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Article: Loss leaders: 'everybody's being hit very hard'--even wealthiest Angelenos.(THE MARKET MELTDOWN)
- Article from:
- Los Angeles Business Journal
- Article date:
- October 6, 2008
- Author:
CopyrightCOPYRIGHT 2008 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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THROW away the old adage that the rich get richer in good times or bad--at least for now.
The financial crisis that has gripped the nation has taken a huge toll on L.A.'s wealthiest residents with significant public stock holdings. Several have lost $1 billion or more just in the last few months.
Unlike most tough times, when the rich often escape the worst of it because of their access to the best financial advice, the recent carnage has been different.
Kirk Kerkorian, ranked as the city's wealthiest resident earlier this year by the Business Journal, has lost $4.5 billion in the past six months. Viacom Chairman Sumner Redstone lost $2.2 ...