BlackRock, Vanguard and State Street: These three firms, the Big Three as they are known in financial circles, effectively own American capitalism. No, I am not exaggerating.
Most people have not heard of them but they have heard of the companies the Big Three own, which include America’s major airlines (American, Delta, United Continental), much of Wall Street (JPMorgan Chase, Wells Fargo, Bank of America, Citigroup) and car makers such as Ford and General Motors. Together, the Big Three are the largest single shareholder in almost 90% of firms listed in the New York Stock Exchange, including Apple, Microsoft, ExxonMobil, General Electric and Coca-Cola.
As for the dollar value of the Big Three’s shares, it has too many zeros to mean much. At the time of writing, BlackRock manages nearly $10 trillion in investments, Vanguard $8 trillion and State Street $4 trillion. To make sense of these numbers: they are almost exactly the same as the US national income; or the sum of the national incomes of China and Japan; or the sum of the total income of the eurozone, the UK, Australia, Canada and Switzerland.
— Technofeudalism, by Yanis Varoufakis
Most people have not heard of them but they have heard of the companies the Big Three own, which include America’s major airlines (American, Delta, United Continental), much of Wall Street (JPMorgan Chase, Wells Fargo, Bank of America, Citigroup) and car makers such as Ford and General Motors. Together, the Big Three are the largest single shareholder in almost 90% of firms listed in the New York Stock Exchange, including Apple, Microsoft, ExxonMobil, General Electric and Coca-Cola.
As for the dollar value of the Big Three’s shares, it has too many zeros to mean much. At the time of writing, BlackRock manages nearly $10 trillion in investments, Vanguard $8 trillion and State Street $4 trillion. To make sense of these numbers: they are almost exactly the same as the US national income; or the sum of the national incomes of China and Japan; or the sum of the total income of the eurozone, the UK, Australia, Canada and Switzerland.
— Technofeudalism, by Yanis Varoufakis
0/0
BlackRock, Vanguard and State Street: These three firms, the Big Three as they are known in financial circles, effectively own American capitalism. No, I am not exaggerating. Most people have not heard of them but they have heard of the companies the Big…
I present to you the top 0.01% of the top 0.01% :
0/0
https://t.me/conatis/19817
It runs counter to what I wrote a few months earlier, but it's a very compelling argument
0/0
By Dante Gabriel Rossetti
Jane Morris, the model for the woman in the painting