Opinions

And we thought the economy was bad for us…

Posted by Gretchen Hyman on September 30th, 2008 at 12:00 am

Despite the horrifying rollercoaster ride going on right now in the world economy, it gave me pause (and an inkling of comfort) to read a story on Forbes.com about how some of the wealthiest individuals and corporations have fared over the last 12 months -- and the news wasn't good, as we all know.

The Forbes piece, written by Matthew Kirdahy, stated that among some of the richest Americans, a group of them had lost an average of $1,000 every 1.6 seconds, or $633.78 per second.

Ouch!

News Corp. CEO and legendary grump Rupert Murdoch saw his fortune take a $2 billion hit, reduced to a meager to $6.8 billion, which tallies out to losing $1,000 every 15.78 seconds, or $1.5 million every hour.

Big ouch!

Financial baron Warren Buffett saw his fortune decline by $2 billion in the last year to $50 billion. Kirdahy calculates that loss to be $1,000 every 15.78 seconds.

Other honorable mentions included Charles Ergen, CEO of DISH Network, who in the last year lost $1,000 every 15.03 seconds, or roughly $66.55 every second.

And Sheldon Adelson, CEO of the Las Vegas Sands, saw his company shares fall 65 percent from a year ago, averaging out to a loss of $1,000 ever 2.4 seconds, or $411.95 per second.

On a more optimistic note, Michael Dell, of Dell Computer, actually made $100 million over the last 12 months, earning $1,000 every three minutes and 20 seconds, or $3.17 per second.

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