Billionaires in America, Europe and Asia losing money in fast track - Germany's billionaire Merckle family just an example
Fred Day
Nov. 15, 2008

Germany's billionaire Merckle family is seeking to prop up an investment company battered by wrong- way bets on Volkswagen AG shares and plunging stock markets, three people familiar with the situation said.

Billionaires in America, Europe and Asia losing money in fast track - Germany's billionaire Merckle family just an example.

Warren Buffet, Bill Gates, ... all the billionaires are losing big time as the markets disappear in front of them.

A group of more than three-dozen banks, including Deutsche Bank AG and Commerzbank AG, are trying to reach an agreement on a loan to aid the Merckle's closely-held VEM Vermoegensverwaltung GmbH, based in Dresden, said the people, who declined to be identified because the talks are private.

A failure could have repercussions for Merckle's holdings, which span as many as 30 companies in the cement, machinery and pharmaceutical industries, said the people. The group of banks signed a so-called standstill agreement that block them from making claims on outstanding loans as they try to hammer out a rescue, according to one of the people.

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