If You Were a Billionaire for Five Hours
by Robert Frank
Thursday, April 1, 2010
When Paul Fischer checked his bank account Friday night, he had a happy surprise. His balance had exploded to $88,888,888,888.88. A very lucky number indeed, and close to $89 billion.
Of course, the balance was a technical error by SunTrust Bank (NYSE: STI - News), which quickly fixed the problem. It also may have occurred in other accounts.
"You say, 'Eighty-eight billion, what can I do with that?'" said Mr. Fischer, who owns a jewelry concessionaire for Florida theme parks. "Maybe a handful of us could have brought down SunTrust Bank."
Mr. Fischer had other ideas as well. Before the problem was fixed, he asked a SunTrust rep if he could move the money to an interest-bearing account until it was reclaimed and donate the interest to charity. Total interest: more than $7.3 million.
The bank said no.
The money was stripped out of his account by Saturday morning.
"It's all gone. I'm poor again," he said. "I was a billionaire for five hours."
This kind of bank error happens frequently. But Mr. Fischer raises an interesting question: What if, for five hours, you truly did have $89 billion?
What would you do with the money? The ground rules are that you would have to give the money back — and whatever you bought or invested with it — after five hours.
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If You Were a Billionaire...
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Smiley Guru
Why, I think I would buy a piece of property, that I own, from myself for say $85,000,000,000.00 at the end of 5 hours I give back the $85B property, the remaining $3B, and just be happy that the property sold.
Forget that the tax value on the property is $50K. The value of an item is the price a seller and a buyer agree is fair.
Forget that the tax value on the property is $50K. The value of an item is the price a seller and a buyer agree is fair.
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Open up my own brothel and porn shop. Maybe I'll have a site where I sold controversial porn.
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I would donate $80B to charities of my choice, charities that actually do something and control how that money is used. The remaining $8B would be for me, my family, friends.....I would do something special for someone special....
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