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Australian Gambler Loses £1Billion In 14 Months

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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.

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The story has everything hpc related;

"The real-estate salesmen made a fortune selling houses on the Gold Coast"

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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?!

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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.

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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/

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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.

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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 :huh:

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How to become a millionaire, start with a billion :P

Went from Real E-State to 'Real State'

'Rabbi removes the E (of EMET=Truth) from the zombies forehead' :rolleyes:

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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.

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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).

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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