2008 has to be the worst year for just about everybody, including me. However, to put things into perspective, take a look at what happened to Bjorgflur Gudmundsson. He was worth over $1.1 billion in March!
Bjorgflur Gudmundsson
March net worth: $1.1 billion
Current net worth: zero
The October collapse and government seizure of Iceland’s second largest bank wiped out the $1.1 billion fortune of Gudmundsson, the bank’s chairman and biggest shareholder, along with his son Thor. His holding company, Hansa, has since gone into voluntary liquidation and is looking for a buyer for its U.K. soccer team, West Ham. It’s not the first time he’s run into trouble. A former shipping executive, he was charged with fraud and embezzlement in relation to the firm’s 1985 collapse, and was eventually found guilty on five minor counts and sentenced to 12 months’ probation.