Who are the tycoons that got kicked off the Forbes rich list?
Real estate and market collapse hurt their worth, as did criminal charges A year of economic mayhem has cut a total of $300 billion off the collective net worth of The Forbes 400, pushing 32 tycoons who were on the list last year from our rankings. Even worse: These moguls couldn’t keep up despite the price of admission dropping from $1.3 billion to $950 million. Former billionaires fell for different reasons. Some could only watch as the sudden market collapse last fall erased 50 percent of their assets. Crumbling real estate prices and tightening credit crushed others. One lost his 10-figure fortune after being arrested for allegedly carrying out a $7 billion bank fraud. R. Allen Stanford’s fortune is probably gone forever. This February, the Securities and Exchange Commission charged the Texas banker with a $7 billion fraud. Sanford Weill, the architect and former chief of beleaguered Wall Street giant Citigroup, tumbled off our list as Citi fought to stay alive. Shares of Citi have
A year of economic mayhem has cut a total of $300 billion off the collective net worth of The Forbes 400, pushing 32 tycoons who were on … Sources: http://news.google.com/news/url?sa=t&ct2=us%2F0_0_s_0_0_t&usg=AFQjCNG4EQcUOdQgoOlKyqrBkqQqcDUe9Q&cid=1443006511&ei=rOfEStDuComm8wTl7Ptr&rt=SEARCH&vm=STANDARD&url=http%3A%2F%2Fwww.msnbc.msn.
