From The New York Times: A Palm Beach Enclave, Stunned by an Inside Job
At the exclusive Palm Beach Country Club, trust extended to a fellow member turns to angst after the collapse of Bernard L. Madoff’s suspected $50 billion Ponzi scheme.
The tally of reported losses climbed through the weekend to nearly $20 billion, with a giant Spanish bank, Banco Santander, reporting on Sunday that clients of one of its Swiss subsidiaries have lost $3 billion. Some of the biggest losers were members of the Palm Beach Country Club, where many of Mr. Madoff’s wealthy clients were recruited.
The Saudi billionaire, who recently raised his bet on struggling Citigroup, has been hurt by financial crisis. But he’s still worth $17 billion.
From Forbes: Economy Shakes Wealthy’s Confidence
America’s rich grew even more pessimistic last month.
Sounds like there’s a lot of Forbes 400 folks hurting, but with all their wealth they won’t go hungry.
“Aim for Something”