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It isn’t just us working class folks that are getting manhandled by the dreary economy. The latest list of billionaires published by Forbes shows that the world’s wealthiest people are having their fair share of economic woes, too. According to an article published by Tech Crunch, the forty tech billionaires have lost…maybe you better sit down…$81.5 billion. But it gets worse. If you figure in the total amount of money lost by all the billionaries listed by Forbes, that amount jumps to $1.4 trillion.

Bill Gates alone has dropped $18 billion, while the wallet of Larry Ellison from Oracle is now $2.5 billion lighter. Ouch. Google took some hard knocks, with Larry Page and Sergey Brin each taking a $6 billion diet. It was a bad year for media moguls, too. Rupert Murdoch’s wealth was cut by half, down to a measly $4 billion. Also feeling the pain, Viacom’s Sumner Redstone took a $5.8 billion bath. Mark Zuckerburg can’t even show his face among the billionaire boys’ club, with his wealth falling down from $1.5 billion to a very modest $600 million.

But take heart. All is not gloom and doom for the world’s wealthiest. Despite the economic freefall, Michael Bloomberg managed to raise himself fifty spots on the list, gaining $5.5 billion to his net worth. Not too shabby for these tough times.

Article Source: Tech Crunch

Barack Obama Putting Top Priority on the Economy

In the face of intensifying recession, America puts its trust in Barack Obama, hopeful in what he can do to make the much-needed change. An article from CNN titled “Obama: Stimulating Economy Top Priority” reports that stimulating the economy is the top priority of President-elect Barack Obama.

This term is definitely a very challenging tenure for any president to handle because this is a make-or-break success story for America. However, one man alone cannot make this possible; Obama needs the support of everyone. It’s time to put an end to discrimination and vested interests and work as one nation.

Related Links:

• Reuters reports about Barack Obama wanting Congress to quickly pass an economic stimulus package.
• Barack Obama delivers his first online address as President discussing the global economic crisis.
• Barack Obama will prioritize national security and economy the moment he will hold his post as President.

Turmoil over the economy will ignite an inspired meeting of the minds this year at the 2009 Mergers and Acquisitions Conference. Leading acquirers and expert analysts will come together to debate the future of the market, the direction of business, and all the implications therein.

H. Rodgin Cohen, chairman of Sullivan Cromwell LLP; Professor Sydney Finkelstein of Tuck School at Dartmouth College; Phillip Goldstein, principal of Bulldog Investors; Former Deputy Attorney General Jamie S. Gorelick of Wilmer Hale; John D. Howard, CEO of Irving Place Capital; Paul G. Parker, managing director, chairman and head of global M&A at Barclays Capital; and Gary Parr, deputy chairman of Lazard, present their views on forthcoming issues and challenges

NEW YORK, Nov 11, 2008 (BUSINESS WIRE) — The Deal LLC, ( www.TheDeal.com), the authoritative voice for news, analysis and information on the global deal economy, today presents its fourth annual M&A Outlook 2009 Conference, a forum forecasting next year’s mergers and acquisitions environment. More than 200 transaction-focused Wall Street advisors, corporate dealmakers and institutional investors are attending this two-day conference at the Grand Hyatt New York.

In the first keynote interview of the day, John D. Howard, CEO of Irving Place Capital, discusses the future of private equity in the middle market with John Morris, assistant managing editor at The Deal. Paul G. Parker, managing director, chairman and head of global M&A at Barclays Capital then shares his perspectives on M&A’s boom to bust cycle.

In the afternoon, Sydney Finkelstein, professor of management at Tuck School, Dartmouth College disseminates points from his book “Why Smart Executives Fail,” following former U.S. Deputy Attorney General Jamie Gorelick of Wilmer Hale, on the future regulatory landscape. Rounding out the day, Phillip Goldstein of Bulldog Investors will share his take on activist investing trends and the role of board directors, in another keynote interview with The Deal’s John Morris.

Read the full press release at The Deal.

Read Jamie Gorelick’s Another Blow to Justice

Powerful Wall Street executives Stephen Schwarzman and Bruce Wasserstein discussed the economy crisis in light of the upcoming Presidential Election at a Forbes’ sponsored breakfast and discussion. Steve Schwarzman is a co-Founder of the Blackstone Group and a supporter of the Republican Party. Bruce Wasserstein is the CEO of Lazard Asset Management a supporter of the Democratic Party. Both men are considered financial experts with dozens of years experience in the markets and both had different views about what was most to blame for the current state of the economy.

Both Bruce Wasserstein and Stephen Schwarzman agreed that the problem has to do with regulation, and although the spin on their positions holds them in contention, the core of their arguments are essentially the same:

Steve Schwarzman argues that the government (a Democratic Congress) became over-involved in the market when they passed laws to encourage subprime mortgage loans so that more people could afford houses.

Bruce Wasserstein argues that the government (a Republican Executive Branch) failed to regulate financial institutions and that lax accounting rules are to blame for companies over shooting safe lending practices.

A powerful crowd turned out for Fortune’s breakfast conversation with Stephen Schwarzman and Bruce Wasserstein Thursday morning at Per Se in New York. Members of the business and media elite — including Vivi Nevo, Arthur Sulzberger, Alan Patricof, John Huey, Norm Pearlstine, Tina Brown, Jeff Toobin, and Jared Kushner — joined Fortune Managing Editor Andy Serwer to hear Schwarzman and Wasserstein discuss the Wall Street crisis and how the next president can lead the US out of the current economic crisis.

Schwarzman, the founder and CEO of Blackstone and a prominent Republican donor, argued that the crisis was caused by too much regulation in the banking and brokerage industries. Wasserstein, the CEO of Lazard and a prominent Democratic donor, disagreed, arguing that there was “misregulation,” and that lax accounting rules allowed companies to inflate the value of their assets.

“Accounting has become a new exercise in creative fiction,” Wasserstein said.

Read the rest of Stephen Schwarzman And Bruce Wasserstein Breakfast Battle.

Resources for Steve Schwarzman and Bruce Wasserstein

Blackstone Group CEO Stephen Schwarzman explains the origins of the troubled economy

Wall Street Journal Blog reports that on financial matters, Steve Schwazman has a clue.

Charlie Rose interviews Stephen Schwarzman. Charlie Rose interviews Bruce Wasserstein.

Additional resources for Stephen Schwarzman and the Blackstone Group.

International Herald Tribune reports that Bruce Wasserstein likes challenges in the finance game.

Bruce Wasserstein interviewed by the Harvard Business Review on finance and deal making.

More resources for Lazard CEO Bruce Wasserstein.

Bruce Wasserstein’s book the Big Deal is reviewed by the New Yorker.