Monday, March 31, 2008

Attack of the Unscrupulators!

Via the same somebody else as before, it appears that Iceland is under attack by "unscrupulous" financiers. This hits very close to home, since one of my best friends from Cornell during my MEng year was from Iceland, and he's a financial engineer to boot. Siggy, if you're reading this, get to shelter, fast!

All joking aside, this is actually a pretty interesting case study in just how rich some people are really getting. Icelanders, per capita, are fairly rich, but there's only about 300,000 of them, and the entire country has a GDP of 12 billion USD. To put that into perspective, according to Forbes there are 19 Americans who are each richer than the entire yearly economic output of Iceland. Bill Gates and Warren Buffet top out the list at $50 billion, whereas myself, a meager analyst saddled with debt and just a year or two out of college, have a net worth of about $50,000 when you include the $100K life insurance policy that I have on myself. For these guys, $1MM is worth less than $1 is to me. Yowzas.

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