Billionaires Lose Billions; Nation Blames Press
A new poll shows that 77 percent of Americans blame the press for making the financial crisis worse. Let's do our part and celebrate the extraordinary achievement of Anil Ambani, the Times of India's 2006 Businessman of the Year. Forbes reports that Ambani registered the biggest individual loss among very rich people in 2008. After appearing on Forbes' cover in March for "having added $24 billion to his fortune in one year," Ambani has since lost $30 billion. But he still has $12 billion, which makes him luckier than the former richest man in Russia, Oleg Deripaska, whose $28 billion has so dwindled that he's borrowing money just to hang onto his remaining equities.
He's still got billions, though. In fact, none of the folks on Forbes' "Billionaire Blowups" list is going to miss a meal -- not even Britain's David Ross, who went from billionaire status to a pathetic $150 million, requiring him to resign from several boards in disgrace. Ha ha! The market may be up at the moment, but just by repeating this story we're sure to drive it back down by closing. Behold the power of the press!
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