Message to Kirk Kerkorian: 91 year-olds don't play the game!

Stories of 91 year-old billionaires taking extremely risky gambles on stocks (which is exactly what Kirk Kerkorian did with Ford) further strengthens Karl Marx's argument that bourgeoisie elitists only care about making money (ie their rapacious greed knows no bounds and will damage our system). Of course Marx also believes that socialism is superior to normally regulated capitalism, which is where I draw the line. Nevertheless, here's a greedy old man who deserved to lose his shirt, and he still has 133 million shares of Ford outstanding - nice one Kirk!

NEW YORK (AFP) – Billionaire US investor Kirk Kerkorian announced via his holding company Tracinda on Tuesday that he had begun selling shares in car group Ford and was considering divesting his whole stake.

In a sharp change of strategy, Tracinda said it had sold 7.3 million shares in Ford for an average price of 2.43 dollars per share -- representing a huge loss for the 91-year-old investor.

The group said it also "intends to further reduce its holdings of Ford common stock, including the possible sale of all of its remaining 133,500,000 shares" which amount to a 6.09 percent stake.

Tracinda said it has hired an investment bank to help it with the divestment, but did not name the firm.

In two major operations announced in April and June, Tracinda built a position in Ford, paying 8.50 dollars a share.

P.S. That was the least creepy picture I could find of Mr. Kerkorian for this post...yikes!