leave Oklahoma State University $33 Million in the Hole

http://www.dailyfinance.com/2012/03/21/death-bets-oklahoma-state-university-insurance-pickens/?icid=maing-grid7|main5|dl27|sec1_lnk2%26pLid%3D145789

A major fumble on the life insurance gridiron has cost the Oklahoma State Cowboys $33 million. As Forbes reports, the OSU athletic department's attempt to bet on the deaths of 27 geriatric boosters with $10 million life insurance policies backfired when not one died.

Obviously, the way the scenario played out was less than a blessing for OSU. The "Gift of a Lifetime" fundraiser plan was allegedly the brain-child of OSU alum and tycoon T. Boone Pickens. By cashing in on the life insurance policies following the death of the 65- to 85-year-olds, OSU expected to rake in as much as $350 million.

Instead, the athletics department was forced to resort to a legal maneuver in an attempt to recover some of the $33 million it paid in premiums on the policies. But Forbes reports that a U.S. district judge sided with the life insurance company, this week -- noting that the premiums paid on the policies were made legally.


"Gift of a Lifetime"? Really?!

First of all, it's just shitty to take bets on the death of a human being for profit.

Second, did they really think they were going to get money back? Do they go to casinos and ask for their money back after crapping out, too?

8 replies, 1603 views

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Arrow 8 replies Author Time Post
Reply Death Bets Leave Oklahoma State University $33 Million in the Hole (Original post)
VenusRising Mar 2012 OP
RC Mar 2012 #1
VenusRising Mar 2012 #5
tularetom Mar 2012 #2
VenusRising Mar 2012 #7
NBachers Mar 2012 #3
jberryhill Mar 2012 #4
tanyev Mar 2012 #6
Fla Dem Mar 2012 #8

Response to VenusRising (Original post)

Thu Mar 22, 2012, 11:04 PM

1. They're Republicans. So of course they want the money back if they lose.

 

Duh!

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Response to RC (Reply #1)

Fri Mar 23, 2012, 09:48 AM

5. I know.

Silly me for thinking otherwise.

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Response to VenusRising (Original post)

Thu Mar 22, 2012, 11:59 PM

2. It would be bad enough if they planned to use the money to lower tuition

or to build more classrooms or other facilities.

But this money was going to go to the fucking athletic department.

Do these policies have a fixed term? Because eventually all these codgers are gonna die, right?

So how come they just can't keep paying the premiums until they all croak? Can't take that long.

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Response to tularetom (Reply #2)

Fri Mar 23, 2012, 09:53 AM

7. I'm sure they'll hike tuition on the students.

Have to make up the money somewhere.

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Response to VenusRising (Original post)

Fri Mar 23, 2012, 12:18 AM

3. The Best Laid Plans . . .

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Response to VenusRising (Original post)

Fri Mar 23, 2012, 01:54 AM

4. It would have been simpler to knock off the targets


It would have been cheaper to hire hit men than lawyers.

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Response to VenusRising (Original post)

Fri Mar 23, 2012, 09:52 AM

6. Just how many people had to agree that that was a good idea in order to enact it?

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Response to VenusRising (Original post)

Fri Mar 23, 2012, 10:05 AM

8. Many corporations take out life insurance on their executives and employees.

It used to be you had to have an "insurable interest" to be able to take insurance out on another individual. Generally that meant a spouse, child or a partner in your business. Now big companies claim the cost to replace an employee who dies, is an insurable interest.

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