hesi6.docx - THE WHITE ELEPHANT Centuries ago in the country of Siam now known as Thailand it was the custom of the rulers that displeased them by

hesi6.docx - THE WHITE ELEPHANT Centuries ago in the...

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THE WHITE ELEPHANT Centuries ago, in the country of Siam, now known as Thailand, it was the custom of the rulers that displeased them by giving the offender a white elephant. Because the animal was considered to be could not be made to work as other elephants did, but still had to be fed hundreds of pounds of fruit and cared for in the most lavish style. The recipient could not give the elephant to anyone else, as it was the ruler, who would be greatly displeased should the recipient not receive the gift graciously or care for in a grand style. This monetary burden could be a major liability to the recipient and in many cases they became impoverished. This is the origin of the term "white elephant" as it is used today to denote an unwanted
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  • Spring '18
  • Implied volatility, Giving, white elephant

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