The Koch Brothers Lost More Than $1 Billion Yesterday. Each

[TheNutcracker]

http://www.bloomberg.com/news/articles/2015-05-13/the-koch-brothers-lost-more-than-1-billion-yesterday-each

That's about $3,400 for the rest of you

Billionaire brothers Charles and David Koch each lost $1.1 billion on Tuesday, a drop that might devastate even the wealthiest of the one percent. For the Kochs, the fifth- and sixth-richest people on earth, it represents just 2 percent of their individual fortunes.

Some perspective for the rest of us? That's akin to the average 60-year old American losing about $3,400, according to Dean Baker, of the Center for Economic And Policy Research, in an interview on Bloomberg Television.

Yesterday's fall is the third such swing in the past 12 months and the fifth in the past three years, according to the Bloomberg Billionaires Index. Because the drops represent a loss of paper value based on market conditions that affect assets in their closely held Koch Industries, they are not likely to alter the Kochs' plans to spend $900 million to elect a Republican president in next year's election.

The brothers each own 42 percent of Koch Industries, the second-largest closely held company in the U.S. The company owns Georgia-Pacific as well as oil refineries, fertilizer makers, financial services firms, and dozens of other businesses. Overall, the brothers, each worth $50.5 billion, have added about $190 million to their fortunes in 2015.

Research for the post is derived from Bloomberg Billionaires Index data. Get the latest intelligence about the world's biggest fortunes on Twitter @bbgbillionaires.

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Peanuts to them, but since money is their God, to lose it we know they are miserable!!

[TheNutcracker]

1. Ha ha, kick for shits and giggles, cuz you know it gets under their skin.

[TheNutcracker]

2. No money to figh Koch? Just rec this instead!!!

[Agnosticsherbet]

3. For them it's like dropping a Penny in the grass.

I doubt they will even care.

[TheNutcracker]

4. And THEY...would pick it up! Believe me, they don't like this!!! ha ha ha

[hifiguy]

14. Those fuckers would steal the pennies off of a dead man's eyes.

Even if someone was watching them do it. Caught in the act of fucking a goose, they would claim to be fluffing the duvet.

They don't like it one bit, but it doesn't hurt them.

[LongTomH]

5. Couldn't happen to a nicer couple of guys!

[TheNutcracker]

6. kick to msm, just to embarrass them

[louis-t]

7. They have more than doubled their net worth in 6 years

with Obama as president, and it's not good enough. They still call him evil, anti-business, commie, socialist, job killing, America hating Muslim.

[TheNutcracker]

8. And just know, losing a PENNY pisses them off! This is a billion EACH. ha ha.

[KamaAina]

9. Boo hoo hoo!

Someone better call them a

[muntrv]

10. All I gotta say is...

[Demeter]

11. Let's hope it's the start of a trend for them

Can't think of a more deserving pair of guys.

[Lochloosa]

12. Unfortunately, it will most likely lower there tax rates....

[Bossy Monkey]

13. Just you wait! They'll get their comeuppance yet for switching Dan Ayckroyd and Eddie Murphy

all those years ago!

[jomin41]

15. And next month

They might pick up 2 billion... just saying'.

[Lucky Luciano]

16. Not a real loss.

Bloomberg uses a model to estimate the net worth of owners of privately held companies that won't comment on their net worth. The compare to publicly held companies that are similar and run a statistical analysis to estimate the value of the shares that are held based on the comparables.

So the calculations are highly dependent on models with pretty wide confidence intervals. No cash was lost. If Koch Industries were publicly held company, a 2% move in their stock price wouldn't ruffle any feathers be it up or down. The $1B is pure noise.

[C Moon]

17. They'll have to layoff a few hundred people now.