May 31, 2007
An Oil Tycoon Places Unusual Conditions on $100-Million Donation to Texas Institutions
T. Boone Pickens, the oil billionaire who has courted controversy when both making money and giving it away, has given $50-million apiece to two Texas medical institutions, gifts that come with an unusual string attached. The money must be invested so it grows by at least 10 times, and the institutions cannot spend a dime of it until it does. If they don't reach that milestone within 25 years, any of the money they have made by that time from investments on the gift money will go to another
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