Thursday, July 23, 2009

Investment Banking Explained

Young Chuck moved to Texas and bought a donkey

from a farmer for $100. The farmer agreed to deliver

the donkey the next day. The next day the farmer

drove up and said, “Sorry Chuck, but I have some bad

news. The donkey died." Chuck replied, “Well then,

just give me my money back.” The farmer said, "Can’t

do that. I went and spent it already.” Chuck said, “OK,

then, just bring me the dead donkey.” The farmer asked,

“What ya gonna do with a dead donkey?” Chuck said,

“I’m going to raffle him off.”

The farmer said, “You can’t raffle off a dead donkey!”

Chuck said, “Sure I can. Watch me. I just won’t tell

anybody he’s dead.”

A month later, the farmer met up with Chuck and

asked, “What happened with that dead donkey?”

Chuck said, “I raffled him off. I sold 500 tickets at

two dollars apiece and made a profit of $898.00.”

The farmer said, “Didn’t anyone complain? "Chuck said,

“Just the guy who won. So I gave him his two dollars back.”

Chuck now works for Morgan Stanley.

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