After plunking down $62 million in ads aimed at twisting American opinion to support alternative energy legislation he’s conveniently pre-positioned to profit from, T. Boone Pickens must feel like $100 is chump change:
Pickens said he’d made a $100 bet with CNBC’s Jim Cramer that his alternative-fuels legislation would get passed by Memorial Day. I said I’d take the bet, too. Not because I know a thing about energy, but because if I collect $100 from T. Boone Pickens, the man who epitomized greenmail in the deal-making ’80s, I’ll be able to brag about it. If I lose and have to pay him money, well, it feels like somehow I’m going to be doing that anyway.
Investing is a lot more profitable when you can bend regulation in your favour, tycoons around the world know this already.
But when you can convince people that somehow your version of regulatory manipulation occupies a ‘green’ moral high ground, you’re golden. Cramer will probably lose this bet, which in this case unfortunately means the public will lose it as well, but for far more than $100.