World’s Wealthiest Lose $26 Billion as Fiscal Cliff Nears

[marmar]

$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

[The Velveteen Ocelot]

1. My heart fucking bleeds.

[sheshe2]

2. The 100 wealthiest people lost $26.1 Billion?

How I cry for them!

[NightOwwl]

3. Well damn!

I wanted that 2nd level for my underground 22-car garage so badly!

[BlueCaliDem]

4. This'll put fire under Boehner's ass. His masters will be furious! eom

[magical thyme]

5. So jump fuckers, jump. Over the fiscal cliff they go...

Here's a string quarter playing just for you

[dixiegrrrrl]

7. Oh the Hugh Manatee!!!!

However shall they cope?

[Blue4Texas]

6. And fiscal cliff nears, to protect that top %

Rather than pay their share to US they lost on paper, what a deal

[geomon666]

8. Collectively that's nothing

Drop in the bucket for them.