Boone Pickens says 15% of his hedge funds’ holders have asked to withdraw their money after he lost more than $1 billion in energy trades this year. The billionaire founder of BP Capital LLC manages funds linked to
energy commodities and equities.
Pickens says his funds require a 90-day withdrawal notice, so he’s hoping he can recover in the fourth quarter and people might reconsider.
The American Stock Exchange oil index has dropped 28% in three months. In that same period oil prices on the New York Mercantile Exchange have declined 30%.
Stocks dived even further on Monday, with the Dow Jones Industrial Average reaching its biggest point loss ever.
Pickens says he still expects Congress to approve a federal bailout plan for Wall Street sometime this week.