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C0LLETTE · 01-21-2014, 10:13 AM

I guess there's not enough glory or publicity in offering a Billion dollar prize to someone who cures a particular cancer by 2020.

"Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) is backing a $1 billion prize offered by Quicken Loans Inc. if a contestant predicts the winner of each game in the National Collegiate Athletic Association’s men’s basketball tournament.

The prize will be paid in 40 annual installments of $25 million and split among multiple winners if there is more than one perfect entrant, the Detroit-based lender said today in a statement distributed by PR Newswire. The winner also has the option of a single payment of $500 million.

Berkshire has specialized in unusual insurance risks for decades, protecting clients against big losses in return for premium payments. The Omaha, Nebraska-based company won a bet in 2010 on the World Cup after France was eliminated from the tournament in South Africa. Berkshire has previously guaranteed against the potential payout of $1 billion in a contest sponsored by PepsiCo Inc.

“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?” Quicken Loans Chief Marketing Officer Jay Farner said in the statement. “We decided a billion dollars seems right for such an impressive feat.”

The 68-team team tournament begins in March. Submissions will be limited to one per household and capped at 10 million entrants, according to the statement. "

01-21-2014, 10:13 AM	#17388
C0LLETTE Practically Lives Here How Do You Identify?: Depends on the day. Preferred Pronoun?: "I" and "we" Relationship Status: Very good. Thank you for asking. Join Date: Feb 2013 Location: Canada Posts: 11,501 My Photo Gallery Thanks: 16,676 Thanked 15,174 Times in 4,340 Posts Rep Power: 21474860	I guess there's not enough glory or publicity in offering a Billion dollar prize to someone who cures a particular cancer by 2020. "Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) is backing a $1 billion prize offered by Quicken Loans Inc. if a contestant predicts the winner of each game in the National Collegiate Athletic Association’s men’s basketball tournament. The prize will be paid in 40 annual installments of $25 million and split among multiple winners if there is more than one perfect entrant, the Detroit-based lender said today in a statement distributed by PR Newswire. The winner also has the option of a single payment of $500 million. Berkshire has specialized in unusual insurance risks for decades, protecting clients against big losses in return for premium payments. The Omaha, Nebraska-based company won a bet in 2010 on the World Cup after France was eliminated from the tournament in South Africa. Berkshire has previously guaranteed against the potential payout of $1 billion in a contest sponsored by PepsiCo Inc. “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?” Quicken Loans Chief Marketing Officer Jay Farner said in the statement. “We decided a billion dollars seems right for such an impressive feat.” The 68-team team tournament begins in March. Submissions will be limited to one per household and capped at 10 million entrants, according to the statement. " __________________ ______________________________ ______________________________