Buffett offers $1 billion for perfect NCAA bracket
Berkshire Hathaway and Quicken Loans are dangling an impressive prize, but be warned: The odds of pulling it off are 1 in 9.2 quintillion.
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 3. "March Madness" kicks off March 18.
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You ignorant people. In his lifetime he has donated over $30 billion dollars. In 2012, he donated over $3 billion
"brackets submitted by qualified entrant"
So what's the catch?
If Buffet is preparted to give away $1B, I'd rather see him give $1K each, to a million of the poorest "47%'ers" in the US.
It's not a lot of money. But, it IS a "stimulus." And, it WOULD do just that - stimulate.
No doubt that some of it would be wasted on booze and drugs.
However, no doubt that much of it would be for buying food, clothes, presents for children, gas, and even vacation. A lot of tax activity, mostly in the form of sales taxes, which would benefit gov't and social programs, would be generated from this act.
A single act of kindness would go a long ways to building a better society.
Does Warren Buffet try to tell you commenters what to do with your money?
This is an opportunity for many who would try to win it, rather than criticize the man for the offer.
I'm in and I'll sign up on March 3 when the contest starts.
You have to pick teams for the brackets, seed them and hope you are right? Then you have to pick winners of all games and hope you are right?
The odds of guessing the teams and seeding the teams in the proper order are pretty slim. Hardly worth the effort to waste the time to do.
I will not be participating.
I wonder if Warren Buffett would pay off my student loans! :) I'll be dead before they are paid off.
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