Pulitzer Prize winning journalist Chris Hedges made this statement in New York City’s Zuccotti Park, then joined a march of several hundred protesters to the nearby corporate headquarters of Goldman Sachs, where he was arrested with 16 others….
The work, to be published in PloS One, revealed a core of 1318 companies with interlocking ownerships (see image). Each of the 1318 had ties to two or more other companies, and on average they were connected to 20. What’s more, although they represented 20 per cent of global operating revenues, the 1318 appeared to collectively own through their shares the majority of the world’s large blue chip and manufacturing firms – the “real” economy – representing a further 60 per cent of global revenues.
When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network. “In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network.”
Some have argued that the Occupy Wall Street Movement has a relationship to the Democratic Party similar to the Tea Party’s relationship to the Republicans. This is wrong on several counts. The Tea Party and its message was cooked up, funded, and molded by corporate interests such as the Koch brothers. It attempted to mobilize people by tapping into their fears of where the country is going while dressing up a corporate political agenda in populist rags. There was never a doubt that this would eventually strengthen the far right in the Republican Party who quickly identified with the Tea Party’s cause.
Relations stand very differently between the Occupy Wall Street Movement and the Democratic Party. This movement has no big Wall Street interests channeling funds into their organizing activities. By targeting economic inequality and injustice brought on by Wall Street’s rule, the movement has placed itself in direct opposition to the largest financial contributors to and policy makers of the Democratic Party. While Democratic Party politicians may mouth support for some of the issues that have united the movement, any measures they can effectively promote will not come close to adequately addressing working peoples real needs…
The structure of the control network of transnational corporations affects global market competition and financial stability. So far, only small national samples were studied and there was no appropriate methodology to assess control globally. A recent Cornell University study presents the first investigation of the architecture of the international ownership network, along with the computation of the control held by each global player. They found that transnational corporations form a giant bow-tie structure and that a large portion of control flows to a small tightly-knit core of financial institutions.