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Pickens Hedge Fund Loses More than $1 Billion




By EmploymentCrossing

 
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.
 
Last week the Wall Street Journal put Pickens’ performance at the worst it’s been in 10 years.
 
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.
 
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