FARK.com: (6981233) Worried about your 10 shares of Merck losing a point or two during yesterday's market sell off? Well, the 20 richest people on the planet lost a total of $11.3 billion

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		Worried about your 10 shares of Merck losing a point or two during yesterday's market sell off? Well, the 20 richest people on the planet lost a total of $11.3 billion (businessweek.com)		25
		More: Fail, Lakshmi Mittal, Merck, Sheldon Adelson, Carlos Slim, Las Vegas Sands Corp., LVMH, holding company, Warren Buffett

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1428 clicks; posted to Business » on 07 Mar 2012 at 9:39 AM | Favorite | share:

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Cheesus		2012-03-07 09:55:35 AM

And it didn't hurt them one goddamned bit. That's why a lot of us are so adamant about raising their taxes.

UNC_Samurai		2012-03-07 09:57:21 AM

At least they actually took that loss.

Most people aren't upset with other people making money; the problem stems from socialized risk and privatized profit.

tenpoundsofcheese		2012-03-07 09:59:51 AM

Cheesus: And it didn't hurt them one goddamned bit. That's why a lot of us are so adamant about ~~raising their taxes.~~ taking more of their money

ftfy.
just call it what it is.

wingnut396		2012-03-07 10:01:17 AM

Really, the world's richest people sold all that stock. Or do you mean the current value of their portfolio went down that much, but that they in fact saw no loss as they still hold the stocks in question?

TNel		2012-03-07 10:01:21 AM

Buffett loosing 500million of his 49 billion OMG!!!!!

tenpoundsofcheese		2012-03-07 10:01:43 AM

UNC_Samurai: At least they actually took that loss.

Most people aren't upset with other people making money; the problem stems from socialized risk and privatized profit.

But they actually didn't take any loss.
It is all paper loss and when the stock goes up later, paper gains.

Interesting that after "losing" a lot, Adelson exercises warrants to buy more. That is how they make more money.

madcan34		2012-03-07 10:04:55 AM

tenpoundsofcheese: Cheesus: And it didn't hurt them one goddamned bit. That's why a lot of us are so adamant about raising their taxes. taking more of their money

ftfy.
just call it what it is.

And even after taking more of their money a difference still won't be made.

Foolish spending is foolish spending, no matter how much money you have or from where it came.

wowzer97pooh		2012-03-07 10:22:17 AM

So, it's down to the 0.99% versus the 99.1%?

I for one welcome our new former overlords. Don't touch my stuff.

hubcity		2012-03-07 10:30:01 AM

FlashHarry		2012-03-07 10:34:48 AM

TNel: Buffett loosing 500million of his 49 billion OMG!!!!!

at least he's not losing it. o_O

Tyrone Slothrop		2012-03-07 10:44:11 AM

tenpoundsofcheese: Cheesus: And it didn't hurt them one goddamned bit. That's why a lot of us are so adamant about raising their taxes. taking more of their money

ftfy.
just call it what it is.

If they don't like it, they can move to another country. I hear Somalia's nice this time of year.

HotIgneous Intruder		2012-03-07 10:48:45 AM

The more you have, the more you have to lose.

mod3072		2012-03-07 10:51:39 AM

I lost a quarter under the refrigerator yesterday, so I feel their pain.

Strik3r		2012-03-07 11:00:26 AM

mod3072: I lost a quarter under the refrigerator yesterday, so I feel their pain.

You have a refigerator ????? what a snob..................

Rent Party		2012-03-07 11:30:35 AM

And they'll make a killing next week when they buy up all the deals from the cows that panicked and sold rather than hold.

The market is a study in herd mentality.

KarmicDisaster		2012-03-07 11:52:29 AM

Well, the 20 richest people on the planet ~~lost~~ got a tax writeoff for a total of $11.3 billion

/FIFY

Elminst		2012-03-07 12:14:31 PM

tenpoundsofcheese: UNC_Samurai: At least they actually took that loss.

Most people aren't upset with other people making money; the problem stems from socialized risk and privatized profit.

But they actually didn't take any loss.
It is all paper loss and when the stock goes up later, paper gains.

Interesting that after "losing" a lot, Adelson exercises warrants to buy more. That is how they make more money.

THIS.
It's not loss until you cash it out.

Cinaed		2012-03-07 12:45:20 PM

tenpoundsofcheese: But they actually didn't take any loss.

Let me tell you about 'Net Worth'.

mod3072		2012-03-07 01:00:23 PM

Strik3r: mod3072: I lost a quarter under the refrigerator yesterday, so I feel their pain.

You have a refigerator ????? what a snob..................

You're just jealous of my success, class warrior!

all the good names are gone		2012-03-07 01:49:01 PM

F*ck them.

Smeggy Smurf		2012-03-07 01:54:49 PM

Cheesus: And it didn't hurt them one goddamned bit. That's why a lot of us are so adamant about raising their taxes.

That sounds like you never expect to be wealthy. Defeatism never gets you anywhere.

brantgoose		2012-03-07 03:39:05 PM

On behalf of the 20 richest people in the world I would like to say: "Meh. It was just paper losses. You have to know how to roll with the punches during a technical market correction, or you should get out of the market." As my boss would say, "nobody got killed". No worries mate.

Speaking of a billion dollars:

Mom: How much does that over-sized place mat cost?
Zap Brannigan: Exactly one billion dollars.
Mom: A billion dollars. Now that's walking around money!
-- "War is the H Word", Futurama

One billion dollars today is only $50 million in real money. Or as John Jacob Astor put it back when a million dollars was worth a million dollars: "A man who has a million dollars is as well off as if he were rich."

FTGodWin		2012-03-07 04:29:34 PM

These are NOT the 20 richest people in the world.

SN1987a goes boom		2012-03-07 06:14:09 PM

Worried about your 10 shares of Merck losing a point or two during yesterday's market sell off? Well, the 20 richest people on the planet lost a total of $11.3 billion

Or as they call it, toilet paper.