The recession continues to slam the super rich
Well, a great deal of the super rich, the really, really rich are really, really not so rich any more. Seems like the recession has cut into their fortunes far more than they ever thought possible. And it looks like they’re not coming back in the near or far future. Doesn’t matter if you had tons of money or just ounces of it if you invested in the likes of Lehman Brothers bonds you are out of luck. The money is gone, for good.
Question is do the rest of us – the less than super rich – feel sorry for the once high flyers. Are they worth our empathy? Do we really care if someone who once had north of $100 million has only several million left? Good question – the answer to which is perhaps not as simple as one would think.
There’s a well done piece written by David Leonhardt and Gerald Fabrikant examining the plight to the uber rich. Here’s the link: http://bit.ly/10GBoW