Warren Buffett
Bill Gates tops Forbes 400 list for 18th straight yearPosted by RJ and Makay on Sep 23, 2011 |
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For the 18th straight year, Microsoft founder Bill Gates is number one on the Forbes 400 list of richest Americans with a net worth of $59 billion. In 1993, Gates displaced Berkshire Hathaway chairman Warren Buffett in the top spot. Buffett is number two on this year’s list. The total list has a combined wealth of $1.53 trillion, nearly equal to the total GDP of Canada.
Bank of America has come to an agreement that has Berkshire Hathaway investing $5 billion in the embattled bank. The private offering comes at a time that has seen Bank of America shares lose 30% the past month amid rumors of capital deficiency. The bank denied those rumors and news of a possible merger with JP Morgan Chase.
The recent spotlight on Transatlantic Holdings is drawing fresh attention to the reinsurance business. The potential for lucrative fees and quick returns has long made the sector a darling of Wall Street. In a typical year, reinsurers collectively write about $100 billion in new premiums. The amount earned ultimately hinges on the number and scope of major disasters.
