The Biggest Loser... Make That Losers
If you've seen the TV show "The Biggest Loser" you know that's being crowned the biggest loser is a noble goal to achieve. (In case you haven't seen the show it's a weight loss competition.)
But if you're an investor it's a whole other story. So, while you're lamenting the 40% drop in your 401k you might take comfort to know plenty of Wall Street's biggest whales have made lousy bets, too.
For example, on Tuesday billionaire Kirk Kerkorian threw in the towel and dumped most of his shares of Ford. His loss totaled half a billion.
Good ol’ Bill Ackman didn’t do much better. His Target shares have lost almost 50% since he got in last summer.
And what about Fast Money friend Carl Icahn? He’s down a whopping $750 million on his Yahoo bet.
But that’s not ever the worst of it.
Aubrey McClendon, CEO of Chesapeake Energy , bought millions upon millions of shares in his own company only to watch the shares plunge – which forced him to sell nearly all at the bottom to meet margin calls. That’s $1.5 billion, gone.
You can also add Sumner Redstone, Sandy Adelson, and hedge fund king, Citadel's Ken Griffin to this formidable list of losers.
"I always wonder that when guys like this lose billions do they care?" ponders Karen Finerman. "They can’t spend that much money so I can’t imagine how they actually feel."
That doesn’t make me feel better, adds Tim Seymour with a big grin. (Hope he's not the biggest loser!)
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Trader disclosure: On Oct.22, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money trader; Macke Owns (SDS), (UUP), (MSFT), (BNI), (MCD); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman Owns (GS), (PM), (RAI), (DEO); Finerman's Firm Owns (MO), (MSFT); Finerman's Firm Is Short (BBT), (COF), (IYR), (IJR), (USO), (SPY), (IWM); Seymour Owns (AAPL), (BAC), (EEM), (F), (MER)
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