Redistribution of Wealth to the Top--Mexican Style

Question: What caused the economy to tank in Mexico? Answer: Carlos Slim has all the money. He runs all the telecommunications. How did he get all that money?  Is he smart? Is he handsome? (I threw that one in. He’s uglier than a Chihuahua. No offense to Chihuahuas. They’re cute compared to Carlos.)

Here is what Forbes has to say about Uncle Carlos:

Net Worth: $53.5 bil
Fortune: Self Made
Source: telecom
Age: 70
Citizenship: Mexico
Residence: Mexico City
Education: Universidad Nacional Autonoma de Mexico,
                Bachelor of Arts/Science
Marital Status: Widowed, 6 children

The telecom tycoon pounced on privatization of Mexico's national telephone company in the 1990s. Today he is the world's richest person for the first time after coming in third place last year. Net worth up $18.5 billion in a year.

He recently received regulatory approval to merge his fixed-line assets into American Movil, Latin America's biggest mobile phone company. His construction conglomerate, Impulsora del Desarrollo y el Empleo, builds roads and energy infrastructure.

Slim is the son of a Lebanese immigrant. He also owns stakes in financial group Inbursa, Bronco Drilling, Independent News & Media, Saks and New York Times Co. Newspaper outfit's stock popped in early March on talk he might buy a controlling stake; he denies the rumor. He has donated $65 million to fund a research project in genomic medicine with American billionaire philanthropist Eli Broad.