And then there were these guys and new stuff

FROM FORBES.COM

Dozens of the world's wealthiest lost billions in recent months, but these 10 distinguish themselves for some of the biggest flops.

It was a dreadful year for the world's wealthiest as markets and currencies around the world tumbled.

More than 300 of the 1,125 billionaires we tallied on our annual list last March have since lost at least $1 billion; several dozen lost more than $5 billion. The 10 richest from our 2008 rankings dropped some $150 billion of wealth, dragged down by steel tycoon Lakshmi Mittal, estranged brothers Mukesh and Anil Ambani and property baron K.P. Singh, who together dropped $100 billion. America's 25 biggest billionaire losers of 2008 lost a combined $167 billion.
More from Forbes.com: • In Pictures: Billionaire Blowups, 2008 • In Pictures: America's 25 Biggest Billionaire Losers • In Pictures: The Biggest CEO Firings of 2008

But even in such an awful year, the stories of a few billionaires and now former billionaires stand out as particularly dreadful.


Take David Ross, one of the U.K.'s most successful entrepreneurs. Earlier this month, Ross notified four public companies in which he was a major shareholder and director that he had borrowed against his shares to fund real estate investments that had soured. He will likely have to sell some of those stakes to pay off his debts. So far he has resigned from three of the four boards and stepped down from his post as an Olympics adviser. His fortune, which we estimated at $1.4 billion in March, is now worth about $150 million.

AMAZING WHEN YOU THINK HE WAS A BACK-UP CATCHER FOR THE DODGERS JUST A FEW SHORT YEARS AGO.


Bjorgolfur Gudmundsson, former chairman and a large shareholder in Landsbanki, Iceland's second largest bank, saw the firm seized in October as the worst of the credit crisis tore through the island nation. The failure wiped out his $1.1 billion fortune. He has since had to put his holding company, Hansa, into voluntary liquidation and is selling his U.K. soccer team, West Ham.

Russians were some of the biggest losers in the past year. Vladimir Lisin's Novolipetsk Iron and Steel is down three-fourths since its June peak. Dmitry Rybolovlev's fertilizer company, Uralkali, has fallen 90% since it peaked around the same time.

But those losses pale compared with the troubles facing Oleg Deripaska. In March he was the world's ninth richest person and Russia's richest man, with a fortune we estimated to be worth $28 billion. Since then Deripaska has been forced to sell shares in Canadian carmaker Magna International and German construction firm Hotchief, and had to borrow $4.5 billion from a state-controlled bank to hold on to his stake in Norilsk Nickel. He will likely sell off additional assets to avoid losing even more of his fortune, now estimated at $10 billion. Or less.

THE FACT THAT RUSSIANS CAN LOSE SO MUCH MONEY IS PROBABLY THE REAL STORY.

The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added $24 billion to his fortune in one year, Ambani has dropped $30 billion since then. But don't worry too much. His Reliance Entertainment is investing $500 million in a new studio venture with Steven Spielberg's DreamWorks. Plus, he remains quite wealthy, worth $12 billion That's something many others can't claim.

THIS POOR GUY IS ONLY WORTH $12 BILLION. I hope he can afford gas for his 200 cars and three airplanes and his 250 foot yacht.

It sounds like Bjorgolfur Gunmundson is in the most dire straits because he's had to sell his scorer team and when rich guys have to sell sports teams than you know things are bleak.

It's so funny when you think about all the economic problems, both domestically and globally, and then you take special note of the NEW YORK YANKEES and how much they've spent.
Obviously the Steinbrenner family was shorting the market.

I think you and I are the only people not signed by the Yankees to a contract and you probably have feelers out regarding why you are included with me on.....anything.

Besides signing Manny...I think the Dodgers need to sign Nomar. He will be a manager someday, if he wants, so why not have a player coach on the bench.

I don't feel too bad for the billionaires and their recent problems but that's simply because 2008 left me with my own problems and if I've learned anything it's that one's own problems are much more pressing than someone else's.

Not necessarily more important...just more pressing. And the pressing takes place right behind the eyes and sometimes in the back of the neck.

My New Year's Resolution
is to reduce
the PRESSING.

All it will take is some slight alterations in the way that people view my artistic endeavors...but of course that might not happen... so robbing liquor stores is still an option.

HOMELAND SECURITY PROBABLY DOESN'T THINK THAT'S FUNNY AND THE FUNNY THING IS THEY PROBABLY ALREADY KNOW THAT I MADE THAT BAD JOKE....and oh my God....there's someone pounding at my front door.

Time to go into 2009 time warp...all I have to do is wait a little over 12 hours and the time machine will activate and I'll be there.

DON'T DRINK AND DRIVE TONIGHT BECAUSE MY TIME MACHINE IS VERY SENSITIVE TO AGGRESSIVE INTRUSIONS WITHIN THE SPACE TIME CONTINUUM...especially in the Santa Monica area.

Happy New Year

Michael Timothy McAlevey