Sooner or later, this "crisis" or "mild depression" or whatever the experts are calling it these days was bound to trickle down to the level where it would really make an impact.
Three years ago, oil tycoon T. Boone Pickens made a $165 million donation to Oklahoma State University, which was to be used to improve the athletic facilities. But, as the New York Times reports, things have gotten a little complicated.
"Those funds, along with $37 million from other donors, were invested in BP Capital Management, a hedge fund controlled by Pickens. At the time, it looked like a windfall that would keep on giving. Instead, Pickens recently acknowledged that his investments had lost $1 billion this year amid the financial crisis.
Now, building on Oklahoma State's athletic village has been held up, and the athletic director, Mike Holder, said the project would have to wait until Pickens's financial situation improved. Holder and a spokesman for BP Capital declined to disclose the current value of the university's investment in Pickens's hedge fund.
More is sure to develop in this story as we found out just how bad things are in Stillwater, or if it's a non-issue. Rumor has it (from some commentators) that there will be more news on this on Monday.