Forbes – The Oklahoma State Cowboys wagered on a few timely deaths, but they lost the bet and the team’s coffers are now $33 million lighter. The “Gift of a Lifetime” fundraiser, reportedly suggested by OSU alum and Forbes 400 member T. Boone Pickens, was certainly an intriguing one. The athletics department took out $10 million life insurance policies on 27 boosters, between the ages of 65 and 85. The school had projected related revenues could be as high as $350 million, but apparently the boosters were taking their vitamins. Not a single insured booster died after two years, leading the athletics department to cancel the plan in 2009. Unfortunately for the Cowboys, they had shelled out $33 million in that time. The athletics department tried to recoup some of those payments, claiming that policy records had not been properly delivered. But a U.S. District judge ruled this week that premiums paid over the first two years of the policies, which totaled $16 million, were made legally and could be kept by the life insurance company.
This story cracked me up. Like all the shrewd genius businessmen sitting on top of billions of dollars gathered in a board room full of cigar smoke and whiskey trying to add more millions to their billions and this is what they come up with. Take out life insurance on the old ass rich donors and hope they kick the bucket. Not mad at them one bit either. Killer idea. Like that’s what old people do. They die. Why not profit on it? New jerseys ain’t paying for themselves. In fact I think the most shocking part about this story is that all the old wealthy donors didn’t catch wind of this and just flat out hari kari themselves at midfield. Boosters literally live for their football programs and if not living anymore if the key to giving them more resources then they’ll grab that sword with a big ass smile on their booster face. Biggest mistake was not leaking the insurance policy before the 33 mil was lost in my opinion.
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