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Revealing News For a Better World

Income Inequality News Stories
Excerpts of Key Income Inequality News Stories in Major Media


Below are highly revealing excerpts of important income inequality news stories reported in the media that suggest a major cover-up. Links are provided to the full stories on their major media websites. If any link fails to function, read this webpage. These income inequality news stories are listed by date posted to this webpage. You can explore the same articles listed by order of importance or by article date. By choosing to educate ourselves on these important issues and to spread the word, we can and will build a brighter future.

Note: This comprehensive list of income inequality news stories is usually updated once a week. Explore our full index to revealing excerpts of key major media news stories on several dozen engaging topics. And don't miss amazing excerpts from 20 of the most revealing news articles ever published.


The Wealth Detective Who Finds the Hidden Money of the Super Rich
2019-05-23, Bloomberg
Posted: 2019-09-02 18:14:41
https://www.bloomberg.com/news/features/2019-05-23/the-wealth-detective-who-f...

Gabriel Zucman started his first real job the Monday after the collapse of Lehman Brothers. A decade later, Zucman, 32, is an assistant professor at the University of California at Berkeley and the world’s foremost expert on where the wealthy hide their money. His doctoral thesis ... exposed trillions of dollars’ worth of tax evasion by the global rich. For his most influential work, he teamed up with his Berkeley colleague Emmanuel Saez. Their 2016 paper, “Wealth Inequality in the United States Since 1913,” distilled a century of data to answer one of modern capitalism’s murkiest mysteries: How rich are the rich in the world’s wealthiest nation? The answer - far richer than previously imagined - thrust the pair deep into the American debate over inequality. Zucman and Saez’s latest estimates show that the top 0.1% of taxpayers - about 170,000 families in a country of 330 million people - control 20% of American wealth, the highest share since 1929. The top 1% control 39% of U.S. wealth, and the bottom 90% have only 26%. The bottom half of Americans combined have a negative net worth. The shift in wealth concentration over time charts as a U, dropping rapidly through the Great Depression and World War II, staying low through the 1960s and ’70s, and surging after the ’80s as middle-class wealth rolled in the opposite direction. Zucman has also found that multinational corporations move 40% of their foreign profits, about $600 billion a year, out of the countries where their money was made and into lower-tax jurisdictions.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


Undocumented, vulnerable, scared: the women who pick your food for $3 an hour
2019-07-10, The Guardian (One of the UK's leading newspapers)
Posted: 2019-07-22 18:18:31
https://www.theguardian.com/us-news/2019/jul/10/undocumented-women-farm-worke...

In the fields of south Texas Mexican women work long hours in dangerous conditions under the ever-present threat of deportation. Many of them are paid on a contract basis, by the box. A box of cilantro will earn a worker $3; experienced farmworkers say they can fill one within an hour, which means a typical 5am to 6pm work day would earn them $39 total. The work can vary from physically uncomfortable and mundane (cilantro, lettuce, beets) to outright painful and dangerous (watermelon, parsley, grapefruit). The few women who work in the fields face even more hardships. Instances of workplace sexual harassment and rape are rampant and are both underreported and under-prosecuted. It is common for women to relent to a supervisor’s advances because she can’t risk losing her job or deportation. Most of these women are supporting children as well. [They] represent a diverse cross-section of lives upturned by drug-related and domestic violence in Mexico. Under new US immigration protocols, these are extraordinarily tense times for immigrants. A report by Human Rights Watch notes that although US law entitles undocumented workers to workplace protections, “the US government’s interest in protecting unauthorized workers from abuse conflicts with its interest in deporting them.” That report was written in 2015, but President Trump’s heightened drive for deportation and border closure has only made things more impossible for undocumented farmworkers attempting to protect their labor rights.

Note: For more along these lines, see concise summaries of deeply revealing news articles on civil liberties from reliable major media sources.


In Los Angeles, only people of color are sentenced to death
2019-06-18, The Guardian (One of the UK's leading newspapers)
Posted: 2019-06-28 01:41:08
https://www.theguardian.com/us-news/2019/jun/18/los-angeles-death-penalty-sen...

Los Angeles has sentenced more people to death than any other county in the US, and only people of color have received the death penalty under the region’s current prosecutor, a new report shows. LA county’s district attorney, Jackie Lacey, has won death sentences for a total of 22 defendants, all people of color, and eight of them were represented by lawyers with serious misconduct charges prior or after their cases, according to a new analysis by the American Civil Liberties Union (ACLU). Lacey has also faced intense scrutiny for her refusal to prosecute police officers who kill civilians, even in the most egregious circumstances. Some key findings: In California, 222 people currently sentenced to death are from LA county. LA is one of only three counties in the country to have more than 10 death sentences from 2014 to 2018. Under Lacey’s tenure, which began in 2012, zero white defendants have been sentenced to death, and her capital punishment sentences disproportionately targeted cases involving white victims. Although 12% of homicide victims in LA county are white, 36% of Lacey’s death penalty wins involved white victims. 737 inmates [are] currently awaiting execution in California. Defense lawyers in five of the 22 cases under Lacey were suspended or disbarred, which is the most serious discipline for ethics violations, the ACLU said. The ACLU, which reviewed lawyer misconduct records, cited one particularly egregious case in which an attorney declined to make an opening statement – offering no defense at all – and then repeatedly fell asleep during the trial.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the courts from reliable major media sources.


The One Percent Have Gotten $21 Trillion Richer Since 1989. The Bottom 50% Have Gotten Poorer.
2019-06-16, New York Magazine
Posted: 2019-06-23 00:20:27
http://nymag.com/intelligencer/2019/06/the-fed-just-released-a-damning-indict...

Some Democratic presidential candidates say that America’s economic system is badly broken and in need of sweeping, structural change. In its new Distributive Financial Accounts data series, the central bank offers a granular picture of how American capitalism has been distributing the gains of economic growth over the past three decades. Matt Bruenig of the People’s Policy Project took the Fed’s data and calculated how much the respective net worth of America’s top one percent and its bottom 50 percent has changed since 1989. He found that America’s superrich have grown about $21 trillion richer ... while those in the bottom half of the wealth distribution have grown $900 billion poorer. Notably, this measure of wealth includes liabilities. And it does not include consumer goods. But if one did include the Fed’s data on the distribution of consumer goods, the wealth gap between the top one percent and bottom 50 would actually be even larger. In 2011, Michael Norton of Harvard Business School and Dan Ariely of Duke University published a study on Americans’ views of how wealth was distributed in their society, and how they felt it should be distributed. They found that, in the average American’s ideal world, the richest 20 percent would own 32 percent of national wealth. In reality, the top quintile owned 84 percent as of 2011. And that share has grown in the intervening years. Today, the one percent alone commands roughly 40 percent of all America’s wealth.

Note: For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


Banks have been ripping off Americans for too long.
2019-05-17, CNN News
Posted: 2019-05-26 03:24:34
https://www.cnn.com/2019/05/17/perspectives/bernie-sanders-loan-shark-prevent...

The Federal Reserve recently reported that about half of Americans have virtually no wealth at all, with four in 10 unable to afford a $400 emergency expense. That means that if their car breaks down or their child gets sick, they have to charge those expenses to a credit card. And when they do that, they get ripped off — big time. Despite the fact that banks can borrow money from the Fed at less than 2.5%, the median credit card interest rate ... is now over 21%. Last year, Wall Street banks made $113 billion in credit card interest alone, up by nearly 50% in just five years. In other words, while working class Americans pay outrageously high interest rates, Wall Street banks get rich. And if you live in a low-income community without a bank or cannot get a credit card, what do you do when you need to borrow money? You may have to turn to a predatory payday lender where the average interest rate on an annual basis is a jaw-dropping 391%. When banks and payday lenders charge these unconscionably high interest rates, they are not engaged in the business of making credit available. They are involved in extortion. We need a national usury law that caps interest rates ... at 15%. And that's exactly what the legislation I introduced with Representative Alexandria Ocasio-Cortez would do. Under our Loan Shark Prevention Act, we would make sure that no bank or store in America could charge an interest rate higher than 15%. 88% of Americans support a cap on credit card interest rates.

Note: The above was written by Senator Bernie Sanders. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and income inequality.


The 3 Richest Americans Hold More Wealth Than Bottom 50% Of The Country, Study Finds
2017-11-09, Forbes
Posted: 2019-05-20 03:11:13
https://www.forbes.com/sites/noahkirsch/2017/11/09/the-3-richest-americans-ho...

Wealth concentration is at peak levels. That was the gist of a recent report published by the Institute for Policy Studies, a left-leaning think tank based in Washington, D.C.. Using data from Forbes’ annual ranking of the 400 richest Americans, the institute reached a number of conclusions regarding wealth disparities in the United States. Most dramatically, it found that the country’s three richest individuals - Bill Gates, Warren Buffett and Jeff Bezos - collectively hold more wealth than the bottom 50% of the domestic population, “a total of 160 million people or 63 million American households.” Roughly a fifth of Americans “have zero or negative net worth,” the authors wrote. Over the years, the cutoff for The Forbes 400 has risen dramatically. In 1982, the ranking’s inaugural year, the minimum net worth was $100 million. This year the barrier to entry hit an all-time high of $2 billion. In its report, the think tank also found that, collectively, the individuals on The Forbes 400 hold more wealth than the bottom 64% of the country, "more people than the populations of Mexico and Canada combined." Altogether, the list members were worth $2.7 trillion this year, a 59% increase over the last five years alone. The net worth of the median American family, meanwhile, has declined by about 3% on an inflation-adjusted basis since Forbes began publishing the 400 in the early 1980s, the institute says. It reports that the typical U.S. family is presently worth some $80,000.

Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


Who Got Rich This Week: Zuckerberg, Bezos And Three Other Billionaires Gain $13 Billion Combined
2019-04-27, Forbes
Posted: 2019-05-06 16:27:43
https://www.forbes.com/sites/hayleycuccinello/2019/04/27/who-got-rich-this-we...

Mark Zuckerberg has had plenty of difficult days in the past year, but this past week was a good one for him. The Facebook CEO’s net worth jumped $5.5 billion in the week through Thursday April 25. The 34-year-old is worth $71.3 billion, $20 billion more than at the beginning of 2019. He is now the 5th richest person in the world, up from No. 8 in March. The positive quarterly earnings report overshadowed news that Facebook is setting aside as much as $5 billion to pay a fine to the Federal Trade Commission over privacy issues. Zuckerberg’s gain was by far the biggest of the week, but he is in good company. The fortunes of Zuckerberg and four other tech billionaires, including Amazon’s Jeff Bezos, rose by a collective $13 billion in seven days. A day after Facebook released its first-quarter earnings report, Amazon announced a quarterly profit of $3.6 billion, an all-time record for the e-commerce giant. Amazon’s share price rose 2.2% in the week through Thursday, causing Bezos’ net worth to surge by $3.2 billion. The net worth of Steve Ballmer, Microsoft’s former CEO, rose $1.7 billion in the week through Thursday as the software giant’s share price increased by 4.7%. Michael Dell, chairman and CEO of Dell Technologies, is now worth $40 billion after gaining $1.4 billion in a week due to a 6.6% stock uptick. Larry Page, the cofounder of Google and CEO of its parent company Alphabet, got $1.1 billion richer, with an estimated fortune of $57.6 billion.

Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


American billionaires call for upgrades to capitalism, starting with higher taxes on themselves
2019-04-08, CNBC News
Posted: 2019-04-22 02:26:37
https://www.cnbc.com/2019/04/08/american-billionaires-call-for-upgrades-to-ca...

American billionaires are calling for changes to the system that enabled them to get rich. Warren Buffett, Jamie Dimon, Ray Dalio, Bill Gates and a list of others say that capitalism in its current form simply doesn’t work for the rest of the United States. Some of their remedies involve higher taxes. Hedge fund titan Ray Dalio is the most recent to criticize the current economic system. On Monday, the Bridgewater founder told CNBC that while it doesn’t need to be destroyed, capitalism does need to present an equal opportunity, which Dalio said he received through public education. The issue chafing billionaires and politicians alike is a growing income gap. The inequality between rich and poor Americans is as high as it was in late 1930s, Dalio pointed out in a paper posted online. The wealth of the top 1 percent of the population is now more than that of the bottom 90 percent of the population combined. Dalio called growing inequality and lack of investment in public education “an existential risk for the U.S.” Berkshire Hathaway CEO Warren Buffett - third on Forbe’s 2019 billionaires list - has repeatedly said the wealthy should be taxed more. In 2006, the CEO committed to give all of his Berkshire Hathaway stock to philanthropic foundations. He and Bill and Melinda Gates have asked hundreds of wealthy Americans to pledge at least 50 percent of their wealth to charity in the so-called “the Giving Pledge.” There are now 190 people signed on, including Facebook CEO Mark Zuckerberg and Netflix CEO Reed Hastings.

Note: For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.


'This is about saving capitalism': the Dutch historian who savaged Davos elite
2019-02-01, The Guardian (One of the UK's leading newspapers)
Posted: 2019-03-04 13:48:05
https://www.theguardian.com/business/2019/feb/01/rutger-bregman-world-economi...

Rutger Bregman had not really intended to stick it to the global elite. But when the Dutch historian decided to go off-piste at the World Economic Forum and tell the assembled billionaires they should stop avoiding paying tax, he became an overnight social media sensation. “It’s been a crazy week and just for stating the obvious,” said Bregman, when asked about a panel discussion at the WEF last month in which he said the issue was “taxes, taxes, taxes, and all the rest is bullshit in my opinion”. Bregman had not been to Davos before. He was invited on the basis of the book Utopia for Realists, which argued for a basic income and a shorter working week. But he grew more irritated as the week wore on. He was surprised and maddened by the pushback when he mentioned tax. As a result, Bregman decided to change his plan for a panel on inequality. What Bregman said, put simply, was the Davos emperors have no clothes. They talk a lot about how something must be done about inequality and the need to address social unrest, but cavil at the idea they might be a big part of the problem. He told his audience that people in Davos talked about participation, justice, equality and transparency, but “nobody raises the issue of tax avoidance and the rich not paying their share. It is like going to a firefighters’ conference and not talking about water.” As a historian, Bregman noted the most successful period for capitalism occurred in the years after the second world war, when the top rate of tax in the US was above 90%.

Note: This historian later confronted Tucker Carlson of Fox News, who had a few choice dirty words for him. For more along these lines, see concise summaries of deeply revealing news articles on income inequality and corporate corruption.


Despite record profits, Amazon didn't pay any federal income tax in 2017 or 2018.
2019-02-15, CNN News
Posted: 2019-02-25 04:39:59
https://www.cnn.com/2019/02/15/tech/amazon-federal-income-tax/index.html

Amazon hasn't paid any taxes to the US government in the past two years. Actually, Amazon received hundreds of millions of dollars in federal tax credits in 2017 and 2018. That might seem nuts, considering Amazon is the third-most valuable company in the world and earned a record $10 billion last year. But critics of Amazon's tax bill aren't accusing Amazon of doing anything improper. "This is tax avoidance, not tax evasion. There's no indication of any wrongdoing, except on the part of Congress," said Matthew Gardner, senior fellow at the Institute on Taxation and Economic Policy. US tax code allows money-losing companies to reduce their future taxable income. Amazon's total earnings have easily topped its losses — many times over. But some of Amazon's earnings came from sales outside the United States, on which Amazon paid either lower or no US taxes. Many companies that lose money pay little or no federal income taxes. For example, General Motors (GM) has paid little federal tax money since emerging from bankruptcy in 2009, despite posting record profits for several years. Amazon declined to comment on its federal tax payments.

Note: Read how former tax lobbyists now run the tax-writing committees. For more along these lines, see concise summaries of deeply revealing news articles on corruption in government and in the corporate world.


Elizabeth Warren Does Teddy Roosevelt
2019-01-28, New York Times
Posted: 2019-02-03 22:35:26
https://www.nytimes.com/2019/01/28/opinion/elizabeth-warren-tax-plan.html

There was a time when leading American politicians were proud to proclaim their willingness to tax the wealthy, not just to raise revenue, but to limit excessive concentration of economic power. “It is important,” said Theodore Roosevelt in 1906, “to grapple with the problems connected with the amassing of enormous fortunes” — some of them, he declared, “swollen beyond all healthy limits.” Today we are once again living in an era of extraordinary wealth concentrated in the hands of a few people, with the net worth of the wealthiest 0.1 percent of Americans almost equal to that of the bottom 90 percent combined. Elizabeth Warren has released an impressive proposal for taxing extreme wealth. The Warren proposal would impose a 2 percent annual tax on an individual household’s net worth in excess of $50 million, and an additional 1 percent on wealth in excess of $1 billion. The proposal was released along with an analysis by Emmanuel Saez and Gabriel Zucman of Berkeley, two of the world’s leading experts on inequality. Saez and Zucman found that this tax would affect only a small number of very wealthy people — around 75,000 households. But because these households are so wealthy, it would raise a lot of revenue, around $2.75 trillion over the next decade. The usual suspects are ... already comparing Warren to Nicolás Maduro or even Joseph Stalin, despite her actually being more like Teddy Roosevelt or, for that matter, Dwight Eisenhower. But public opinion surveys show overwhelming support for raising taxes on the rich. One recent poll even found that 45 percent of self-identified Republicans support Alexandria Ocasio-Cortez’s suggestion of a top rate of 70 percent.

Note: For more on Warren's proposal, see this Boston Globe article. For more along these lines, see concise summaries of deeply revealing news articles on income inequality from reliable major media sources.


While Sears executives get $25 million in bonuses, laid-off workers struggle during Christmastime
2018-12-11, NBC News
Posted: 2018-12-23 20:06:02
https://www.nbcnews.com/news/us-news/while-sears-executives-get-25-million-bo...

While the executives who presided over the bankruptcy of Sears and Kmart will ring out 2018 with news of $25.3 million in bonuses, laid-off worker Ondrea Patrick will be using her unemployment check to pay for new brakes on her 2000 Dodge Durango. Patrick, who lost her job when the Kmart she worked at in Rockford, Illinois, closed in October, had been hoping to use the money to buy her kids ... something new for Christmas. They’ll be getting hand-me-downs and relying on charity this Christmas while the people in charge are handsomely rewarded. “Those top people and (Sears CEO Eddie) Lampert are having a wonderful Christmas,” Patrick [said]. “They got $25 million in bonuses. Me? I’m late on my bills. The electric company is threatening to shut me off. And I don’t have anything left to spend on the kids this Christmas.” Patrick, who worked part-time for Kmart for nine years, is one of the thousands of workers whose lives were upended in October when Sears Holdings ... declared bankruptcy. A U.S. bankruptcy court judge allowed Sears Holdings to hand out the bonuses after the company successfully argued that it would lose its top people if there’s nothing in their stockings this Christmas. Meanwhile, Patrick’s former co-worker Sheila Brewer, 47, has cancelled Christmas for herself and her husband. The eight weeks of severance she was supposed to get ended after four weeks when the bankruptcy court stopped the rest of the payments to laid-off Sears Holdings workers.

Note: For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and income inequality.


Hope to those serving long prison sentences
2018-12-03, San Francisco Chronicle (San Francisco's leading newspaper)
Posted: 2018-12-16 23:08:22
https://www.sfchronicle.com/opinion/openforum/article/Former-lifers-mentor-Ca...

[California] Gov. Jerry Brown has issued more than 1,100 pardons and commuted more than 150 sentences since taking office in 2011 - far more than have his recent predecessors. The governor’s intervention creates a new pathway to justice for people serving long prison sentences under some of the nation’s harshest sentencing laws. His action moves California away from the brutality of mass incarceration and toward a renewed focus on rehabilitation and redemption. I know well the power of hope in the darkness behind prison walls. In 2012, I was released after serving 24 years of a life sentence. Now I lead the Hope and Redemption Team, an initiative funded by the California Department of Corrections and Rehabilitation to provide rehabilitative programming inside seven state prisons. Our model is unique. Every member of our full-time staff is a former lifer who has served decades of time and is now a living example of redemption. Success stories rarely make the news, but I see them every day. Graduates of our program and job-readiness training offered by the Anti-Recidivism Coalition have earned their release and built careers in the building and construction trades, prison ministry, higher education, entertainment and tech. Trained in violence prevention, they go into juvenile halls and work with youth to break the cycle of incarceration before it begins. They are contributing to society and making communities stronger and safer - things that prison can never accomplish.

Note: Explore a treasure trove of concise summaries of incredibly inspiring news articles which will inspire you to make a difference.


Behind the Ever-Expanding American Dream House
2006-07-04, NPR
Posted: 2018-10-28 21:30:33
https://www.npr.org/templates/story/story.php?storyId=5525283?storyId=5525283

The average American house size has more than doubled since the 1950s; it now stands at 2,349 square feet. Whether it's a McMansion in a wealthy neighborhood, or a bigger, cheaper house in the exurbs, the move toward ever large homes has been accelerating for years. Consider: Back in the 1950s and '60s, people thought it was normal for a family to have one bathroom, or for two or three growing boys to share a bedroom. Well-off people summered in tiny beach cottages. Now, many of those cottages have been replaced with bigger houses. Six-room apartments in cities like New York or Chicago have been combined. Is it wealth? Is it greed? Or are there more subtle things going on? "Big picture is, they are fueling the local economy," says Pat Trunzo, a local builder. Trunzo says there's a different mindset among the wealthy today, compared to when his father started the family business. "Most of the big houses were visible from the road," he says. Now ... the wealthy "want their own private little enclave. And they don't even want the general public to know that they are there." For Trunzo, it's just a bit strange. But for John Stilgoe, a professor ... at Harvard University, it's emblematic. "The big house represents the atomizing of the American family," he says. "Each person not only has his or her own television - each person has his or her own bathroom. The family members rarely have to interact. And the notion of compromise is simply out one of the very many windows these houses sport."

Note: The year after this article was published, big banks were profiting immensely from record numbers of home foreclosures. The year after that, Wall Street was given a massive taxpayer-funded bailout.


Ten Years After the Crash, We’ve Learned Nothing
2018-09-13, Rolling Stone
Posted: 2018-09-23 21:39:42
https://www.rollingstone.com/politics/politics-features/financial-crisis-ten-...

On Saturday, September 13th, 2008, the world was about to end. The New York Federal Reserve was a zoo. The crowd included future Treasury Secretary Timothy Geithner, then-Treasury Secretary (and former Goldman Sachs CEO) Hank Paulson, the representatives of multiple regulatory offices, and the CEOs of virtually every major bank in New York. In the twin collapses of top-five investment bank Lehman Brothers and insurance giant AIG, Wall Street saw a civilization-imperiling ball of debt hurtling its way. The legend of that meeting ... is that the tough-minded bank honchos found a way to scrape up just enough cash to steer the debt-comet off course. The plan included a federal bailout of incompetent AIG, along with key mergers – Bank of America buying Merrill, Barclays swallowing the sinking hull of Lehman, etc. The legend is bull. Accurate chronicles of the crisis period [include] the just-released Financial Exposure by Elise Bean of the Senate Permanent Subcommittee on Investigations. The crisis response dramatically accelerated two huge problems. First, we made Too Big To Fail worse by making the companies even bigger and more dangerous through ... state-aided mergers. In the next crisis, letting losers lose will be even more unimaginable. Secondly, an already-serious economic inequality issue became formalized. The people responsible for the crisis weren’t just saved, but made beneficiaries of another decade of massive unearned profits.

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and income inequality.


Ten Years After The Financial Crisis, The Contagion Has Spread To Democracy Itself
2018-09-15, Huffington Post
Posted: 2018-09-23 21:37:26
https://www.huffingtonpost.com/entry/financial-crisis-10-years-later-ben-bern...

By the time Lehman Brothers filed for the largest bankruptcy in American history on Sept. 15, 2008, the country had been navigating stormy global financial waters for more than a year. Throughout the mess, the Federal Reserve and the U.S. Treasury had been permitting the largest banks in the country to funnel as much cash as they wanted to their shareholders ― even as it became clear those same banks could not pay their debts. Ben Bernanke, Hank Paulson and Timothy Geithner ... didn’t really rescue the banking system. They transformed it into an unaccountable criminal syndicate. Since the crash, the biggest Wall Street banks have been caught laundering drug money, violating U.S. sanctions against Iran and Cuba, bribing foreign government officials, making illegal campaign contributions to a state regulator and manipulating the market for U.S. government debt. Citibank, JPMorgan, Royal Bank of Scotland, Barclays and UBS even pleaded guilty to felonies for manipulating currency markets. Not a single human being has served a day in jail for any of it. As a percentage of each family’s overall wealth, the poorer you were, the more you lost in the crash. The top 1 percent of U.S. households ultimately captured more than half of the economic gains over the course of the Obama years, while the bottom 99 percent never recovered their losses from the crash. The result has been a predictable and terrifying resurgence of authoritarian politics unseen since the Second World War.

Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and income inequality.


World's Richest People Have More Than Doubled Their Wealth Since 2008
2018-06-19, Fortune
Posted: 2018-09-17 03:59:00
http://fortune.com/2018/06/19/worlds-richest-people-wealth/

The combined wealth of the world’s millionaires and billionaires has hit $70.2 trillion, reaching a new record for collective wealth among the world’s richest, Capgemini revealed on Tuesday in its annual World Wealth Report. The research firm said that it was sixth-straight year of high-net-worth individuals adding more cash to their coffers. The collective wealth was more than double the $32.8 trillion in wealth the world’s richest people had in 2008. The study defines a high-net-worth individual as someone who has assets of $1 million or more. That sum needs to be available to invest and cannot include a primary residence and collectibles, among other products. The U.S. has the most wealthy people in the world with 5,285 individuals hitting the mark of a high-net-worth individual. Japan and Germany landed in second and third place with 3,162 and 1,365 wealthy people, respectively. In its evaluation of the world’s wealthiest people, Capgemini analyzed how their wealth is dispersed among asset classes. It found that 30.9% of their wealth is kept in equities and 27.2% in cash and cash equivalents. Another 16.8% of their wealth resides in real estate. Additionally, Capgemini found that high-net-worth individuals are investing in cryptocurrency more than ever. More than 71% of younger high-net-worth individuals place a high importance on getting cryptocurrency information from their wealth managers, compared to 13% of those aged 60 and over.

Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


The US is an oligarchy, study concludes
2014-04-16, The Telegraph (One of the UK's leading newspapers)
Posted: 2018-09-17 03:57:15
https://www.telegraph.co.uk/news/worldnews/northamerica/usa/10769041/The-US-i...

The US government does not represent the interests of the majority of the country's citizens, but is instead ruled by those of the rich and powerful, a new study from Princeton and Northwestern Universities has concluded. The report ... used extensive policy data collected from between the years of 1981 and 2002 to empirically determine the state of the US political system. The peer-reviewed study ... says: "Economic elites and organised groups representing business interests have substantial independent impacts on US government policy, while mass-based interest groups and average citizens have little or no independent influence." Researchers concluded that US government policies rarely align with the the preferences of the majority of Americans, but do favour special interests and lobbying organisations: "When a majority of citizens disagrees with economic elites and/or with organised interests, they generally lose. Moreover, because of the strong status quo bias built into the US political system, even when fairly large majorities of Americans favour policy change, they generally do not get it." The politics of average Americans and affluent Americans sometimes does overlap. This is merely a coincidence, the report says. The theory of "biased pluralism" that the Princeton and Northwestern researchers believe the US system fits holds that policy outcomes "tend to tilt towards the wishes of corporations and business and professional associations."

Note: Note: Watch an excellent six minute video showing how corruption in the US is legal. For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


US CEOs earned 312 times more than workers in 2017: Study
2018-08-17, ABC News
Posted: 2018-09-02 23:03:03
https://abcnews.go.com/Business/us-ceos-earned-312-times-workers-2017-study/s...

CEOs at the 350 largest U.S. companies received 312 times as much in compensation as typical employees in 2017, according to a study released Thursday. The average chief executive received $18.9 million last year, a 17.6 percent increase from 2016, as the wages of a typical worker rose just 0.3 percent, according to research by the Economic Policy Institute, a Washington-based think tank. The highest CEO-to-worker pay ratio ever recorded is 344-to-1, in 2000. In 1965, it was 20-to-1. In 1989, it was 58-to-1. "CEO compensation has grown far faster than stock prices or corporate profits," EPI said in an online summary of the findings. "CEO compensation rose by 979 percent [based on stock options granted] or 1,070 percent [based on stock options realized] between 1978 and 2017. ... Higher CEO pay does not reflect correspondingly higher output or better firm performance. Exorbitant CEO pay therefore means that the fruits of economic growth are not going to ordinary workers."

Note: For more along these lines, see concise summaries of deeply revealing income inequality news articles from reliable major media sources.


Companies Shouldn’t Be Accountable Only to Shareholders
2018-08-14, Wall Street Journal
Posted: 2018-08-27 17:50:20
https://www.wsj.com/articles/companies-shouldnt-be-accountable-only-to-shareh...

Corporate profits are booming, but average wages haven’t budged. In the early 1980s, large American companies sent less than half their earnings to shareholders, spending the rest on their employees and other priorities. But between 2007 and 2016, large American companies dedicated 93% of their earnings to shareholders. Because the wealthiest 10% of U.S. households own 84% of American-held shares, the obsession with maximizing shareholder returns effectively means America’s biggest companies have dedicated themselves to making the rich even richer. In the four decades after World War II, shareholders on net contributed more than $250 billion to U.S. companies. But since 1985 they have extracted almost $7 trillion. That’s trillions of dollars in profits that might otherwise have been reinvested in the workers who helped produce them. Before “shareholder value maximization” ideology took hold, wages and productivity grew at roughly the same rate. But since the early 1980s, real wages have stagnated even as productivity has continued to rise. Workers aren’t getting what they’ve earned. Companies also are setting themselves up to fail. Retained earnings were once the foundation for long-term investments. But from 1990 to 2015, nonfinancial U.S. companies invested trillions less than projected, funneling earnings to shareholders instead. This underinvestment handcuffs U.S. enterprise and bestows an advantage on foreign competitors. We should insist on a new deal.

Note: The above was written by Sen. Elizabeth Warren in conjunction with her introduction of the "Accountable Capitalism Act". For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and income inequality.


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