Posted 5/17/2007 05:49:00 PM by Douglas

Ok, so here's $50 Million, but there's a catch. You have to turn it into $500 Million in 25 years, or else the Okies get the interest.

Legendary oilman Boone Pickens is giving the University of Texas M.D. Anderson Cancer Center its biggest gift ever — $50 million — with an unusual string attached.

Under the deal announced Wednesday, M.D. Anderson has 25 years to grow the donation to $500 million, at which time it will be free to use the money however it wants. If it fails to reach that level, the interest earned over the years will go to Oklahoma State University, Pickens' alma mater.

"They initially scratched their heads, then came back and said, 'We can do that,' " said Pickens, 78, who last year formed the T. Boone Pickens Foundation to make charitable donations. "It's a great way to get 10 for one on your money."

I like the spirit of the gift, but it's kinda sick. Now OSU has a vested interest (literally) in seeing UT's investment fail. That can't be good. But sounds like it was done in the best spirit:

Pickens had fun with the fact that the combined $100 million gift makes an OSU alumnus the UT System's top living donor. It won't be long, he said, "before UT guys sitting around the table figure out" how to stop "a guy from Oklahoma State from occupying the top spot."

The gauntlet has been laid down, Longhorns!