Yes, the super-rich can lose a billion dollars to gambling, but I thought that was rare. Elliott Orsillo, CFA, co-founder of Season Investments in Colorado Springs, tells CNBC, "One of my clients had $400,000 in credit card bills. He came to me because it was impeding his ability to fuel his jet. The credit card companies would not allow him to charge his fuel anymore." If this were not true, I would have thought it was a joke. I wonder if the wealthy are also "too rich to fail," that eventually someone bails them out.
My Life In Bits And Pieces in Massachusetts.