Bruce Wasserstein's New York Magazine published a list of Wall Street titans who have seen their personal net worth decline in the last year. One name was conspicuously absent from that list: Bruce Wasserstein, who would rank second on the list of biggest losers if he not decided to exclude himself from his own publication. This type of omission has a proud history, as I have never seen Steve Forbes's name on his magazine's rich list.
Nevertheless, here are the top three biggest losers when Wasserstein's name is added accompanied by the amount they have lost:
- The Bear Stearns Companies (NYSE: BSC) former CEO James Cayne saw his net worth plummet $467 million
- Lazard Ltd.'s (NYSE: LAZ) CEO Bruce Wasserstein's net worth has fallen fallen $260 million. (This is calculated by multiplying Wasserstein's 11,394,504 shares by Lazard's stock tumble -- from its May 2007 high of $56.90 to January 24, 2008's $34.09); and
- The Goldman Sachs Group's (NYSE: GS) CEO Lloyd Blankfein has suffered a $100 million decline.
It's nice to own the means of production over at New York Magazine -- and that ownership clearly influences what it chooses not to publish.