You May Already Be A LoserSubmitted by Chris Madcowski on Thu, 02/07/2013 - 19:14
Sorry this isn't one of my parody/satire posts. This one's actually real.
Wisconsin Lottery Commission Loses Jackpot Payout Funds Gambling on Govt Bonds
From Wisconsin MegaBucks Lottery - September 12 2012:
(Estimate Jackpot $5.8M annuity, $4.2M cash value)
NOTE: The annuity jackpot is funded by using the cash available to purchase government bonds that pay out over 25 years. Recent fluctuations in the stock market and a decline in the U.S. government's bond rating have made it much more expensive to buy these long-term securities. So, even as the cash jackpot continues to grow the estimated annuity jackpot might remain the same, or even decrease, from one drawing to the next.
Call me crazy, but doesn't it seem like the lottery people are saying that they took all the gambling money and gambled with it? Sure it's hard to feel sorry for those lucky few 'winners' who will be affected by this, but somehow it doesn't feel right to me nonetheless.