

Facing Losses, German Billionaire Takes Own Life - johnrob
http://www.nytimes.com/2009/01/07/business/worldbusiness/07merckle.html?ref=business

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nazgulnarsil
this is a good example of the fact that once you pass a certain threshold
money becomes an arbitrary measure of status and not a vehicle to procure
goods and services with. huge loss of money = huge loss of status. this is
similar to the ritual suicides japan used to be famous for.

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time_management
I doubt that it's the loss of status that drove him to do it. Fear, paranoia,
and stress are probably the major contributors.

If your net worth is $1 billion and it drops to $5 million, and you have no
financial commitments that will take you under, you're almost certainly not
going to commit suicide. Very, very few people would. Most would downscale
their lifestyles and adapt, as a lot of wealthy people are doing right now.

On the other hand, if you're going to be severely in debt and face major
embarrassment, and have no hope of ever regaining your honor and getting out
of the muck, and everything you might earn in the future will be garnished to
pay off creditors whom you'll never be able to pay off, you can see that it
might be tempting to snuff it. For example, if your net worth goes from $1B to
-$1B, and you lose your job, and you're in your 70s, and you might be going to
prison (because, even if you did nothing wrong, there are powerful people
pissed off at you)... then you're fucked.

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baha_man
Going to prison? I'm pretty sure they don't have debtors' prisons in Germany
these days.

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time_management
I wasn't mentioning prison in any context specific to his case. I'm saying
that, in general, it's hard to lose a billion dollars (even of your own money)
without someone wanting to throw you in jail.

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run4yourlives
Dear God. Although I hope to one day become financially independent and no
longer worry about paying the bills, I hope I never become so enthralled by
money that I value it above my (or anyone else's) life.

What a sad tale his life must have been.

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daniel-cussen
_...I hope I never become so enthralled by money that I value it above my (or
anyone else's) life._

You need to be rather fond of money to became a billionaire.

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run4yourlives
I'm comfortable not being a billionaire.

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ars
I thought it was almost impossible to corner the market? Isn't that exactly
what Porsche did to the Volkswagen stock market?

