Wednesday, January 7, 2009

Global economic crisis - even a billionaire is not spared

source - Reuters / cnbc

It looks like even billionaires are not spared of the current global economy and financial crisis.

He is ranked 94th richest person in the world by Forbes magazines with assets valued at US9.2 billion dollars.

But on Tuesday, German billionaire and ranked 5th richest in that country, Adolf Merckle, 74, has become the latest casualty of the global financial crisis, he committed suicide by jumping on an oncoming train.

His family saying on Tuesday he was broken by the struggle to salvage their business empire.

Merckle, spent his life building a business conglomerate with about 100,000 employees.

The empire was poised to come crashing down after his family made wrong-way bets on skyrocketing Volkswagen shares.

The family has been under pressure to sell some assets or seek bridging loans and has been in talks with banks for weeks.

"The desperate situation of his companies caused by the financial crisis, the uncertainties of the last few weeks and his powerlessness to act, have broken the passionate family entrepreneur and he took his own life," a family statement said.

banking sources told Reuters that Merckle's losses were estimated at 400 million euros ($539 million).

If a billionaire is compelled to end his life that way, what more of those who barely meet ends needs in their daily life???

No comments:

Related Posts Plugin for WordPress, Blogger...