| Andrew Beal |
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| CATEGORIES ABOUT ANDREW BEAL | |
| american poker players | |
| people from dallas | |
| people from lansing, michigan | |
| 1952 births | |
| living people | |
| american billionaires | |
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EARLY LIFE Beal wanted to be a businessman since he was a teenager in Lansing , Michigan . During his years in High School , he would earn money by fixing televisions and installing apartment alarms, and with his friends he began to relocate dislodged houses. Beal linked hydraulic jacks and his friends would raise the homes at night, then move them. Beal enrolled at Michigan State University , but he became bored with classes and dropped out. His mother was disappointed at first, but she would later cope with the fact that Beal had dropped out, because at age 19 Beal bought a house for 6,500 dollars and started renting it for 119 dollars a month, which eventually led to his first net gain as a businessman. BUSINESS CAREER In 1981 , Beal bought a project building in New Jersey , the Brick Towers . Beal became known for buying properties that no one else would want; he figured out that everything he bought could be turned into a profitable property. His business strategy paid off, and in 1988 , he was able to open his first bank in Dallas . This was the year that he moved to Texas. At first called Allegiance Savings And Loan Association , the tiny building was the first bank of the company that would later be renamed to "Beal Financial," which now includes Beal Bank , Beal Savings Bank , CSG Investments, Inc , Loan Acquisition Corporation , and Beal Mortgage Services . In 1989 , Beal spent a weekend in San Antonio , buying houses that had been put on the market. The houses he bought, which were all on discount, made him a 15 percent profit. By the end of the year, his institution had opened six branches in Texas and undergone its name change. During the 1990s , Beal Bank tried to expand his Beal Bank 's services to include international markets such as Russia and Mexico . These attempts failed, however, and Beal became uninterested in foreign expansion. In 2000 , Andrew Beal bought over 1 billion commercial loans from the SBA . Sticking to his business strategy, Beal made sure that these loans belonged to small businesses that were in economic trouble or unlikely places. These included loans made to businesses in Palau , and the United States Virgin Islands , where some local businesses had borrowed money from American institutions after Hurricane Hugo . The loans deal paid off greatly, thanks in part to Beal Bank's pursuing strategies and debt collectors, which have been criticized by people like Donna Christian-Christensen , the Virgin Islands congressional delegate who once sent the bank a letter asking for the bank to be gentler towards customers who still had not met with the payments agreed upon. After the September 11, 2001 Attacks , Beal once again went against what some call "common business sense", and he actually began buying Airline bonds. He figured the airlines would recover from the tragedy; airline bond prices were very low at the time preceding the attacks, and Beal bought them expecting to sell them once they raised in price again. Beal Bank makes about 70 million dollars of profit a year from those bonds.. POKER PLAYING A blackjack player in his youth, in . While the games outlined in Craig's book ended in 2004, Beal returned to Las Vegas from February 1-5, 2006 to once again take on "The Corporation" in a $50,000/100,000 Limit Hold 'Em match at the Wynn Las Vegas Casino. Opponents included Todd Brunson , Jennifer Harman , Ted Forrest , and others. At the end of this challenge, on the fifth day, Beal was down about $3,000,000 but, always the optimist, Beal boasted of beating the pros three of the five days. He then returned to the Wynn a week later, and won approximately $10 million dollars from the Corporation during daily poker sessions from February 12-15. The games resumed February 21-23, with Phil Ivey representing the Corporation against Beal at limits of $30,000/60,000 and $50,000/100,000. During these three days, Beal lost over $16 million to Ivey, and declared himself finished with poker forever. MATHEMATICAL WORK Beal's work in mathematical Number Theory includes his 1993 discovery of Beal's Conjecture , and he has offered a $100,000 (US) prize for its proof or disproof. |
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