The World is Flatter | Harper's Magazine

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[Washington Babylon]

The World is Flatter


From the Washington Post:

The global economic crisis has hit home for Tom Friedman. When the New York Times columnist married heiress Ann Bucksbaum in 1978, he joined one of America’s richest families: The Bucksbaums founded General Growth Properties, the shopping mall giant worth an estimated $4 billion just two years ago…

But their retirement fund probably just got smaller. In one of the largest real estate failures ever, GGP filed for Chapter 11 last week, and the Bucksbaum family fortune is now down to a measly $25 million.

As reported in the Harper’s Index last February:

Estimated total value in December 2007 of the family fortune of Thomas Friedman’s wife: $3,500,000,000

Percentage change in the value of that fortune since then: –97

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