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The financial core of the transnational capitalist class

EdBEdB Senior MemberPosts: 2,984 Senior Member
I knew this generally but this study spells out the details.


By Peter Phillips and Brady Osborne

September 22, 2013 "Information Clearing House - Media Freedom Foundation/Project Censored has just finish a year long study on the people on the boards of directors of the top ten asset management firms and the top ten most centralized corporations in the world. With overlaps there is a total of thirteen firms in our study: Barclays PLC, BlackRock Inc., Capital Group Companies Inc., FMR Corporation: Fidelity Worldwide Investment, AXA Group, State Street Corporation, JPMorgan Chase & Co., Legal & General Group PLC (LGIMA), Vanguard Group Inc., UBS AG, Bank of America/Merrill Lynch, Credit Suisse Group AG, and Allianz SE (Owners of PIMCO) PIMCO-Pacific Investment Management Co. The boards of directors of these firms, totaling 161 individuals. They are the financial core of the world’s Transnational Capitalist Class. Collectively, these 161 people manage $23.91 trillion in funds impacting nearly every country in the world.

The institutional arrangements within the money management systems of global capital relentlessly seek ways to achieve maximum return on investment, and the structural conditions for manipulations—legal or not—are always open (Libor scandal). These institutions have become “too big to fail,” their scope and interconnections pressure government regulators to shy away from criminal investigations, much less prosecutions. The result is a semi-protected class of people with increasingly vast amounts of money, seeking unlimited growth and returns, with little concern for consequences of their economic pursuits on other people, societies, cultures, and environments.

Members of the financial core take active parts in global policy groups and government. Five of the thirteen corporations have directors as advisors or former employees of the International Monetary Fund. Six of the thirteen firms have directors who have worked at or served as advisors to the World Bank. Five of the thirteen firms hold corporate membership in the Council on Foreign Relations in the US. Seven of the firms sent nineteen directors to attend the World Economic Forum in February 2013. Seven of the directors have served or currently serve on a Federal Reserve board, both regionally and nationally in the US. Six of the financial core serve on the Business Roundtable in the US. Several directors have had direct experience with the financial ministries of European Union countries and the G20. Almost all of the 161 individuals serve in some advisory capacity for various regulatory organizations, finance ministries, universities, and national or international policy-planning bodies.

Western governments and international policy bodies serve the interests of this financial core of the Transnational Corporate Class. Wars are initiated to protect their interests. International treaties, and policy agreements are arranged to promote their success. Power elites serve to promote the free flow of global capital for investment anywhere that returns are possible.

Identifying the people with such power and influence is an important part of democratic movements seeking to protect our commons so that all humans might share and prosper.

The full, detailed list is online at: http://www.projectcensored.org/exposing-financial-core-transnational-%E2%80%A8capitalist-class/ and in Censored 2014 from Seven Stories Press.


  • dryfliedryflie Senior Member Posts: 1,442 Senior Member
    Shocking Ed just shocking. And it goes on everywhere. Right here in my little NH town the people who own the hardware store and the bakery, and the steak house, you know the Capitalists have pretty just taken over town government and the school board. Using their nefarious connections and working in the dark (after their stores have closed) they hold meetings supposedly open to the public (very few people attend cause they're freakn boring). I suspect they're up to no good but it's hard to tell.
    “The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.” - John Kenneth Galbraith
  • JulietJuliet Posts: 49,774 Senior Member
    I'd be willing to bet that of those 161 people, very few actually manage any money.
    Where's JP Morgan in this transnationalist cabal? Or could it not be included because the governments of the US and UK are all over its freakin' ****?
  • EdBEdB Senior Member Posts: 2,984 Senior Member
    JP Morgan is included in the list above.
  • JulietJuliet Posts: 49,774 Senior Member
    My bad.

    About 5 seconds ago it was announced that California has decided to investigate JPM's mortgage practices. Jamie Dimon must not have gone to the right schools or something.
  • EdBEdB Senior Member Posts: 2,984 Senior Member
    Do you think any of the execs will be prosecuted?
  • JulietJuliet Posts: 49,774 Senior Member
    Except in cases where fraud can be proved, like the London Whale or Fabulous Fab, I doubt it. These are civil violations.

    But on the other hand, these things are costing JPM billions of dollars. Not to mention the $2.5 billion paid out so far by only three of the LIBOR scandal participants. And then, at least with the LIBOR scandal, you're going to have a slew of other corporations suing because of interest income that would have been earned had the bid rigging not taken place.

    It strikes me that the transnationalist capitalist class has its hands full at the moment.

    People are greedy and try to take advantage. Some skirt the laws, others violate them wholesale - always have, always will. But I don't think the Trilateral Commission is out there trying to rule the world.
  • EdBEdB Senior Member Posts: 2,984 Senior Member
    What's the difference between ruling the world and the transnationalist capitalist class controlling the money and natural resources of the world ensuring that its members profit the most from doing that?
  • JulietJuliet Posts: 49,774 Senior Member
    There would be none, if this were reality
  • George KGeorge K Super Moderator Posts: 11,057 Senior Member
    Under Technocracy,161 or fewer individuals would control almost all the Energy Credits.

    Remember folks, you heard it here first.
    "...this low-rent Lear raging on his Twitter-heath has proven that the phrase malignant buffoon is not an oxymoron..."

    George Will
  • EdBEdB Senior Member Posts: 2,984 Senior Member
    George K wrote: »
    Under Technocracy,161 or fewer individuals would control almost all the Energy Credits.

    Remember folks, you heard it here first.

    You know not of what you speak.
  • JulietJuliet Posts: 49,774 Senior Member
    Why is JP Morgan being looked at for financial losses? Isn't it just a bad business deal or am I missing something?
  • JulietJuliet Posts: 49,774 Senior Member
    You have to differentiate between two parts of the London Whale.
    Jamie Dimon and his crew are being accused of failure to supervise which lead to the losses.
    Then there are the claims that the head of that trading unit tried to hide the losses. That's fraud and jail time.
  • JulietJuliet Posts: 49,774 Senior Member
    Got it. thanks.
  • EdBEdB Senior Member Posts: 2,984 Senior Member
    Steven wrote: »
    There would be none, if this were reality

    According to the study I posted, it is reality.

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