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  • Labor Day 2014

    labordayLabor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength,… Read More +

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  • Drones Banned At Olympic National Park

    drone policeOlympic National Park officials have banned the use of drones within park boundaries. The ban was approved by Superintendent M. Sarah Creachbaum last week, following a directive from the National Parks Service that ordered superintendents in its 401 parks to… Read More +

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  • Mariners Lose To Athletics 6-1

    mariners 8The fired-up Oakland Athletics came out swinging, and Chris Young's day was short-lived. Newcomer Adam Dunn hit a two-run homer as Oakland jumped to a five-run lead in the first, and Young failed to make it out of the inning as Seattle lost 6-1 to the Athletics on Monday. "I wasn't sharp. My stuff wasn't good, it was flat," Young said. "They came out super-aggressive, you could see it.

    Read More
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What Billionaires Wager During March Madness

b_250_0_16777215_00_images_obgrabber_2014-01_65c8f31dab.jpgiStock/Thinkstock (NEW YORK) -- How much are billionaires Warren Buffett and Cleveland Cavaliers owner Dan Gilbert betting each other during March Madness? Like the fictional and very wealthy Duke brothers' infamous $1 bet in the 1983 film Trading Places, probably nothing at all. "I doubt there's going to be any money wagered," said the spokesman for Gilbert's company, Quicken Loans, adding that the two business executives might have a "goofy prize for fun."

On Tuesday, Quicken Loans announced in a marketing ploy that it is offering $1 billion for a perfect bracket completed through this year's men's college basketball championship tournament, commonly known as March Madness. Buffett's investment company Berkshire Hathaway is offering an additional $2 million in prizes for 20 of the most accurate brackets. The pair plan to fill out their own brackets and have a side bet on the tournament, The New York Times reported.

But just because they are some of the richest people in the country, they aren't going to go squandering it all on the NCAA basketball tournament.

Warren, 83, chairman of Berkshire Hathaway, is worth around $58.5 billion, according to Forbes, and is one of the most philanthropic people in the world. True to his charitable history, his company is donating an additional $1 million to educational non-profits in Detroit and Cleveland. Gilbert, 51, is chairman of online lender Quicken Loans and has owned the Cavaliers since 2005. His net worth is about $3.9 billion, according to Forbes.

"As of right now no brackets have been filled out by Dan or Warren," said a Quicken Loans spokesman. "It was just something fun they were talking about doing around the office in future."

Buffett and Berkshire Hathaway did not respond to a request for comment.

Copyright 2014 ABC News Radio

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