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View Diary: Romney claims "No One Dies" from lack of Health Insurance (46 comments)

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  •  The Rich live longer, ask Oklahoma State (3+ / 0-)
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    Upper West, Deejay Lyn, RichM

    T Boone Pickens came up with a gimmick to get OSU a lot of money. He had them buy life insurance on a number of their elderly alumni. According to Business Week, things did not work out:

    One morning in September 2007, billionaire oilman T. Boone Pickens and 27 men and women gathered in the lobby of Oklahoma State University’s Gallagher-Iba Arena to celebrate that they were all, one day, going to die. Three things united the orange-and-black-clad Cowboy fans: They all were more than 65 years old; they all loved their alma mater; and they all had passed a rigorous physical. “We’re partners in a deal,” Pickens, a graduate of the class of ’51, said once the chatter had died down. “It’s a good deal.”

    How good of a deal? "Each of the 28 partners had allowed the school to take out a $10 million insurance policy on his or her life, with the annual premiums to be paid by Oklahoma State."

    These folks did not die.

    And the 28 men and women who half a decade ago were considered safe bets to die sooner rather than later? All are still with us, not the least being Pickens himself. As Roy Scott (class of ’56) put it, the problem may have been as simple as picking the wrong people: “We just live too long, I guess.”

    At least Pickens picked up the tab for his hare-brained scheme, but he should have looked more closely at the actuarial tables. The poor die sooner. Poverty helps to kill.

    The GOP is the party of mammon. They mock what Jesus taught.

    by freelunch on Fri Oct 12, 2012 at 06:45:55 AM PDT

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