Investment Banking Explained...

PhilMetcalfe

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Young Charlie moved to Essex 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 Charlie, but I have
some bad news. The donkey died.'"

Charlie replied, "Well then, just give me my money back."

The farmer said,"Can't do that. I've already spent it."

Charlie said, "OK, then, just bring me the dead donkey."

The farmer asked, "What will you do with a dead donkey?"

Charlie said, "I'm going to raffle him off."

The farmer said, "You can't raffle off a dead donkey!"

Charlie said, "Yes I can. Watch me. I just won't tell anybody he's dead."

A month later, the farmer met up with Charlie and asked, "What happened
with that dead donkey?"

Charlie said, "I raffled him off. I sold 500 tickets at two quid each and
made a profit of £998.00."

The farmer said, "Didn't anyone complain?"

Charlie said, "Just the guy who won. So I gave him his two quid back."

Charlie now works for Morgan Stanley. :)
 

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