Another day another couple of billion dollars


I read stories like this, Wealth of richest Arabs plunged in 2008

The wealth of the richest Arabs plunged in 2008, with Prince Alwaleed bin Talal, the richest of all, seeing his investments shrivel nearly 20 percent, according to a list published in Dubai on Sunday.

The Saudi prince’s wealth has shrunk by four billion dollars to 17.08 billion under the impact of this year’s global financial turmoil, Arabian Business online magazine said in a survey of the richest 50 Arab people.

The combined assets of the top 50 have plummetted by 25 billion dollars or 12 percent to 199.48 billion dollars, based on data calculated on December 2, the magazine said.

Despite his losses, Prince Alwaleed remains top of the list, though his wealth sank twice as much as that of second placed Nasser al-Kharafi, a Kuwaiti businessman whose value is estimated to have dropped by two billion dollars to 9.6 billion.

In May, Prince Alwaleed ranked 19 in the Forbes list of world billionaires with 21 billion dollars. His wealth includes a five percent stake in the troubled US banking giant Citigroup and a private Airbus superjumbo A380, dubbed as the “flying palace” and valued at 330 million dollars.

and am forced to remind one and all that all of those “Arabs” losses put together don’t equal what this one guy swindled from American investors!

Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion “Ponzi scheme” in what may rank among the biggest fraud cases ever.

The former chairman of the Nasdaq Stock Market is best known as the founder of Bernard L. Madoff Investment Securities LLC, the closely-held market-making firm he launched in 1960. But he also ran a hedge fund that U.S. prosecutors said racked up $50 billion of fraudulent losses.

Madoff told senior employees of his firm on Wednesday that “it’s all just one big lie” and that it was “basically, a giant Ponzi scheme,” with estimated investor losses of about $50 billion, according to the U.S. Attorney’s criminal complaint against him.