Biggest billionaire losers
November 19, 2008
If you’re feeling a little lighter in the stock account or 401k these days, take heart: Even a few of America’s richest individuals are feeling the pinch, too.
Some lost big with AIG. Others had a little too much faith in Citigroup or Wachovia.
Sure, a person who still has $1.3 billion to spare might be able to afford a loss of $500 million, but that’s still quite a bit of money to kiss goodbye.
So, which of the rich has been hurt the most by the Great Meltdown of 2008? Forbes, as you might imagine, is on top of such things.
When the magazine released its 2008 Forbes 400 in September, the price of admission to that august group was $1.3 billion. With Wall Street in freefall, some of the names that graced last year’s list are no longer included.
Here’s a short list of the big losers, with their standing for 2007 and 2008 and the primary source of their loss:
| Loser | 2007 | 2008 | Loss |
|---|---|---|---|
| Leslie Gonda | $1.4 billion | Off List | AIG |
| Louis Gonda | $1.7 billion | Off List | AIG |
| Maurice Greenberg | $2.8 billion | Off List | AIG |
| Ernest Rady | $2.1 billion | Off List | Wachovia |
| Clemmie Dixon Spangler, Jr. | $2.9 billion | $2 billion | Bank of America, Wachovia |
| Ernest Stempel | $1.7 billion | Off List | AIG |
| Steven Udvar-Hazy | $4.1 billion | $2.8 billion | AIG |
| Sanford Weill | $1.8 billion | $1.3 billion | Citigroup |
To read more about these individuals, and to see a slideshow, visit Forbes.
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