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  • Hearing To Gather Comment On Marijuana Moratorium

    masoncounty logoThere will be 3 Public hearings at Tuesday evening's Mason County Commission meeting. The first hearing addresses where multifamily housing will be allowed in Mason County following recent passage of a bill that allows for tax incentives for low income… Read More +

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  • Cooler Weather Aids Crews Fighting Fire

    fireinsideus2Firefighters and local authorities are heartened by weather forecasts that call for cooler temperatures and higher humidity as they battle a destructive wildfire that has charred hundreds of square miles in Washington state and is the largest in state history. They… Read More +

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  • Mariners Past Mets 5-2

    mariners 8Kyle Seager drove in two runs, Mike Zunino homered into the second deck at Safeco Field and Dustin Ackley stole a home run with a leaping catch at the wall in the Seattle Mariners' 5-2 win over the New York Mets on Monday night. After losing two of three to the Angels after the All-Star break, Seattle got a solid start from Roenis Elias and improved to 8-2 all-time against the Mets. Elias (8-8) threw 5 1-3 innings before leaving with cramping in his left forearm.

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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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