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 Replies: 8 / Views: 1,101 |
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Pillar of the Community
United States
1247 Posts |
Did anyone read the front page article in the Oct.10 CoinWorld about Ohio's first divestment sale which were error coins? How do you get a gross profit of $128,000 from a $850,000 sale that had an original cost of $805,000  |
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Rest in Peace
United States
954 Posts |
Got me on that one Bill. I am going to read that article now. (VBG)
catman
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Pillar of the Community
 United States
1247 Posts |
Don't worry about it too much Steve. I'm sorta making a joke out of this. You see the $805,000 figure *could be* transposed from $850,000 or the $850,000 *could be* transposed from the $805,000 figure. If that is the case then the transposed figure would be incorrect which would mean....hehehehehehehe, there are some numbers "missing."  Edited by longnine009
10/05/2005 03:35 am
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Rest in Peace
United States
2884 Posts |
I was wondering about the math as well. I noticed they used the term "Gross Profit" instead of "Net profit". Maybe it's supposed to look better to the taxpayers than saying a net profit of $45,000.00. This sounds like the kind of math that got them all in hot water to begin with!Mike[:0]
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Pillar of the Community
United States
1247 Posts |
Oooooh, that would really be bad. I'd like to know what the real figures are here. Because if it really is $45,000 at a cost of $805,000 that's not a very impressive gain. And it that's over five years it's not even passbook interest.
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Pillar Of The Community
3147 Posts |
One needs to keep in mind that states are not used to profit in any way. All they (government) know is HOW TO SPEND! Making money off of anything is, more than likely, not really considered which is very apparent in all forms of government. Easy to spend when its someone else's money and why would you concern yourself with actually trying to make money when the taxpayers will just keep giving you all you need? Thats the real mentality of our leaders so spending is the only issue. Actually I was quite proud when I learned Ohio actually had invested in rare coins as someone, at the time, had the foresight to see the potential and they did it. They didn't do well after that as billing, inventory and records apparently weren't well kept and that is also typical government. The idea was great, the program was exceptional but the business end was poorly run? They had a good thing going, with huge profit potential going, and blew it! Government isn't real profit oriented but they do love the flip side, and thats unending spending.
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Pillar of the Community
United States
2724 Posts |
quote:
Originally posted by longnine009
How do you get a gross profit of $128,000 from a $850,000 sale that had an original cost of $805,000
Maybe it is that "NEW FANGLED" math.  |
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Valued Member
United States
421 Posts |
I read that same article earlie this week and wondered if it was new math or something. ;)
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Rest in Peace
United States
2684 Posts |
quote:
Originally posted by longnine009
Don't worry about it too much Steve. I'm sorta making a joke out of this.
You see the $805,000 figure *could be* transposed from $850,000 or the $850,000 *could be* transposed from the $805,000 figure. If that is the case then the transposed figure would be incorrect which would mean....hehehehehehehe, there are some numbers "missing."
That whole Ohio investment scheme has been riddled with tranpositions from the get-go. The only question remaining is how many people are gonna go to jail for their involvement in it. quote:
"and Bo Diddley said... 'Uh, what's in it for me?..'
Story of Bo Diddley
The Animals
Longnine009, now you got my mind going on "Bo Diddley, Bo Diddley, have you heard? We're gonna jump from a big iron bird" (lyrics cleaned up a little). I think I first heard this marching chant at Ft. Dix, NJ in 1968. Still can't get it out of my head. |
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Replies: 8 / Views: 1,101 |
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Posted 10/05/2005 03:21 am
