Moscow Now Has More Billionaires Than NYC
The world's 25 richest billionaires:
Forbes released its report today on the world's billionaires, see the top 25 above (click to enlarge). Note that Indians represent three of the six richest people on the planet, and four of the eight richest people, compared to only two Americans. Of the top 25 richest people in the world, Russia has almost twice as many billionaires (7) as the U.S.Here's the full list of the World's Billionaires.
According to another report on the Forbes list, Moscow has overtaken New York City as home to the most billionaires, with 74 of the super-rich elite now counting the Russian capital as their home. By contrast, 71 billionaires live in New York, according to the magazine's annual list, which placed London in third place with 36.
Russia now counts a total of 87 billionaires, ousting Germany in second place but still trailing the first-placed United States, which has 469.
"Russia is again the dominant story in (Europe) this year. Its billionaires are just fast and fearsome. What's fascinating is that every single one of them is self made," said Forbes senior editor Luisa Kroll.
"We're not going to get into exactly how they got it but none of them inherited it and their average age is 46," she added.
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UBS Whopped By Fire Sale Talk
It looks like UBS is holding a running for the door fire sale of it's portfolio of Alt-A mortgages...
"The fear is that if this is the stuff UBS can sell easily, what can the rest of their portfolio look like?" remarked Peter Thorne, an analyst at Helvea in London. "If Queen Elizabeth sold her crown for £20 on eBay, that would tell you a lot."
Carlyle Capital Receives Default Notice
Carlyle Capital has sold about $1 billion in assets to improve its liquidity and reduce its risk.
Carlyle has also delayed payment on billions in loans and opened debt restructuring talks with creditors
Thornburg Mortgage Inc. a mortgage originator and investor, is facing similar calls and default notices from its creditors as the price of securities and debt has plummeted in the secondary markets.
Ambac to Sell Half the Company, Bet May Not Pay Off
"Ambac Financial Group Inc., the bond insurer seeking capital to salvage its AAA credit rating, will sell half the company in a bet some investors say won't pay off."
"The sale of common stock, managed by Credit Suisse Group, Citigroup Inc., Bank of America Corp. and UBS AG, is scheduled for tonight"
No surprise as money is fleeing the US in this over borrow, over spend highly indebted country, The implosion here will make the fall of the Soviet Union look small in comparison, The clock is ticking billion a day leaving to fund trade deficit, 9 trillion budget deficit, 57 trillion in unfunded entitlement programs, baby boomer with little or no saving, dollar falling like a stone commodites prices exploding. It's comming and it's to late to stop it.
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Becoming a billionaire in a forgein country is relativly easy, just hold any currency other then dollars and watch you wealth grow. The nice thing about it is one doesn't have to do anything, Let the FED rate cuts do the work for you.
Two words: blood money. The only thing I can glean from this is that these imbalances are going to create even greater problems for Russia...
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I find it highly appropriate that #11 is named Ka-shing.
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