Wall Street Investment Banking Explained

Young Chuck moved to Texas and bought a donkey from a farmer for $100.
The farmer agreed to deliver the donkey the next day.
The next day the farmer drove up and said, ‚Sorry Chuck, but I have some bad news, the donkey died.‘
Chuck replied, ‚Well, then just give me my money back.‘
The farmer said, ‚Can’t do that. I went and spent it already.‘
Chuck said, ‚OK, then, just bring me the dead donkey.‘
The farmer asked, ‚What ya gonna do with a dead donkey?
Chuck said, ‚I’m going to raffle him off.‘
The farmer said ‚You can’t raffle off a dead donkey!‘
Chuck said, ‚Sure I can. Watch me. I just won’t tell anybody he’s dead.‘
A month later, the farmer met up with Chuck and asked, ‚What happened with that dead donkey?‘
Chuck said, ‚I raffled him off. I sold 500 tickets at two dollars apiece and made a profit of $898.00.‘
The farmer said, ‚Didn’t anyone complain?‘
Chuck said, ‚Just the guy who won. So I gave him his two dollars back.‘
Chuck now works for Morgan Stanley.