ClusterStock has put together a countdown of the biggest financial losers of 2008.
The results aren't too surprising: Executives at big banks with large stock holdings lost huge chunks of their fortunes. Former Citigroup (NYSE: C) head Sandy Weill saw his net worth plunge from $1.8 billion to $1.3 billion, and former Lehman head Richard Fuld lost about $1 billion.
But before you feel too bad, it's important to remember that these guys were playing with the house's money. As CEOs, they received huge stock and option grants as part of their compensation -- it's not like they ever paid cash for any of their shares, with the exception of the occasional token insider buying. No matter how you look at it, these guys were paid enormous amounts of money while destroying other people's wealth.
Carl Icahn lost $2.5 billion, which is probably a big part of the reason for his righteous indignation at American corporate governance.
Topping the list was a man whose name you don't normally see on a list of losers: Warren Buffett. His net worth plunged by $13.6 billion, down to $48.1 billion.
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