Tags: billionaires | losing | money

Yes, Billionaires Cry Too

By    |   Friday, 10 Oct 2008 02:39 PM

Regular, everyday investors are not the only ones feeling crushed by the fall in the financial sector.

Many of America’s richest men and women are seeing hundreds of millions of dollars being eaten by the global market meltdown, according to the latest Forbes 400 list of the world's richest people.

Here's a summary of some of the biggest losers:

• Maurice Greenberg. For the 2007 Forbes 400, he was the 135th wealthiest American. His net worth was $2.8 billion. But the former chairman of AIG had a lot of company stock. His stake has declined by $750 million just since August.

• Leslie and Louis Gonda, a father-and-son duo, both had spots on the Forbes 400 list. Son Louis had a net worth of $1.7 billion; father Leslie had a net worth of $1.4 billion. Today, neither are billionaires.

• Clemmie Dixon Spangler Jr. posted a $900 million loss to his net worth. The Harvard M.B.A. saw his fortune obliterated by exposure to Bank of America and Wachovia.

• Ernest Rady had a net worth of $2.1 billion last year. Rady headed a company that was bought by Wachovia for $3.9 billion in stock in September 2006. Wachovia stock is down more than 70 percent.

• Sanford Weill saw his net worth tumble by $500 million because of his floundering Citigroup stock. The former chief executive of Citigroup has seen his former company’s stock down 60 percent over the past year. He’s still worth $1.3 billion, though.

"The ultra-rich are getting hammered from this market fallout as hard, if not harder, than middle America. Middle America has investments in the stock market, 401(k)s, and their home values. All combined, they may be down 10 percent to 20 percent," says Greg Womack, author of the book, “Wisdom and Wealth: A Christian's Guide to Managing Your Life and Finances.”

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Regular, everyday investors are not the only ones feeling crushed by the fall in the financial sector. Many of America’s richest men and women are seeing hundreds of millions of dollars being eaten by the global market meltdown, according to the latest Forbes 400 list of...
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Friday, 10 Oct 2008 02:39 PM
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