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Bail-out refusal knocks billionaire (Man asked Germany for a bailout for stock gambling losses)

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Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-04-08 12:41 AM
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Bail-out refusal knocks billionaire (Man asked Germany for a bailout for stock gambling losses)
Source: Financial Times

Adolf Merckle's hopes for an easy way out of his financial woes were dashed yesterday when the regional government said the German billionaire, who suffered huge losses from bets on falling share prices, could not receive a state bail-out.

Ernst Pfister, economics minister at the state of Baden-Württemberg, said that the regional government would not grant Mr Merckle any credit guarantees.

. . .

Bankers said that VEM had a debt burden of $6.3bn.

They said that Mr Merckle's various holdings with more than 100 companies were "leveraged like a private equity company".



Read more: http://www.ft.com/cms/s/0/bc391a18-c010-11dd-9222-0000779fd18c.html
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ksimons Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Dec-04-08 12:53 AM
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1. what a baaaaaaaaaaaaad boy!

I guess he'll think twice before doing THAT again.
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