Topic: Black Jack as a business rescue (history) - page 2. (Read 265 times)
For me this looks more like a movie script, because that whole story has that feeling of a happy ending. In modern reality this is totally unreal. A companies bookkeeper would gone nuts if founder withdraws cash from company's bank account, and brings back x5. Such company would have lots of questions and troubles from tax authorities. Since FedEx is rather young company, I doubt that such scheme was available to perform in 70s, specially in States. Just imagine, FedEx, founded in 1970s, already make aircraft deliveries, and cant cover $5k debt.
Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?
This topic has been discussed here already, How Fedex turned CEO turned company around after a gambling session.
But to win like 10 times your initials is indeed too much. I don't think this story is realistic but nevertheless funny. Probably though a complete fwvricstion. Most big companies were started by men who were already rich, but just don't like to admit it it's not an achievement to be born rich.
If he used $5000 deposit to win $27000. That is 5.4 times of the initial deposit and not 10 times of the initial deposit. But I also do not believe in something like this because even if it is true, it will only encourage people to gamble and think they can do it too but what will happen to them most are losses. 
Would be banned from a Vegas table turning in high stakes and utilizing a lot of strategy. In casino rules black jack it is possible to count cards to minimize the chances of losing. Of course it's very boring and also very easy to notice from the side of the casino. So to win 1k on a 25k initial deposit, ok maybe.
But to win like 10 times your initials is indeed too much. I don't think this story is realistic but nevertheless funny. Probably though a complete fwvricstion. Most big companies were started by men who were already rich, but just don't like to admit it it's not an achievement to be born rich.
But to win like 10 times your initials is indeed too much. I don't think this story is realistic but nevertheless funny. Probably though a complete fwvricstion. Most big companies were started by men who were already rich, but just don't like to admit it it's not an achievement to be born rich.
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Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?
To your first question, it's a yes, the story is completely true, I think I am actually one of the first persons to post about this story on this forum way back 2020 or 2021, can't possibly go back to my post history to dig that out now, but I will do it some other time when I have good time.1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?
To your second question, to be honest with you, I wouldnt dare do such or take such risk while my eyes are clear.
But on the other hand, faith can make people do crazy things attimes, and also think of it this way, maybe he had no choice, not having another choice or alternative can push you to do what you have to do regardless of the possible result of the outcome, imagine if he hadn't gambled with that money? The company would have gone bankrupt, and if he had gambled and lost it, the gamble also would have gone bankrupt, so, instead of allowing the money to lay there and waste, I think risking it was the best option, and thank God it paid off for the company.
1. Do you believe this story?
There is possibility that it is true. But I can not believe it.2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
I can never do the same. I will look for a better way than to lose more money. The probability of losing more money is higher if I gamble with the money.3. What would you do if you lost and was there any alternative solution?
I can not do it, not to talk of losing. 
Today I read an interesting story that is more like a myth. And this semi-myth is associated with the FedEX company, gambling and the founder of this company, Frederick Smith. Unfortunately, I have no way to verify this fact, but maybe someone who knows the history of this corporation well will write about the accuracy of these facts. As legend has it, early in its history, when FedEX was a small company, its business fell on hard times. The moment came when the company's debt began to amount to $24,000 and this amount was needed in order to pay the debt for fuel. However, the company only had $5,000 on its balance sheet. Frederick Smith withdrew this money and went with it to Las Vegas to play Black Jack in a casino. The story goes that Smith won $27,000 at the casino and paid all expenses. In this regard, as usual, I have several questions:
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?
1. Do you believe this story?
2. Regardless of whether this is true, would you do the same? That is, if your company was on the verge of bankruptcy, would you bet the remaining money on casino games?
3. What would you do if you lost and was there any alternative solution?
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