Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGet out your violins......
Worlds Richest Lose $17 Billion as Slims Fortune Drops
By David De Jong - May 11, 2012 5:58 PM ET
(Bloomberg) The worlds richest people lost a combined $17.1 billion this week as concern over JPMorgan Chase & Co. (JPM)s $2 billion trading loss and the weakening euro pushed the Standard & Poors (SPY) 500 Index to a two-month low.
Carlos Slim, the worlds richest man, lost the most. The Mexican moguls fortune fell by $4.2 billion during the week as shares of his Mexico City-based America Movil SAB (AMXL) dropped 3.82 percent, its biggest weekly loss since December 2011.
The company, the biggest wireless carrier in the Americas, said May 8 it would spend as much as $3.4 billion to buy additional shares of Dutch phone operator Royal KPN NV (KPN) in an effort to further the moguls European ambitions.
America Movil investors see a lot of problems in his bid for KPN, Jos Versteeg, an Amsterdam-based analyst at Theodoor Gillissen Bankiers, said in a telephone interview May 11. Slim has found it extremely difficult to get a foothold in the European telecom market. He hasnt succeeded in Spain, in Italy, in Serbia and in Poland. That must hurt for Latin Americas most successful businessman. ...................(more)
The complete piece is at: http://www.bloomberg.com/news/2012-05-11/world-s-richest-lose-17-billion-as-slim-s-fortune-drops.html
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
3 replies, 1446 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
3 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Get out your violins...... (Original Post)
marmar
May 2012
OP
rocktivity
(44,583 posts)1. Sounds like gig for the DU "Cry Me A River" String Quartet!
rocktivity
onethatcares
(16,204 posts)2. damn, one person controls that much of that
section of the world wide economy?
No wonder we smaller peons have to beg for bread.
Turbineguy
(37,392 posts)3. Just more money
they'll have to recover from the middle class. No problem whatsoever. They have the tea party to help.