Anyone familiar with self-proclaimed oil man T. Boone Pickens?

[underseasurveyor]

I just saw a commercial on M$NBC and MR. Pickens is advocating the urgency to push for alternative energy, wind, solar, etc.

Now I certainly agree with that but being a self-proclaimed oilman pushing for alternative energy sources I'm a little suspicious. What's this guys game, anyone know? Or is he for real?

[meegbear]

1. ...

Thomas Boone Pickens, Jr. (born May 22, 1928) is an American businessman who chairs the hedge fund BP Capital Management. He was a well-known takeover operator during the 1980s. With an estimated current net worth of about $3 billion, he is ranked by Forbes as the 117th-richest person in America and ranked 369th in the world. Pickens has given more than $700 million away to charity.

<snip>

On November 6, 2007, Pickens reportedly offered a million dollars to anyone able to dispute any claims made by the Swift Vets and POWs for Truth (SVPT), a group he had supported during the 2004 presidential election. John Kerry, whose military record and anti-war activism during Vietnam was the target of the group's book and media campaign, sent Pickens a letter on November 16, 2007, accepting the challenge, requesting that Pickens donate the money to the Paralyzed Veterans of America should he succeed in disproving any of the SVPT claims. In response to Kerry's acceptance of the challenge, Pickens issued a letter the same day, narrowing the original challenge to the SVPT ads, and requiring Kerry to provide his Vietnam journal, all of his military records, specifically those covering the years after his active duty service, and copies of all movies and tapes made during his service. Pickens' letter also challenged Kerry to agree to donate $1 million to the Congressional Medal of Honor Foundation, if Kerry "cannot prove anything in the Swift Boat ads to be untrue." Kerry later accused Pickens of "parsing and backtracking" on his initial offer and wrote that "I am prepared to prove the lie and marshal all the evidence, the question is whether you are prepared to fulfill your obligation."

On 22 June 2008, a group of Vietnam veterans who previously served with and now work with Mr. Kerry accepted the challenge and sent a 12-page letter — with a 42-page attachment of military records to support their case — with which they claimed to rebut several of the accusations of the Swift boat group. Boone Pickens has responded with a message stating "In reviewing your material, none of the information you provide speaks specifically to the issues contained in the ads,” he wrote, “and, as a result, does not qualify for the $1 million."

<snip>

http://en.wikipedia.org/wiki/T._Boone_Pickens

[sinkingfeeling]

2. Pickens basically owns Oklahoma State University. He's rich and usually swings to the right.

[Avalux]

3. He's an oil man so I'm suspicious.

Of course anything he does is motivated by power and money; he probably recognizes he needs to influence the next president's environmental policy so he can be at the forefront of development. He stands to make a lot of $$$ that way.

Here's his plan though - tell me what you think:

http://www.pickensplan.com/theplan/

[beachmom]

4. He's a swiftboater. He gave $1.5 million to the SBVT in '04.

He also has bought up a ton of water rights in TX, thereby owning more water rights than anyone else in the country. His proposal involves using natural gas to power cars, for which he will make a killing. His wind farms are fine, but the natural gas kills the idea, IMO. We want to get off fossil fuels and CO2 emitting fuels.

[Bluestar]

5. I've seen that ad, but I don't recall that he is calling for the

traditional "alternative" methods?? (Could be wrong here) He said he has a plan that he will "reveal" to us in the near future. I think that plan has something to do with oil (or maybe coal) in some fashion--another trick by big oil to get some kind of tax money or legislation in their favor--just my cynical take on it.

[Avalux]

8. Here's his plan:

http://www.pickensplan.com/theplan/

[Bluestar]

24. Call me cynical, but I still smell a rat

He probably has thousands of acres of land that can be used for wind power and he wants a big chunk of that $1 Trillion from us, the US taxpayers. No oil man ever suggests something unless he can get richer.

Now if he wanted to make his own investment in wind power, that would be a different story.

[Avalux]

29. I agree - he's not altruistic; he is looking for a way to make a buck.

My guess he's betting on the natural gas component too.

[aspergris]

6. I've followed t boone for years

followed him for years (I trade oil futures a lot, so I pay attention to the markets )

He's a hedge fund manager. He does like alternative energy stocks. Most likely because he has a # of long positions in alt-energy stocks.

Nothing wrong with that. I pimp themes that I am long.

Frankly, there are some great speculative alt-energy investments out there. And lots of risk. Risk is largest where opportunity is largest. That's how the markets work.

He's puttin his money where his mouth is. I bought Apple stock a few years ago. You can be darn tootin' I was pimping Apple. I have no desire to buy their computers (or an ipod), but I'm not gonna bad mouth them.

[skids]

21. I'd add this...

...he's pushing LNG for vehicle fuel because he has huge natural gas holdings.

A side-benefit of the wind industry is to also increase demand for natural gas for the spinning reserves needed to kick in when there is a lull in wind.

Basically he'll probably do some good and some harm here. Good in that he's investing in wind and providing capital, harm in that he will not hesitate to play games with the market which could even go so far as to financially trash a competing technology company's stock (like say BCON would be a perfect example of a company he might target), but will probably basically just be the occasional pump and dump operation where a company gets overvalued based on his prestigious say-so (hence the ad campaign to build his prestige.)

[mmonk]

26. Natural or LP is good as a short gap solution.

However, I think long term, we should look further and the recent developments on the electrical side.

[Pastiche423]

27. Where have you read about him pushing LNG?

I read his proposal and did not find it.

If he is pushing LNG, then that negates anything else he is saying. LNG is not only a dirty pollutant, but is more expensive and is a threat to "national security".

[skids]

30. In is plan...

...he advocates natural gas for vehicular fuel. Though it may be CNG. Not much of a difference, though, when you come right down to it. The LNG has the helium and other impurities extracted and is stored refrigerated, CNG is just crammed into a pressure vessel at higher pressure without refrigeration.

(Edited to add: nice how he tries to spin wind as freeing up natural gas for vehicle consumption. He knows it will actually increase demand for spinning reserves. He wants demand increased, and one does have to admit natural gas is underutilized compared to oil, but methinks this is really not a matter of principle for him :eyes: )

[Pastiche423]

33. Natural gas does NOT equal LNG

In the report I read he talks about domestic natural gas. If he actually means LNG, then that is where he will (if any more LNG terminals are allowed to be built) will get his "investment".

We have been fighting a LNG terminal as well as a 230 mile 3' pipeline in my community for over four years. It took our SOS, Bill Bradbury loudly speaking publically before our idiot governor would get involved.

If deadeye dick had not put a paragraph in the 2005 Energy bill, stating only the feds have siting authority, we would not be going throuugh this insanity.

[LibinMo]

7. A link

Rich Texas bastard T. Boone Pickens boasted that he would give $1 million to anyone who can disprove "even a single charge" leveled by the Swift Boat Veterans for Truth, who he funded to the tune of $3 milion. Kerry offered to meet with Pickens and do so, with the million dollars going to veterans' charities.

But now Pickens is reneging:



http://firedoglake.com/2007/11/16/john-kerry-to-swift-boat-funder-t-boone-pickens-wheres-my-million-dollars/

[hisownpetard]

9. Those ads are very creepy. Trying to build suspense about what he's going to announce in

a few weeks.

I can hardly wait.

[Mass]

10. Lots of aspects there - He is an oilman (no question there). He is nobody respectable

(see the previous posts about his financing of the swiftliars), and he is proposing something that is nothing new, not necessarily the best solution (as Al Gore said on MTP yesterday), but at least he is pulling in the right direction and where he is heavily invested.

So, on the very narrow question of renewable energy, he may be a good investor. Is he a good man: NO!!!!

[graywarrior]

11. I'm jaded.

Therefore, I think he's in it for the $$.

[Mass]

12. Of course. There is no question there. \nt

[aspergris]

13. of course he's in it for the dollars

he's a hedge fund manager. he'd be remiss if he WASN'T in it for the dollars.

I respect his trading prowess. I trade oil futures as well, and pickens knows his stuff.

the fact that he is in it for the dollars doesn't mean he's wrong, though.

and there ARE some great investment opp's in alt-energy.

Just like there were in tech in 1987, 1988 and 1989

[Mass]

15. No, but, without his money, we may have a president who cares at this point.

Both Gore and Kerry cared. Kerry was talking of exactly that during the 2004 election, and could have continued if he did not have to spend time because of Pickens throwing his money against him in the worst manner.

So, he is a good investor, for sure, but certainly not an honest man.

[jobycom]

17. Everyone's in it for the money. Even us. nt

[jobycom]

14. Lots of threads discussing that. My take is that

He's sincere enough. The Sierra Club is supporting him.

Pickens is a Texan from Oklahoma. Started out as a geologist. He's a Republican and was a big backer of the Swiftboaters, and The American Spectator. So, bad guy in that way. He supported both Bushes, as you'd expect an oilman from Texas to do. On the other hand, he's been critical of them at times, and made statements criticizing HW's handling of the Gulf War when it wasn't chic to do so. Nothing liberal, he just didn't like our energy policy requiring us to fight other people's wars. So he's conservative, but he's not in lock-step with anyone.

A while back he became a Peak Oil believer, and began calling for alternative energy, to replace oil and to clean up the environment. He's bothered by foreign oil dependence. He's been a strong advocate of wind power in Texas, and has helped build windmills all over west Texas. He's vested in a lot of it, I suppose, though I don't know the numbers.

When asked what's in it for him, or how much he'll make, his answer is "I'm 80 years old and I have $4 billion, so money's not the issue."

I tend to believe him. He's never been the conniving sort, just the wrong-headed sort. The Sierra Club believes him. We may eventually wind up with an alliance between T Boone Pickens and Al Gore, since they have both recently stated similar goals in energy.

Just my thoughts.

[Mass]

16. Well, he certainly did not put his money where his mouth was then. in 2000 and 2004, he definitively

not on the right side on these issues. It is strange he becomes vocal when the Republican nominee is on the right side of the issue.

[underseasurveyor]

18. Thanks everyone

I know I could have Wiki'd or Googled but since DU is great a cutting through the bullshit, it saved me from having to wade through a bunch of confusing, twisted retoric.

Sounds like a another greedy asshat and he supported swiftboaters. Nuff said, he's a:puke:

[Turbineguy]

19. Maybe he's just a Republican

who thinks the GOP should solve some problems instead of create them.

:rofl:

I can always dream can't I?

[RB TexLa]

20. Swiftboater and racist. He only wants enough alternative energy to keep "those filthy AaaRaabs from

gittin' our Merican' money."

[VOX]

22. Newt Gingrich also is on board with climate change, but here's the big difference:

He (and his ilk) want to ***privatize*** the issue, once again funneling federal government money to big-business insiders and cronies. For example, Gingrich is in favor of giving polluters tax incentives to VOLUNTARILY reduce their carbon emissions.

The Republican answer to any issue is to privatize it -- schools (vouchers), the military (Blackwater mercenaries), no-bid contracts to "rebuild" Iraqi infrastructure (Halliburton, et al).

In some dream world where companies were genuinely altruistic, and acted for the greater good, privatizing would be a sound idea. But that's just a fantasy -- the reality is the bottom-lining of everything; downsizing and consolidation; firing long-time employees; denial of insurance benefits to employees; outsourcing of jobs; mind-boggling packages for inept CEOs, and so on, ad infinitum.

[YvonneCa]

23. Absolutely...

...agree. And I really like your sig line. :)

[Cleita]

25. I believe he said what he stands for in the interview Tom Brokaw had with

Al Gore. He was asked how he and Al Gore agreed on alternative energy. Pickens said that they were in favor of it for different reasons. Pickens is in it as an investment opportunity and Al Gore is in it for climate change. At least he is honest about where he stands so I can live with that.

[Disturbed]

28. Texas Legislators passed a $1 Bill grant for windpower.

Wind & solar power will garner $Billions. T Boon is an Asshole that is cashing in on an obvious investment. Even Assholes sometimes do the right things.

[dkofos]

31. There is money to be made in wind and solar power and he wants some.

He also wants the state to pick up the tab
for transmission lines from west Texas (where the wind is)
to the DFW area (where the need is).
Just another corporate welfare whore.

[Ilsa]

32. No one here should trust him. He's a rethuglican and swiftboater supporter. nt

[onethatcares]

34. would you buy a used car from him?

even without carfax?

[begin_within]

35. He's an infamous "corporate raider" of the 1980s.

I suspect he's pushing alternative energy just so he can raid and take over more corporations.

[DailyGrind51]

36. "Swift Boat" sabotage sponsor of Kerry campaign!

Welched on his $1 million challenge to anyone who could refute SBV claims. Wealthy flim-flam artist.