nmarks Posted April 6, 2013 Share Posted April 6, 2013 It couldn't have happened to a nicer fella. A career in banking awaits . . . http://www.dailymail.co.uk/news/article-2304602/High-rolling-gambler-lost-1billion-just-14-months-goes-takes-casino-high-court-claiming-took-advantage-addiction.html Link to comment Share on other sites More sharing options...
200p Posted April 6, 2013 Share Posted April 6, 2013 How to become a millionaire, start with a billion Link to comment Share on other sites More sharing options...
Squeeky Posted April 6, 2013 Share Posted April 6, 2013 Well you know what they say, the house always wins. Link to comment Share on other sites More sharing options...
Bloo Loo Posted April 6, 2013 Share Posted April 6, 2013 odd article first: Harry Kakavas, a real-estate salesman who made a fortune selling houses on Australia's Gold Coast, but then:The court heard how he served a brief jail sentence for stealing $286,000 and had borrowed millions from banks, friends and family to feed his habit. so, in reality, he made few bob in real estate, then found he could borrow....and he spent....stole and conned to feed his lifestyle...now its the Casinos fault. A true SCHRODINGERS Fat Cat. Link to comment Share on other sites More sharing options...
200p Posted April 6, 2013 Share Posted April 6, 2013 The story has everything hpc related; "The real-estate salesmen made a fortune selling houses on the Gold Coast" Link to comment Share on other sites More sharing options...
nmarks Posted April 6, 2013 Author Share Posted April 6, 2013 The story has everything hpc related; "The real-estate salesmen made a fortune selling houses on the Gold Coast" . . . and was addicted to gambling and lost the lot!!! Surely the ultimate property-related boom-bust story?! Link to comment Share on other sites More sharing options...
AvoidDebt Posted April 6, 2013 Share Posted April 6, 2013 As a previous poster pointed out he actually made very little wealth. He borrowed his way to the top and then probably realised fckkkkk I can borrow even more. The saf irony is that this is what passes for 'entrepreneurship' in the modern economy. Link to comment Share on other sites More sharing options...
Executive Sadman Posted April 6, 2013 Share Posted April 6, 2013 As a previous poster pointed out he actually made very little wealth. He borrowed his way to the top and then probably realised fckkkkk I can borrow even more. The saf irony is that this is what passes for 'entrepreneurship' in the modern economy. The unfortunate reality is if you look around this is how most of our 'entrepreneurs' operate. The only difference is this fool didnt make the political connections to establish himself as part of the elite and rise above the law. I suspect govt throwing free money at anyone who starts a company with 'green' or 'eco' in its trading name will be the next bubble catastrophe. http://www.forbes.com/sites/larrybell/2012/09/25/obamacar-bad-karma-for-taxpayers/ Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted April 6, 2013 Share Posted April 6, 2013 Seems that he was never worth more than about 60M: http://www.theage.com.au/articles/2007/03/07/1173166806706.html When the market peaked in 2004, business associates estimate Kakavas' personal wealth at more than $60 million. So, either the 1B GBP is a total fabrication or some very dumb people lent him an astronomical sum of cash without any kind of security. Link to comment Share on other sites More sharing options...
Executive Sadman Posted April 6, 2013 Share Posted April 6, 2013 Seems that he was never worth more than about 60M: http://www.theage.com.au/articles/2007/03/07/1173166806706.html So, either the 1B GBP is a total fabrication or some very dumb people lent him an astronomical sum of cash without any kind of security. RBS had a penchant for writing checks worth billions to people with no hope of paying it back... Do they have an aussie branch Link to comment Share on other sites More sharing options...
OnlyMe Posted April 6, 2013 Share Posted April 6, 2013 I drew down my line of credit and gambled it away, honest. Link to comment Share on other sites More sharing options...
erranta Posted April 6, 2013 Share Posted April 6, 2013 How to become a millionaire, start with a billion Went from Real E-State to 'Real State' 'Rabbi removes the E (of EMET=Truth) from the zombies forehead' Link to comment Share on other sites More sharing options...
mfp123 Posted April 6, 2013 Share Posted April 6, 2013 Seems that he was never worth more than about 60M: http://www.theage.com.au/articles/2007/03/07/1173166806706.html So, either the 1B GBP is a total fabrication or some very dumb people lent him an astronomical sum of cash without any kind of security. the £1billion is just the turnover of his bets. hes suing for £30million in actual losses so its likely in his total turnover of bets he will have won £970million and lost £1 billion. Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted April 6, 2013 Share Posted April 6, 2013 the £1billion is just the turnover of his bets. hes suing for £30million in actual losses so its likely in his total turnover of bets he will have won £970million and lost £1 billion. Ah, should have read the story more carefully. Interestingly, 30M is about what you'd expect to lose playing roulette over the long run with 1B of capital (assuming it's not on one of those tables with a double zero as well, in which case you'd need to double that). Link to comment Share on other sites More sharing options...
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