Warren Buffett offers $1 billion not to start jobs, but for perfect NCAA ‘sports bracket’

January 2014ECONOMICSWarren Buffett’s Berkshire Hathaway and Dan Gilbert’s Quicken Loans are partnering to award anyone who fills out a perfect 2014 Men’s NCAA Tournament bracket with $1 billion. Quicken is running the contest, and is paying Berkshire to serve as “insurer,” which means they’ll be the ones paying out if someone wins. The prize will be paid out in 40 annual installments of $25 million. If there’s more than one winner they’ll have to share. The winner or winners can also take or split up an immediate $500 million lump sum payment. “It is our mission to create amazing experiences for our clients. This contest, with the possibility of creating a billionaire, definitely fits that bill,” Jay Farner, President and Chief Marketing Officer of Quicken Loans said in a statement. He added: “We’ve seen a lot of contests offering a million dollars for putting together a good bracket, which got us thinking, what is the perfect bracket worth? We decided a billion dollars seems right for such an impressive feat.” In addition to the grand prize, Quicken will award $100,000 each to the contest’s 20 most accurate ‘imperfect’ brackets submitted by qualified entrants in the contest to use toward buying, refinancing or remodeling a home. Quicken will also donate $1 million to inner-city Detroit and Cleveland non-profit organizations. Quicken is based in Detroit, but Gilbert owns the Cleveland Cavaliers and the city’s Horseshoe Casino. The odds are not ideal — a 1 in 9.2 quintillion chance. But it costs nothing to fill out so you should probably do it. The contest starts March 3rd. “March Madness” kicks off March 18. –Business Insider
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This entry was posted in Age of Decadence, Class Division, Depression and Anxiety, Economic Collapse, Greed and Corruption, Squandered Resources, Struggle for Survival, The Pyramid Model, Unsustainable Debt Burden. Bookmark the permalink.

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