Wind investments blow Pickens off the Forbes 400 list

t-boone-pickensThe Daily Caller
Businessman T. Boone Pickens was dropped from the Forbes 400 list of richest Americans after losing much of his fortune in the wind farming industry. According to Forbes, Pickens’ fortune dropped below the $ 1 billion mark for the first time since 2005. His net worth once amounted to an estimated $2 billion, but now it sits at around $950 million.

He told the hosts of MSNBC’s “Morning Joe” that he had “lost [his] ass in the [wind] business.” He added, “the jobs are in oil and gas. In 2008, Pickens debuted his “Pickens Plan,” which aimed to increase the nation’s use of wind energy and decrease America’s dependence on OPEC oil. With the help of investors he spent 80 million dollars on TV ads to promote his plan and $2 billion on General Electric wind turbines. Pickens hoped that once the wind farm was constructed, it would be the largest in the world.

The plan collapsed after natural gas prices fell and selling wind power was no longer economically feasible. He lost $150 million of his personal fortune on the failed wind plan. Read article

12 thoughts on “Wind investments blow Pickens off the Forbes 400 list

  1. I can only hope that every windweasel who has invested in this scam, will lose their shirts. They tried to get rich on the backs of innocent people, and cannot understand why we are fighting back. I don’t care if they lose a trillion dollars. They are the creators of this fiasco, and they should pay for it. INVESTORS BEWARE…..OR YOU WILL BE NEXT! (nimby) next it might be you….LOL

  2. Nice one Chevy,,
    Lately you can feel the truth is coming out more and more. Wynn has to be coming up with a way to close the door on the GEA knowing it is another dumb idea

  3. This “green” energy fiasco involves the big money people in the financial world. And when any of them contat QP they get heard.
    Rural Ontarians are dealing with a network of very rich and powerful people who know how to get their way.

  4. Spiegel Online, Apr.11,2013
    “DangerousDepths: German Waters Teeming with WWII Munitions’
    During construction of the Raffget Offshore wind farm 2.7 metric tons of munitions were discovered and salvaged.
    In a related story on this wind project, the grid operator has been prevented from installing the power cable from the project to the land due to the presence of WWII explosives.
    All this extra cost of removing the munitions will be added on to electric consumers bills.
    http://www.spiegel.de/international/germany/dangers-of-unexploded-wwii-munitions-in-north-and-baltic-seas-a-893113.html

  5. Martindale . com, Aug. 24, 2013
    “German Consumers Must Pay for Most Parts of the Delays”
    “Building offshore wind farms in Germany could become more costly than planned.”
    http://www.martindale.com/government-law/article_Bingham-McCutchen-LLP_1937776.htm
    Developers won’t take the risks involved in these kinds of offshore wind projects unless the government backs them.
    Dosen’t make a lot of sense to build offshore wind turbines in munitions dumps.

    • Tennet blames various factors for the delay, such as ammunition on the seabed that needs to be removed which is more complicated and costly than foreseen.

      We always said this crisis would “blow up”. 😉

      I told you so!

  6. Pickens at 84 only has $950m to take care of his old age. I really feel sorry for him!
    Pickens, Gates, Buffet however hard they may have worked, or however fortunate they may have been in accumulating their fortunes, are folk just like ourselves. Why does their wealth make us feel so inferior?
    They can jump on any liberal band wagon that takes their fancy and the whole world sees them as benefactors? Do you think any one of them even knows what balancing a budget for a normal middle class family is all about?
    If these are the all knowing gurus who are going to save our planet, then God help us all!
    Andrew Watts

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