Old people who won't die cost university millions
T. Boone Pickens has been one of Oklahoma State University's most generous patrons. But Pickens' push to get OSU's athletics department to participate in a morbid fundraiser called "Gift of a Lifetime" has cost the university $33 million. The idea involved taking out large life insurance premiums on elderly boosters. In 2007, the department took out 27 $10 million policies, projecting revenues of $350 million. But, after two years, and all the boosters still living, the department canceled the plan. It then tried to recoup some of the money in court, but a judge ruled that the insurance company could keep all the premiums paid out during the first two years.