The rise and fall of a Brazilian billionaire

06/25/2013 | New York Times (tiered subscription model), The

Brazilian billionaire Eike Batista has seen his personal fortune slump from $34.5 billion in early 2012 to $4.8 billion at present -- a collapse that mirrors the decline of Brazil's stock market. Investors are fleeing Batista's six unprofitable public companies, and are raising questions about the colossal government loans that fueled the firms' growth. "He bundled wind and sold it. The euphoria fooled a lot of people," argues economic historian Miriam Leitão.

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