Sat Nov 17, 2012, 07:51 PM
marmar (63,335 posts)
World’s Wealthiest Lose $26 Billion as Fiscal Cliff Nears
$26 billion in 'phantom' wealth, as David Korten calls it.
(Bloomberg) The 100 wealthiest people on the planet lost $26.1 billion from their collective net worth this week as global markets fell amid concern about the U.S.’s so- called fiscal cliff and Europe’s debt crisis.
Microsoft Corp. (MSFT) co-founder Bill Gates, 57, lost $1.8 billion as shares of the world’s largest software maker retreated 8 percent during the week. The Redmond, Washington- based company replaced its Windows division chief Steven Sinofsky on Wednesday, less than a month after the release of Windows 8. Gates, the world’s second-richest man, is worth $60.4 billion, according to the Bloomberg Billionaires Index.
“Investors got buried under global headlines,” Jack Ablin, chief investment officer at BMO Harris Private Bank in Chicago, which oversees about $60 billion of assets, said in a phone interview. “Anything with an international growth bias got hammered.” .................(more)
The complete piece is at: http://www.bloomberg.com/news/2012-11-16/world-s-wealthiest-lose-26-billion-as-fiscal-cliff-nears.html
"For to be free is not merely to cast off one's chains, but to live in a way that respects and enhances the freedom of others." -- Nelson Mandela
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World’s Wealthiest Lose $26 Billion as Fiscal Cliff Nears (Original post)
|The Velveteen Ocelot||Nov 2012||#1|
|magical thyme||Nov 2012||#5|
Response to marmar (Original post)
Sat Nov 17, 2012, 07:56 PM
sheshe2 (10,092 posts)
2. The 100 wealthiest people lost $26.1 Billion?
How I cry for them!
You know something, our colors are getting brighter and bolder every single day! It is the color of change and it's beautiful~~~ The Color of Things "A man's character always takes its hue, more or less, from the form and color of things about him." - Frederick Douglass
Response to magical thyme (Reply #5)
Sat Nov 17, 2012, 09:36 PM
dixiegrrrrl (34,023 posts)
7. Oh the Hugh Manatee!!!!
However shall they cope?
if you are feeling disillusioned, perhaps you need to ask why you had illusions in the first place