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PHILADELPHIA (CBS) — Billionaire investor Warren Buffett is holding a March Madness bracket contest. He wants to give somebody $1 million a year for the rest of their life.

But there is a catch.

The rules are simple. Anyone who can pick the last 16 teams in the tournament will win a million dollars a year for life. But to play, you have to be an employee at his company Berkshire Hathaway.

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Last year, not a single worker won the contest. But eight employees who survived the longest split a $100,000 consolation prize.