Depending on how you look at it, Boone Pickens either gave Oklahoma State the gift of the century or took advantage of the system to pull a fast one. Pickens, you may recall, gave $165 million to Oklahoma State on Dec. 30, but it turns out his act of kindness looks more like a temporary tax break. Pickens, an Oklahoma State alum pictured with his wife Nelda in 2003, reportedly still controls the money, which now rests in a hedge fund. Records show the funds spent less than an hour in the account of the university's charity before it was moved to the fund. "Sadly, it's another case of a rich man manipulating charity for his own benefit," said Marcus Owens, a lawyer who formerly headed the division of the I.R.S. that oversees tax-exempt groups. And not everybody in Stillwater is pleased with the gift (some registration).
Friday, February 24, 2006
How the Really, Really Rich Get Richer
Depending on how you look at it, Boone Pickens either gave Oklahoma State the gift of the century or took advantage of the system to pull a fast one. Pickens, you may recall, gave $165 million to Oklahoma State on Dec. 30, but it turns out his act of kindness looks more like a temporary tax break. Pickens, an Oklahoma State alum pictured with his wife Nelda in 2003, reportedly still controls the money, which now rests in a hedge fund. Records show the funds spent less than an hour in the account of the university's charity before it was moved to the fund. "Sadly, it's another case of a rich man manipulating charity for his own benefit," said Marcus Owens, a lawyer who formerly headed the division of the I.R.S. that oversees tax-exempt groups. And not everybody in Stillwater is pleased with the gift (some registration).
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