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  • City's Poverty Task Force Falls Short Of Members

    sheltoncityCommunity Development Director Steve Goins asked the City Commission to reconsider requirements for potential task force members. Goins requested Resolution 1065-0414 be modified to reduce the wording from ‘seven members’ to ‘five to seven members’ to get the task force moving.

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  • Blue Angels Return

    blueangelsAs the Blue Angels return to Seattle for Seafair, so do Interstate 90 bridge closures. The state Department of Transportation is reminding motorists that the I-90 bridge over Lake Washington will be closed as the Blue Angels practice twice on Thursday… Read More +

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  • Lynch's Absence Means Opportunities In Seattle

    seahawks blueThe absence of Marshawn Lynch from Seattle Seahawks training camp means opportunity for Robert Turbin and Christine Michael. Turbin and Michael were already going to get the bulk of the work during the preseason with Lynch being prepped for the grind of the regular season. But with Lynch holding out, Turbin and Michael are getting a greater opportunity to show they can handle the load.

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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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