Wednesday, 17 December 2008

Bank ‘gambling’

Who’s going to be the next president of the United States?  Earlier this year the Portuguese Besto-Banco Electronico De Serviço Total launched a 60-day deposit called Deposito McCain/Obama. The interest rate depended on the results of the US presidential election.

When a client opted for that deposit, he had to forecast the outcome of the US presidential run. Clients who predicted Obama as the future winner received 8% fee instead of 2%. Call it gambling, but with an emotional and political edge to it. Maybe in 2010 a deposit proposition forecasting the winner of the FIFA World Cup in South Africa. Who? The Netherlands of course..

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