Adolf Merckle - Ouch

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Fortune500

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Not all good news for speculators. Perhaps T2W should open a forum on shorting:
FT.com / UK - Merckle in talks with banks after losses over VW shares

"Adolf Merckle, the owner of a large family group that employs more than 100,000, is in talks with a consortium of banks after losing a large sum by making bets on a falling VW share price.

Several bankers said that Mr Merckle's VEM investment company made a "high three digit million euro" loss after selling shares of Europe's biggest carmaker short. Neither Mr Merckle, who always keeps a very low profile and is Germany's fifth richest person with a net worth of $9.2bn, according to Forbes magazine, nor anyone from his holding companies could be reached for comment yesterday"
 
I even read somewhere that he lost up to one billion shorting Volkswagen.

74 years old and still going strong.

Anyway, still leaves his 4 or so kiddies with 8 billion so they'll probably survive without going hungry.

No rewards without risk anyway eh.

;)
 
"Then, surprising everyone, Porsche revealed that it held options that would bring their control up to just shy of 75% of Volkswagen. Said the firm:

"The disclosure should give so-called short sellers... the opportunity to settle their relevant positions without rush and without facing major risks.""

I liked the latter part.

:LOL:
 
I can't believe he checked out simply because of the VW losses. Yeah, it's a staggeringly large sum of money but, if you're in the world top 100 rich list, then it's just a 'bad day at the office'. Oh all right then, a VERY bad day at the office. Even so, suicide doesn't make sense. If it was Bernard Madoff who'd killed himself, that would be more understandable, as he's looking at spending the rest of his days in jug. But Merckle - nah, I don't buy it, there's more to this story than than this - surely?
Tim.
 
It does seem odd,ok, he lost a bil but he is still worth 8 or so,there must be losses elsewhere that will come to light,no-one likes losing money, but when you are private jet level wealthy,I have to agree with timsk there's more to this story.
 
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