Newsletter Volume 16, No. 1 February 2023

DEAR READER:

ANCIENT RUINS

THAT’S A BIG NUMBER!

Wells Fargo & Co. reached a $3.7 billion settlement with federal regulators, including a record $1.7 billion fine, to cover allegations that for years it mistreated millions of customers, causing some to lose their cars or homes.

Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses - CNBC

AND AN EVEN BIGGER NUMBER

The Planet’s Billionaires Are Nearly $2 Trillion Poorer This Year

“As a group, the planet’s billionaires have lost $1.9 trillion in 2022, according to Forbes’ estimates, with their collective wealth dropping from $13.8 trillion on New Year’s Day to $11.9 trillion on December 9. The number of billionaires has fallen too, from 2,671 to 2,523….”

No one has been hit harder than the world’s 300 or so tech billionaires, who have collectively lost more than $1 trillion in 2022.

The Planet’s Billionaires Are Nearly $2 Trillion Poorer This Year - Forbes

OLDER THAN I THOUGHT