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Rantings of a Sandmonkey

Be forewarned: The writer of this blog is an extremely cynical, snarky, pro-US, secular, libertarian, disgruntled sandmonkey. If this is your cup of tea, please enjoy your stay here. If not, please sod off

Friday, February 10, 2006

Some Quick Math

The owner of the company that owns the Egyptian Ferry that sank has been all over the news in Egypt repeating that he will give the families of those who drowned because of his employees' betrayal 150,000 [$26,000] per lost victim. The media inform us that this sounds really "big of him" considering that there was more than 1000 people who were lost in this tragedy, and normally when egyptians die in such accidents no one pays their families shit. That is, of course, until you do some quick math... The insurance policy on the ship- according to El Destour- stated that the Insurance company would pay his company $30,000 per victim, and for him to dispense it to the victims himself. Now, let's do some quick math: $30,000-$26,000= $4000. $4000 x 1000 victims = $4,000,000 dollars that the company is keeping to itself from money it should be giving to the families of the victims. That's EGP 23,000,000 million profit, over the other $4 million dollars he will get from the Insurance company in compensation for the sunken fairy. And let's not even think about how the man will not be obligated to pay the victims' families the other 150,000 EGP unless they show him a death ceritificate of their lost member, and since the Egyptian Law states that you can not issue such a certificate without a deadbody, and most of the dead bodies have not yet been recoverd, the man can keep the majority of the money himself for at least 5 more eyars, since that's how long it takes for the Egyptian law to declare a missing person to be officially dead. And people were wondering why the man was so calm and understanding on TV when they mentioned to him how the families of the victims destroyed the offices of his company. Bastard!

10 Comments:

At 2/10/2006 07:36:00 AM, Anonymous Einherjar said...

Wow, you are one fast typer.

 
At 2/10/2006 07:45:00 AM, Anonymous Anonymous said...

Sandmonkey,

I have found your blog via others and am finding it to be very interesting and helpful to understand the issues facing Egyptians and the Middle East.

Keep up the good work.

In regards to your last posting, greed is universal, no?

Nearly Normal from the USA

 
At 2/10/2006 09:02:00 AM, Blogger gawfer said...

AH HAH!
That's where the Democrats are hiding now.

 
At 2/10/2006 11:02:00 AM, Blogger scandiwoman said...

Vile, nasty, disgusting greed. How can people like him sleep at night? Makes you wonder.

 
At 2/10/2006 11:30:00 AM, Anonymous Mohamed said...

SM, anyone including the owner who'd think they're going to get a single penny from the insurance company knows nothing about the world they're living in.
First of all, any insurance policy would cover accidents due to nature, fires or human error (exactly like a typical car insurance), but non would cover lack of maintenance (hell, find me a company which would compensate you if your car engine got fried because you didn't change the oil for 30k miles) or safety measures or overloading the ship, and I think as soon as the owner realizes that, then he'll really start to panic, let alone forgeting his promise.

 
At 2/10/2006 11:42:00 AM, Anonymous jokerman said...

Sandmonkey
Please, figures in el Destour are not to be trusted at all. i thought you had more sense than believing those sorts of newspapers.

 
At 2/10/2006 11:51:00 AM, Anonymous Shehab said...

jokerman, el destrour is more trustworthy than any other news source in Egypt. what are you talking about ya 3am?

 
At 2/11/2006 01:14:00 AM, Blogger Vox Populi - Agent Provocateur said...

Waw! It shows that you work in finance!

 
At 2/12/2006 08:37:00 AM, Anonymous jokerman said...

Shehab
el destrour is more trustworthy than any other news source in Egypt??? & you are asking me what am i talking about??
trustworthiness in egyptian newspapers is a myth mr shehab.
maybe you are just way behind to see it. destour is trustworthy, pls dont make me laugh.

 
At 2/12/2006 09:00:00 AM, Anonymous Jokerman said...

Shehab
el destrour is more trustworthy than any other news source in Egypt??? & you are asking me what am i talking about?? you seem to have along way to go to realise how things are, that trustworthiness in egyptian newspapers is a myth ,mr shehab.
maybe you are just way behind to see it. destour is trustworthy, pls dont make me laugh,

 

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