Wave Of Suicides In Wake Of Financial Woes

German Billionaire Becomes Latest Casualty In String Of Deaths Connected To Economic Collapse

(AP)  His spirit broken by financial fears, German billionaire Adolf Merckle took his own life this week — becoming the latest high-profile casualty of a global economic crisis that already has claimed the lives of executives in Europe and the U.S.

Merckle, a respected businessmen with a wife and four children, jumped in front of a train in the town of Blaubeuren in southwestern Germany, officials said Tuesday.

His business empire had run into trouble in the crisis, and its problems were compounded by heavy losses in trading of shares in automaker Volkswagen AG. Merckle's business interests included generic drug maker Ratiopharm International GmbH and cement maker HeidelbergCement AG.

Merckle's family said in a statement that "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."

Authorities said he left a suicide note, but gave no details. Merckle's death appears to be at least the third comparable suicide in less than four months.

In September, Kirk Stephenson — the chief operating officer of private equity house Olivant — jumped in front of a train at a rail station west of London. The 47-year-old husband and father of a young son stepped onto the tracks, was struck and killed.

A British coroner ruled last month that the death was suicide, though the precise reasons remain a mystery. He left no suicide note.

Two days before Christmas, in New York, Rene-Thierry Magon de la Villehuchet, was found dead at his desk, both wrists slashed and bottle of pills nearby after his fortune and the money of his loved ones vanished along with his clients when he lost $1.4 billion invested with Bernard Madoff.

The Frenchman's fund was among the biggest losers in the Madoff fraud, and one of a handful to get taken for more than $1 billion.

"He was totally ruined," his brother, Bertrand Magon de la Villehuchet, told The AP in Paris last month.

"At first he thought he'd be able to get the money back. He was very determined. Gradually he realized he wouldn't be able to," Bertrand said.

Dr. John D. Lucas, assistant clinical professor at New York-Presbyterian Hospital/Weill Cornell Medical College, said that the men may have "considered themselves to be worth as a human being what they were worth at the bank."

Dr. Charles Goodstein, a psychiatrist at the NYU School of Medicine and past president of the Psychoanalytic Association of New York, said Merckle could may been distraught over other issues.

"We don't know those things, so therefore the economic problems may have been the tipping point and that sent him over the edge," said Goodstein. "To limit it solely to the issue of finance may be a big mistake."

[wardoglrs]

Anyone can become angry. That is easy. But to be angry with the right person, to the right degree, at the right time, for the right purpose and in the right way that is not easy. Aristotle

Masterful and arrogant wealth, created largely by Government protection of its profits, not content with its domination and influence within a single party, had sought to corrupt them both, and to that end had insinuated itself into the primaries, in order that no candidates might be nominated whose views were not in accord with theirs." %u2018Colonel%u2019 Edward Mandell House in ''Philip Dru: Administrator'', circa 1912

"When one gets in bed with government, one must expect the diseases it spreads." %u2013 Ron Paul

The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery. %u2013 Winston Churchill

[noloyalisti]

I would be more than happy to help suicide some corporate CEOs. Maybe they can be happier in their afterlife scurrying around like rats and roaches. Why should they stay here and waste good air?

[neenga]

"Love and worship of money and the ones who hoard it may become a thing of the past for a few years until we forget this time."

You wanna bet?

[getoffmine1]

This is a really sad comment. I definately don"t envy them or their riches, maybe I would be as pathetic as they are

Posted by Talaan77 at 10:57 AM : Jan 07, 2009

Maybe you would, I know I would not. Right is right and wrong is wrong, and the end never justifies the means.
Since we are all feeling pain because of their greed they need to suffer. I am not willing to feel the pain of someone elses acts unless they are feeling alot more pain then me.

[eggy1620]

They leave their children and wives to deal with the aftermath. . . Posted by renonv5

Nothing to deal with for the family members. These billionaires were unlikely to be very involved with their families. The trophy wives get the insurance payouts while still leading the party lifestyle, plus they do not have to hide their cheating anymore. The kids who barely saw dad still have their trust funds.

[renonv5]

What cowards! Are there lives only defined by the almighty dollar? They leave their children and wives to deal with the aftermath, while they exit in a most horrible fashion. How pitiful can one be?

[talaan77]

I hope alot more of them do the same thing. They don''''t deserve sympathy or forgiveness.

Posted by getoffmine1

This is a really sad comment. I definately don"t envy them or their riches, maybe I would be as pathetic as they are

[getoffmine1]

I hope alot more of them do the same thing. They don''t deserve sympathy or forgiveness.

[talaan77]

Somebody help me. I am having trouble feeling bad for these people. They are the same ones that created this crisis. I guess they would rather face judgment day where they are going rather than on earth. So sad.

Posted by johnstossel

I do feel bad for these people and not just because they committed suicide, but if they did it because of money. I can understand having a really hard time lossing so much money, but because their lives is so rapped up in money that to lose it means they have to kill themselves, did they have nothing else in their lives?

[zorbaka]

Cheer up. Things are actually going to be better after we get some integrity and honesty into the financial genius''s agenda. Love and worship of money and the ones who hoard it may become a thing of the past for a few years until we forget this time. Most of us are a little greedy and that is allowed by our system but most things work better if used with moderation.

[ericthefool]

This guy was worth around 8-10 billion. He lost how much? First of all, everyone, even gamblers, do not bet the whole fortune on a few things. Now, lets say he lost 75% of his fortune, that is still 600 million. I think someone should look into this.

[johnstossel]

Somebody help me. I am having trouble feeling bad for these people. They are the same ones that created this crisis. I guess they would rather face judgment day where they are going rather than on earth. So sad.

[armydog2]

It is just money. The absolute best things in life are free. Our children, our grandchildren, nature''s beauty, simple things are what makes life beautiful.

[andrew_693]

these people that are killing themselves over money are the same people that will beat each other up over an elmo doll in walmart. The same morons that follow the herd trying to fill in the emptiness they have inside.

[brianbwb-2009]

"Dr. John D. Lucas, assistant clinical professor at New York-Presbyterian Hospital/Weill Cornell Medical College, said that the men may have "considered themselves to be worth as a human being what they were worth at the bank."

Since they considered themselves such, then they actually were such.

[spadeisspade]

random radar-

I completely agree. Financial ruin is quit possibly the most shallow reason for suicide I can think of. Madoff was able to pull his Ponzi scheme off by trusting the ambitions of rich-quick people. Some people might bite my head off citing charities that invested, but come on- ponzi schemes have been around a long time. What''s that ANCIENT proverb... "when something is too good to be true, it probably is"...

[random_radar]

As sad as these suicides are, I can''t help but consider that maybe some people have their hearts set on the wrong things in life. Certainly there is embarrassment, disappoint, and frustration when all you worked for in life collapses. But killing yourself because you lost money?

People become despondent over lost love, lost money, lost opportunity. Sometimes they decide to take their lives. But most people who have some kind of intervention to stave off suicide rebound and go on with life. Don''t be too quick to take the exit.

There is a lot to live for if you change perspective and reevaluate things. It would be a rare person who does not have plenty to offer others in need. The problem is seeing beyond the difficulties of the moment.