Another suicide due to financial crisis.

[PeterL]

This is the third one I have heard of. That french investment guy in
NYC, a local investment manager, and now this german guy.

BERLIN – German billionaire Adolf Merckle has committed suicide after
his business empire, which included interests ranging from
pharmaceuticals to cement, ran into trouble in the global financial
crisis, his family said Tuesday.

The 74-year-old's body was found Monday night on railway tracks at
Blaubeuren in southwestern Germany, prosecutors in nearby Ulm said in
a statement. They described the death as a "railway accident" and said
there was no evidence that anyone else was to blame.

 

[Elizabeth Richardson]

This is the third one I have heard of. That french investment guy in
NYC, a local investment manager, and now this german guy.

BERLIN – German billionaire Adolf Merckle has committed suicide after
his business empire, which included interests ranging from
pharmaceuticals to cement, ran into trouble in the global financial
crisis, his family said Tuesday.

I hardly know how I should respond to this. I have sympathy for his family,
but it's awfully hard for me to relate to how a person might feel suddenly
having "only" a billion or even just a few hundred million.

Elizabeth Richardson

 

[PeterL]

I hardly know how I should respond to this. I have sympathy for his family,
but it's awfully hard for me to relate to how a person might feel suddenly
having "only" a billion or even just a few hundred million.

Elizabeth Richardson

Some may end up with negative net worths.

 

[Igor Chudov]

I hardly know how I should respond to this. I have sympathy for his family,
but it's awfully hard for me to relate to how a person might feel suddenly
having "only" a billion or even just a few hundred million.

It appears from the WSJ article that I read, that Merckle was headed into
bankruptcy.

Another guy killed himself today.

Both Good and Merckle would be rich and prosperous today, maybe a
little less so than a year ago, if not for their debt.

http://online.wsj.com/article/SB123127267562558295.html?mod=testMod

CHICAGO -- Real-estate executive Steven L. Good was found dead of an
apparently self-inflicted gunshot wound Monday in his Jaguar in a
forest preserve outside Chicago, said the Kane County Sheriff's
Department.
[Image of Steven Good] Newscom

Steven L. Good

Mr. Good, 52 years old, was chief executive of Sheldon Good & Co., one
of the nation's largest real-estate auction firms. His father had
founded the company in 1965. Whether the apparent suicide had any
connection to the business is unclear. Real-estate auction companies
can do well in downturns.

As chairman of the Realtors Commercial Alliance Committee, Mr. Good
said last month in an industry outlook press release that market
conditions were "very challenging."

i

 

[Don]

I hardly know how I should respond to this. I have sympathy for his family,
but it's awfully hard for me to relate to how a person might feel suddenly
having "only" a billion or even just a few hundred million.n

A human being's mental equilibrium and satisfaction in life usually
depends on relative, not absolute degree of wealth and prosperity. In
times of trouble, the amount of loss relative to what you have
possessed before is the crux of the matter. A multi-billionaire has
become accustomed to the many privileges and special life style a vast
amount of money affords. The respect and deference of others have
become commonplace and expected. Being suddenly thrust back to a lower
rung on the ladder and having the status of a mere multi-millionaire
among thousands can be a horrible experience, sending one into the
depths of a depression from which there appears to be no escape.

Just think of it. Jones now has more money than I do and will look down
his nose at me, because he will not forget how I used to look down my
nose at him. And many other people of lesser status will be pleased by
my downfall. People of my lofty station in life may laugh at me or pity
me, and my family will regard me as a failure. Continuing to live under
those circumstances is uitterly unacceptable and suicide the only
answer.

 

[honda.lioness]

Just think of it. Jones now has more money than I do and will look down
his nose at me, because he will not forget how I used to look down my
nose at him. And many other people of lesser status will be pleased by
my downfall. People of my lofty station in life may laugh at me or pity
me, and my family will regard me as a failure. Continuing to live under
those circumstances is uitterly unacceptable and suicide the only
answer.

This may very well be how these men felt. I am inclined to place them
in the "I am taking all my marbles and going home" category.

 

[Optimist]

I hardly know how I should respond to this. I have sympathy for his
family, but it's awfully hard for me to relate to how a person might feel
suddenly having "only" a billion or even just a few hundred million.

Elizabeth Richardson

Always a sad event. It brought up memories of Mrs. Ken Lay crying on the
news. All they had left after the Enron fiasco was $25 million. No one ever
said that life was easy. If I had $25 million it would be for me.

 

[Elizabeth Richardson]

A human being's mental equilibrium and satisfaction in life usually
depends on relative, not absolute degree of wealth and prosperity.

Since this is a financial planning newsgroup, I find it impossible to stay
on topic to refute this statement. Those who live life based on what other's
think of them are truly fragile people and to be pitied, not respected.

Elizabeth Richardson

 

[Igor Chudov]

A human being's mental equilibrium and satisfaction in life usually
depends on relative, not absolute degree of wealth and prosperity. In
times of trouble, the amount of loss relative to what you have
possessed before is the crux of the matter. A multi-billionaire has
become accustomed to the many privileges and special life style a vast
amount of money affords. The respect and deference of others have
become commonplace and expected. Being suddenly thrust back to a lower
rung on the ladder and having the status of a mere multi-millionaire
among thousands can be a horrible experience, sending one into the
depths of a depression from which there appears to be no escape.

Just think of it. Jones now has more money than I do and will look down
his nose at me, because he will not forget how I used to look down my
nose at him. And many other people of lesser status will be pleased by
my downfall. People of my lofty station in life may laugh at me or pity
me, and my family will regard me as a failure. Continuing to live under
those circumstances is uitterly unacceptable and suicide the only
answer.

I heard a story of a guy who was rich, owned a big business and who
lost all of his money due to some bad contracts and throwing good
money after bad.

He had friends and a great wife. (story told by one of his well off
friends)

He lost all the money and is now working as a estimator for a sewer
company.

Despite that, he still kept both the friends as well as the wife.

So, I think, losing everything is not necessarily as bad as it may
seem in the heat of the action.

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[Don]

I heard a story of a guy who was rich, owned a big business and who
lost all of his money due to some bad contracts and throwing good
money after bad.

He had friends and a great wife. (story told by one of his well off
friends)

He lost all the money and is now working as a estimator for a sewer
company.

Despite that, he still kept both the friends as well as the wife.

So, I think, losing everything is not necessarily as bad as it may
seem in the heat of the action.

Yes, that story would provide material for a sermon or two and a
Readers Digest article. Evidently, the guy had personal strength of
character and resources that are more important than money.

He didn't lose everything. He still had a wife and friends. I guess
some of those greedy people at the top have nothing left when things go
wrong. Maybe greedy people tend to have greedy wives and fair-weather
friends.

 

[Thumper]

Always a sad event. It brought up memories of Mrs. Ken Lay crying on the
news. All they had left after the Enron fiasco was $25 million. No one ever
said that life was easy. If I had $25 million it would be for me.

All the way up the economic ladder you will find people looking at
others more wealthy than themselves and thinking "if only I had half
their money, I would have no troubles."
Thumper

 

[Coffee's For Closers]

I hardly know how I should respond to this. I have sympathy for his family,
but it's awfully hard for me to relate to how a person might feel suddenly
having "only" a billion or even just a few hundred million.

I seem to recall Bill Gates saying, "Money is how you keep
score." Which sounds like an of self-esteem and social position,
rather than any concern about one's physical standard of living.

 

[Coffee's For Closers]

Since this is a financial planning newsgroup, I find it impossible to stay
on topic to refute this statement. Those who live life based on what other's
think of them are truly fragile people and to be pitied, not respected.

It doesn't have to be just relative to other people. It can be
about a sense of progress versus setbacks relative to your own
situation and history.

And it can be completely on-topic, too. For example, a person
might have psychological barriers to downsizing his/her housing.
Because the immediate standard of living would seem reduced
"relative" to their present situation. But staying in the nicer
housing might sabotage long-term improvement, like building
savings.

 

[Coffee's For Closers]

All the way up the economic ladder you will find people looking at
others more wealthy than themselves and thinking "if only I had half
their money, I would have no troubles."

I seem to recall reading about an international "happiness"
survey, which included questions about how much money would be
required. And a common response was basically, "Twice As Much
As I Earn Now."

So that, the person earning $20K/year viewed $40K as the
"happiness" level. But the person already earning the higher
amount still said "Twice As Much," and desired $80K.

The same study also showed a pattern a bit like your comment.
People's "happiness" concept was strongly related to comparing
themselves to others in near proximity. The person Mumbai
compares his/her situation to the neighbours. And so does the
person in Beverly Hills, with a higher atmospheric budget.

 

[Optimist]

I seem to recall reading about an international "happiness"
survey, which included questions about how much money would be
required. And a common response was basically, "Twice As Much
As I Earn Now."

So that, the person earning $20K/year viewed $40K as the
"happiness" level. But the person already earning the higher
amount still said "Twice As Much," and desired $80K.

The same study also showed a pattern a bit like your comment.
People's "happiness" concept was strongly related to comparing
themselves to others in near proximity. The person Mumbai
compares his/her situation to the neighbours. And so does the
person in Beverly Hills, with a higher atmospheric budget.

Summary: People tend to live a little beyond their income.
"Total bankcard debt per bankcard borrower" is $5,710.
http://www.creditcards.com/credit-c...ustry-facts-personal-debt-statistics-1276.php