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That happened to a Police Dept back in the 90's Only ones left was the Police Chief and the Sargent. All the officers left after a week, Town had to rely on State Police and Mutual Aid Police From nearby town for a while for the Police Department to be rebuilt.
I think a Printing Company also had that "problem" the most of the staff left, they did it over time (a month or two) to allow the owner restaff, as they left.
(Also wound up in a Lawsuit from the ones who did not join the pool that week. They said they were entitled to some of the winnings. And a judge ruled they were since the Small dollar winning were rolled into the next weeks drawing. The Judge brought in a forensic accountant to determine everyone's correct winnings. )
The Company I worked for at the time "Banned" Lottery clubs. They were afraid (Rightly) that if "We" won they would lose a entire department in one shot. While the tried to Ban it, Really did not work.
If we won whats the worse they could do? Fire Us?
The employer should estimate how much of a "premium" this is worth (if one could insure against such an event), then give employees an offer (let's say it's worth $1,000 a year):
"We will give you a $1,000 bonus if you agree not to join a lottery pool. The punishment for taking the bonus but making a bet with another coworker on a lottery outcome is that we, the employer, get one half the winnings."
The last big pot went to a group of office workers. If they chose cash they'd each get 29 million before taxes. It's california so no state tax on lottery.
They all say none are quitting. They like their job, their company, and their co-workers. Wonder how long that'll last?
It's a nice soundbite, but it won't last once they have the dinero. And anyone winning that kind of money and still choosing to work is a certifiable idiot.
When you win the lottery, they dont actually deposit the money into your account until like 2-3 months later, s winners would have to do something in the short term, but I have heard lottery winners can go to a bank and they will advance them something like up to $200K. (not sure if thats official banking practice, or just something they do).
When you win the lottery, they dont actually deposit the money into your account until like 2-3 months later, s winners would have to do something in the short term, but I have heard lottery winners can go to a bank and they will advance them something like up to $200K. (not sure if thats official banking practice, or just something they do).
Money needs to be collected from all the states so that can take 30 days. Lawyers/investment firms will advance money (for a percentage). Once you file the paperwork the cash is wired to your account. The glitch: FDIC only insures the first 250K. So if you win 225 million, cash value after taxes is about 85 million. So Bank of America takes the wire for 85mm and you are essentially uninsured for 84.750mm!
Money needs to be collected from all the states so that can take 30 days. Lawyers/investment firms will advance money (for a percentage). Once you file the paperwork the cash is wired to your account. The glitch: FDIC only insures the first 250K. So if you win 225 million, cash value after taxes is about 85 million. So Bank of America takes the wire for 85mm and you are essentially uninsured for 84.750mm!
Im sure winners get advice about this kind of thing, they may instruct them to go to a more commercial bank due to the large balance.
Money needs to be collected from all the states so that can take 30 days. Lawyers/investment firms will advance money (for a percentage). Once you file the paperwork the cash is wired to your account. The glitch: FDIC only insures the first 250K. So if you win 225 million, cash value after taxes is about 85 million. So Bank of America takes the wire for 85mm and you are essentially uninsured for 84.750mm!
Buy Treasuries. Every dollar is "insured". The interest rate is low, but the funds are backed by the same entity (the federal government) that runs FDIC to bail out failed banks.
Quote:
Originally Posted by rstevens62
Im sure winners get advice about this kind of thing, they may instruct them to go to a more commercial bank due to the large balance.
What's more "commercial" than Bank of America? The suggestion wasn't to dump it all into a neighborhood start-up, it was the opposite, some big bank.
I would rather win PCh 1,000 a day for life then a huge jackpot amount. I feel I would be more responsible knowing I was only getting a certain amount each month and would not have the pressure of having a hug amount of money all at one time.
Buy Treasuries. Every dollar is "insured". The interest rate is low, but the funds are backed by the same entity (the federal government) that runs FDIC to bail out failed banks.
What's more "commercial" than Bank of America? The suggestion wasn't to dump it all into a neighborhood start-up, it was the opposite, some big bank.
The treasuries are backed by the govt. but they just print more debt......what happens if that stops? You invested in a broke country. It has happened before!
As we have seen in the last 10 years, plenty of financial institutions have failed and clients have sometimes lost too.
The treasuries are backed by the govt. but they just print more debt......what happens if that stops? You invested in a broke country. It has happened before!
As we have seen in the last 10 years, plenty of financial institutions have failed and clients have sometimes lost too.
If the government fails, there will be no bank bailouts. This conversation has gotten ridiculous.
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