Financial meltdown takes away a family

Last updated on Oct 7, 2008

Posted on Oct 7, 2008

That the current financial meltdown and mess around the world is pretty bad, but it takes anecdotal examples to really bring home the sorrow and the pain at the individual and family level.

In a rather sad turn of events, an Indian-American MBA, Karthik Rajaram, who once made more than $1.2 million in a London based venture fund died in his house in a gated LA community.  But he did not die alone.  He also killed:

– his wife (Subasri)
– three sons [Krishna (19), Ganesha (12) and Arjuna (7)] – PS: Krishna was a Fullbright scholar who was visiting home when his father shot him.  And even the two younger ones were extremely bright kids!
– mother-in-law

before he shot himself.  He had purchased the gun from a local store on September 16.

The reason?  The stock market fall recently completely wiped out his savings.  All his investments had come to almost nothing!  He left three documents:

– One letter addressed to Police where he blamed his actions on economic hardships
– Second address to his family and friends labeled Personal and COnfidential
– third contained his last will and testament.

Whilst the event itself was tragic, there was at least some closure to come from those documents at hand. Having access to the will helped sorting the estate left behind an easier time, and it is such a vital part of anyone’s considerations for when people prepare for the future. Getting help from, or similar services, can give anyone that peace of mind that, when all is said and done, everything will be sorted.

Rajaram had an MBA in finance, and formerly worked for PriceWaterhouseCoopers and Sony Pictures.  He was also, at least a part-owner of a financial holding company, SKGL LLC, which was incorporated in Nevada, probably to hold his family assets.

He was facing hardships after having done rather well for himself:

According to the Los Angeles Times, they sold their home in Northridge in 2006 for $750,000, making a sizable profit on a home they purchased in 1997 for $274,000. They had also taken out two loans for $241,400. The family did not own the current home, which was rented.

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