German billionaire kills himself

[HURAKAN]

German billionaire kills himself

German billionaire Adolf Merckle has committed suicide after his business empire ran into trouble in the global economic slowdown.

In a statement his family said he had been "broken" by the financial crisis, and had taken his own life.

Mr Merckle ran up losses of about 400m euros (£363m;$535m) last year due to wrong-way bets on Volkswagen shares.

He was ranked as the world's 94th richest person in 2008, and his family controls a number of German companies.

The 74-year-old's body was found on Monday near railway tracks in southern Germany. Officials said there was no evidence that anyone else was to blame.

Volkswagen losses

His family, which had reported him missing after he failed to return home, said in a statement: "Adolf Merckle lived and worked for his family and his firms."

"The distress to his firms caused by the financial crisis and the related uncertainties of recent weeks, along with the helplessness of no longer being able to act, broke the passionate family businessman, and he ended his life."

Mr Merckle's business interests included the generic drugs maker Ratiopharm and the cement maker Heidelberg Cement.

In all, his business conglomerate has about 100,000 employees and in 2008 reported 30bn euros in annual sales.

His holding company had recently been in talks with banks to secure credit after it ran up high levels of debt amid the global financial crisis.

The holding company said it had suffered heavy losses on investments in shares of the carmaker Volkswagen, which fluctuated wildly in value late last year as rival car company Porsche moved to increase its stake in VW.

Mr Merckle had helped turn his grandfather's chemical wholesale company into one of Germany's biggest pharmaceutical wholesalers, Phoenix Pharmahandel, in which he held a 57% stake.

He used his wealth, estimated by Forbes magazine last year to be $9.2bn, to take stakes in Heidelberg Cement and Ratiopharm.

Mr Merckle also owned stakes in companies that made a wide array of goods including all-terrain vehicles, software and textiles.

He is survived by his four children.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/b ... 814257.stm

[somethingfunny]

Things like that never make sense to me. Even had he actually leveraged his entire $9.2 billion net worth and ended up with a return of 1/100 of a penny per dollar, he'd still have $920,000 remaining. Take the loss, say lesson learned, and then retire quite comfortably with his wife on a nest egg like that. Maybe start a small cookie shop just for fun.

Then again I guess it's all a matter of perspective. I don't make alot of money (less than $2000/mnth), but I've got more coming in than going out and that's what matters.

[Category 5]

He still has more money then most people, I have no sympathy for him, the fact that someone with as much as he had killed themself is selfish IMO. There's about 7 billion other people that would like to have what he had.

I do however, feel sorry for his family, who has to deal with this senseless death.

[tropicana]

Then again I guess it's all a matter of perspective. I don't make alot of money (less than $2000/mnth), but I've got more coming in than going out and that's what matters.

And this is what is really most important, especially in these hard economic times. A matter of self-discipline, to make sure you are making more than you are spending. Then, it wouldn't matter how much you make...you will be essentially richer than the people who make thousands and thousands, but spend double that.

-justin-

[HURAKAN]

It's always better to be poor and alive than rich and dead.

[Ptarmigan]

He still has more money then most people, I have no sympathy for him, the fact that someone with as much as he had killed themself is selfish IMO. There's about 7 billion other people that would like to have what he had.

I do however, feel sorry for his family, who has to deal with this senseless death.

I read that rich people are more likely to commit suicide. Emile Durkheim conducted a study on suicide.

[coriolis]

sheesh, and I'm getting bent out of shape over a surprise $150 car repair.

[Dionne]

Give me a break! I'm not buying this one. Something is awry. It had to have something to do with more than money.

I have experience in this area. We have lost most of an entire life savings in the last few years. Went from comfortable to struggling. Well, maybe not really "struggling".......but none the less......we're no longer juggling 7 digits.

Suspect this guy just lost his happiness and made the long term decision to a short term problem.