To understand why that is the case, one needs to first understand what makes someone a billionaire, and how they are deemed to be worth a billion dollars.
So, if he were to sell 1 Billion USD worth of it to write you a cheque, he might be able to pull it off due to the size of Facebook, but it would still take some time and his net worth might diminish considerably due to a drop in stock price caused by his mass selling of stock.
We have absolute proof that "US Funds. Furthermore, anything more than 1 Billion USD is a lot of money and would create a huge downward selling pressure that would drive the stock price down even further. Essentially, that would be pulling together the available cash from a group of big investment banks such as Goldman Sachs and JP Morgan in the form of a loan.
What Makes Someone A Billionaire?
Most of us could sell our shares and get cash in a couple of working days. Not Canadian" was written on the check by the American. Proceeds Might Not Amount To 1 Billion Dollars Just imagine if Mark Zuckerberg were to announce that he is going to sell all of his shares in Facebook, the market would panic and think that there is something wrong with the company and start selling all their shares in Facebook as soon as possible, driving the stock price down.
But that is nice and easy to correct - If someone at the bank just writes "US Funds" on the cheque then it matches their deposit batch perfectly. Usually, they would also have to put in a public notice to inform the public and all the other shareholders of the amount of stock they are planning to sell, from which they could only execute the transaction after a certain number of days, typically anywhere from 10 to 21 days, depending on the stock market their companies are listed on.
Your bank knows you intended to write the check in Canadian dollars, and should not have honored the transaction for the US bank otherwise. This seems like a pretty dumb fraud to commit. There in the US where the only place you can do anything with a foreign currency is the FX counter at the airport.
Is that not fraud? Do you think the payee did this on purpose or that they got confused somehow? That is because you would need time to find a buyer, draft up sale and purchase agreements and so on to get a property off your hands.
The cops are unlikely to actually do anything but it will make it easier for you to argue the charge if it gets put through again.
I would try to settle up via money order or some other more secure device than a personal cheque just to keep it clear that you are not attempting to take advantage.
Most of their assets will also be invested and locked in long term investments or be in the form of mortgages which they own.
To clarify - it was unquestionably understood by the American and I beforehand that Canadian funds would be sent and that the currency exchange would be covered. All because, in my experience, bank employees are not usually the sharpest knives in the drawer.
The Share Price Would Crash If they are selling 1 Billion USD worth of stock at one go, their share price would likely have crashed by the time the notice period is over, by which time their stake might not be worth 1 Billion USD anymore due to the steep drop in stock price. Basically what occurred with your cheque.
Yes, when you are a billionaire, properties are actually relatively cheap. Most of the billionaires you will find in the Forbes list of billionaires are deemed billionaires because of the value of the stock holdings they own in the companies they founded or inherited.
Can you go from zero to billionaire? That is also because it is pretty hard to find properties that are worth billions of dollars which you could own.
My first assumption would be the person who wrote US Funds on the cheque would be a bank or clearing house employee who was struggling to make it all balance so they could go on lunch. The cost of building mega-skyscrapers such as the Petronas Twin Towers and the Taipei are also only in the low billions of dollars, usually less than 5.
However, the story would be different if you were trying to sell anything more than a hundred million worth of stock from the same company all at once. You should expect them to cover all the expenses of their act, including fees you have to pay to reverse the check or similar.
She defaced the check by writing "US Funds" on it.
Some billionaires would find it hard to come up with 1 Billion USD in cash even if they wanted to and their lives depended on it, while others might take some time to mobilise that amount of cash. However the receiver writing "US Funds" on the cheque is obvious fraud in the they could go to jail for it sense and it is really unlikely your bank is going to pull that money back out of your account now that they have refunded it.
Canadian check to US bank. If you are a director or a significant shareholder of the company, there are also regulatory requirements in place whenever they would like to sell a significant portion of their stock.Jan 19, · Urgently need to write a cheque in Dollars - How?
19th Jan 09 at AM #1 ; Hi, For an application, I need to send a cheque for $10 to Kenya. They require it in dollars How would I do it? I have various accounts - which bank would be best for this?? This is quite urgent! Thanks a lot! Glad you like it!
I'm sending a cheque to the USA for a DVD which is not available in the UK, obviously. They want the cheque in US dollars and I'm just wondering can you write out a British cheque and put the figure in US $, is it that simple?
Sep 16, · Every USD is worth approximately Canadian dollars, but this rate can fluctuate. For example, $20 USD would be $ CAD. Therefore, if the person or organization you're writing the check to is expecting a certain amount in Canadian dollars, make sure the amount is correct.
Note the currency you're using%(33). Example: Write ten dollars and 99 cents on a check. ; Ten and 99/; Example: Write eleven dollars and five cents on a check.
; Eleven and 5/; Example: write a check for five dollars. Note the double zero—you should always have two digits to the right of the decimal. Five and 00/ Here, you can use one or two zeros, but two. Oct 22, · Question about writing a cheque? I want to make out a cheque for someone in the US so they can cash it in US dollars (I'm from Canada).
If I simply write the amount, will they automatically cash it in US dollars, or do I need to write Status: Resolved. We matched that to: Can I write a cheque in a foreign currency on my Canadian dollar account? Sending a foreign currency amount. To send a foreign currency amount, we recommend that you purchase an International Draft for $Download