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Another high profile life claimed
January 7th, 2009 in News
The financial crisis has claimed another high profile life. A serious question beckons, is the pursuit of wealth fulfilling? ?
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http://www.bloomberg.com/apps/news?pid=20601087&sid=avBKayx4dJe4&refer=home
Jan. 6 (Bloomberg) — German billionaireAdolf Merckle committed suicide by throwing himself under a train, “broken” as his business empire crumbled under a growing burden of debt, his family said.
The 74 year-old businessman was hit yesterday evening near his hometown of Blaubeuren, 44 miles southeast of Stuttgart, a police officer said in an interview. His body was found on the tracks at around 7.30 p.m. about 300 yards from his home and a suicide note had also been found.
Merckle, whose holding company owes banks about 5 billion euros ($6.7 billion), owned stakes in HeidelbergCement AG and drug wholesaler Phoenix Pharmahandel AG. He had been seeking emergency financing for more than two months from a group of more than 30 banks led by Commerzbank AG,Deutsche Bank AG, Royal Bank of Scotland Group Plc and Landesbank Baden-Wuerttemberg.
“The dedicated family businessman was broken by his inability to handle the situation and he ended his own life,” his family said in a statement today. “The distress at his companies caused by the financial crisis and the resultant uncertainty of the last few weeks” contributed to his death, the family added.