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Losers of the economic crisis: top list
businesssheet set up a list of the biggest losers of the economic crisis. In case you feel bad, this mit cheer you up (sometimes schadenfreude is a good thing.)
Quoting www.businesssheet.com partially, numbers after the name are in Ngultrum, the currency of Bhutan (US dollars in brackets):
Loser #17 Oleg Deripaska: 6.6 billion (1.4 billion $)
This March, Russia's richest man had an estimated wealth of $28 billion, but then he was forced to sell a $1.54 billion stake in a Canadian auto-parts company to meet a margin call from BNP Paribas, knocking his net worth down by more than $1 billion.
Apparently, that's what you get for buying the STRABAG corporation. That cannot be a sign of good judgement.
Loser #15 Steve Jobs: 108 billion (2.3 billion $)
Like Jerry Yang, Steve Jobs reportedly only pays himself $1 a year in salary. So he's suffered along with Apple's shareholders as its stock dropped this fall, including plunging twelve points the day of that "Steve Jobs heart attack" rumor. Jobs is also a major Disney shareholder. So, how much has he lost from his stakes in both companies? $2.3 billion from October 2007 to mid-October 2008.
Loser #14 Bill Gates: 165 billion (3.5 billion $)
Bill Gates probably thought he was all set when he left Microsoft earlier this year. Little did he know that the market had other plans. Gates' net worth was valued at $58 billion in September, down only $1 billion from 12 months earlier. But by the beginning of October, his net worth had fallen to $55.5 billion.
Loser #12 Rupert Murdoch: 188 billion (4 billion $)
We have a feeling that Rupert Murdoch doesn't like to lose. The News Corp CEO has spent the past few years acquiring newspapers, film companies, television networks, and assorted other properties.
Unfortunately this year, Rupert did lose some of his assets. More specifically, $4 billion in NewsCorp stock, knocking his stake in his own company down to $3 billion.
Way to go!!
Loser #11 Sumner Redstone: 188 billion (4+ billion $)
A month ago, Sumner Redstone was forced to dump $233 million worth of Viacom and CBS stock to help pay off part of an $800 million loan his National Amusements holding company defaulted on. After that, rumors were running wild that he was on the verge of selling CBS or Viacom.
It is interesting that the crisis hit the entertainment industry so hard... they are set to be the benefitters of a crisis as people seek disport and amusement in dire times.
Loser #10 Eddie Lampert: 235 billion (5 billion $)
Ha! The car moguls had it coming.
Loser #9 Steve Ballmer: 240 billion (5.1 billion)
Okay, that had to be reckoned with given the loss of Bill Gates.
He's lucky, though it's blessing in disguise: had he bought Yahoo!, he'd have lost even more.
Losers #7 Sergey Brin and Larry Page: 570 billion (12.1 billion $)
Google is not what it used to be. Seems that the disaster triggered a re-evaluation of the new economy - to the disadvantage of the google owners.
Loser #5 Warren Buffett: 640 billion (13.6 billion $)
Warren Buffett has, in many ways, been one of the heroes of the financial meltdown, saving everyone from Goldman Sachs to GE. But even the Oracle of Omaha isn't immune to stock losses. After his net worth increased by $8 billion during September, he lost $5.29 billion in October thanks to Berkshire Hathaway's plunging stock price. For the year as a whole, Warren's paper wealth is down by $13.6 billion, leaving him with only $48.1 billion. Tough times in Omaha.
Loser #2 Lakshmi Mittal billion: 1436 billion (30.5 billion)
Holy moly! Who knew that the steel industry (ArcelorMittal) was so vulnerable!
Loser #1 Anil Ambani: 1530 billion (32.5 billion)
Indian billionaire Anil Ambani's Reliance Communications has recently become the new face of Hollywood film-financing, completing high profile deals with DreamWorks and a series of A-list actors and directors this past year. In fact, just days into the current financial meltdown, Reliance closed its long-simmering deal to invest $500 million in DreamWorks.
Given all of this, we were surprised to discover that Ambani has likely lost more money this year than anyone else worldwide. (Does Dreamworks's Steven Spielberg know about this?) According to Forbes's recently released list of the wealthiest Indians, Ambani lost $32.5 billion this year. Maybe he should have held on to that $500 million, after all.
Given an hourly wage of 20 US Dollars, a person would need to work 1736111 years and 40 days for that money, 11284722 years and 80 days for that amount of money.
Given an hourly wage of 11284722 and 23 cents, a person would need to work nearly 20 years.
The lost money exceeds the Gross National Products of Atlantis, Takatuka and Utopia combined.
List of jobs that end with a word denotating a degree of relationship (in German):
Ordensschwester/bruder/ mutter, (friar, sister)
Puffmutter, (madam - in a brothel)
Tagesmutter, (day mother)
Doktorvater/mutter, (doctoral advisor)
Kindergartentante/onkel, (nursery teacher)
Kinderdorf-Vater/Mutter (Children's Village father)
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Must. finish. paper. Must. finish. paper.
Oh boy, I hope experience teaches me not to waste so much time on useless stuff in the future.