Get out your violins......

[marmar]

World’s Richest Lose $17 Billion as Slim’s Fortune Drops
By David De Jong - May 11, 2012 5:58 PM ET


(Bloomberg) The world’s 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 & Poor’s (SPY) 500 Index to a two-month low.

Carlos Slim, the world’s richest man, lost the most. The Mexican mogul’s 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 mogul’s 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 hasn’t succeeded in Spain, in Italy, in Serbia and in Poland. That must hurt for Latin America’s 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

[rocktivity]

1. Sounds like gig for the DU "Cry Me A River" String Quartet!

rocktivity

[onethatcares]

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]

3. Just more money

they'll have to recover from the middle class. No problem whatsoever. They have the tea party to help.