Lost Wealth

madoff-51From 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.

And:  The 17th floor of Madoff’s office, where wealth went to vanish

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.

From CNN Money: Report: Saudi’s Prince Alwaleed lost $4B this year – Dec. 14, 2008 

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” 

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