Tuesday, January 06, 2009
Yet another one bites the dust
He was number 94 on the Forbes list of the world's richest people. He had fallen from number 44 on the Forbes 2007 rich list as his fortune declined from $12.8 billion to $9.2 billion in 2008. That should do it.
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6 comments:
Better to be newly poor than newly rich Heller said.
Who is Heller?
Joseph Heller.
Ah, like in Catch 22? You know, there are many Hellers in this world..
By the way, the way this guy Merckle lost a few zillions was in trying to short sell VW. He got caught up in a "short squeeze" -- I remember when that happened last fall -- the stock shot up to over 1,000 euros in a couple of days: amazing. Served them right -- bunch of Madoff guys speculating that VW would plunge. Porsche caught them with their pants down. So OK, life is a bitch. Why jumpo under the train for that?
Wow! Thanks AI. I didn't know about that deal with Porsche. Yeah, well sorry, Merckle. That's the way the küchen krumples ofr the vulturen.
Yep, it happened extremely fast, last Fall. I was watching the stock go up and down at an amazing rate--it was incredible. You can see the spike here. That's when Merkle and others that were short-selling VW got burned, badly, and had to cover their shorts at incredible losses. See what happens when the uptick rule is not in place? Hah!
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