I have no clue if this sub-forum is the right place for this article/topic, but I didn't really see any other place it might fit (maybe investing, dunno). But this story blew my mind on so many levels:

http://ftalphaville.ft.com/2015/02/2...-aviva-france/

cliffs:
- French insurance company offers a policy that allows the owner to buy/sell indexes at the previous week's price
- Lots of French people buy said policy
- Information technology catches up to the insurance company, passes it by and laughs
- Insurance company attempts reduce exposure to obvious arbitrage opportunity
- Courts rule against insurance company multiple times as they try to get out from underneath the contract they wrote
- ????
- Profit
- The dude profiled in the story is my hero

Lucky rich kid benefits from bad wager by insurance company. Kind of like casino promotions offering 2-1 on BJ, or a coupon for a free ace.

But the guy didn't do anything "heroic" or even "awesome." He merely won the lucky sperm lottery, and he's even wealthier because Dad faded the insurance company's bad wager.

In America a similarly-situated insurance company would have filed for Chapter 11 and discharged its contractual obligations in the BK.

Calling him a "hero" cheapens real-world heroes -- who often voluntary assume significant risks and suffer real sacrifices by saving lives or otherwise performing service to their fellow humans.

Everyone involved sounds like a scumbag.

[QUOTE=The dude profiled in the story is my hero[/QUOTE]

Probably time to reevaluate how you perceive reality.

Rich dad? Did you read how much the policy was originally bought for?

I see hyperbole is frowned upon in oot. My bad boys, my bad

I like when contracts are enforced, guess I'll head to the politics forum and hang out with my crazy friends there...

I was 92% sure this thread was going to be about me.

No argument here. Nor hyperbole -- TFA says that while Dad's initial investment was €8,000, the policy was only offered to the "wealthiest clients." Not poor dads.

This thread is the other 8%

Dude sounds like a grade A doucher. Great story otherwise though.

So basically he found a loophole that will make him rich, the company bankrupt and lots of people unemployed. True hero.

Dude but

He doesnt care about the 200 million, the man just wants his contract.... and the right to inject 20 more million into it after its obvious that he's going to bankrupt them.