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The Global 1%: Exposing the Transnational Ruling Class

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25. Bank of America Corporation*

* BlackRock Directors

Notably, for our purposes, BlackRock board members have direct connections to at least seven of the top twenty-five corporations that Vitali et al. identify as an international "super entity." BlackRock's board has direct links to seven of the twenty-five most interconnected corporations in the world. BlackRock's eighteen board members control and influence tens of trillions of dollars of wealth in the world and represent a core of the super-connected financial sector corporations.

Below is a sample cross section of key figures and corporate assets among the global economic "super entity" identified by Vitali et al.

Other Key Figures and Corporate Connections within the Highest Levels of the  Global Economic "Super Entity"

Capital Group Companies--Privately held, based in Los Angeles, manages $1 trillion in assets.

FMR--One of the world's largest mutual fund firms, managing $1.5 trillion in assets and serving more than twenty million individual and institutional clients; Edward C. (Ned) Johnson III, Chairman and CEO.

AXA--Manages $1.5 trillion in assets, serving 101 million clients; Henri de Castries, CEO AXA, and Director, Nestle (Switzerland).

State Street Corporation--Operates from Boston with assest management at $1.9 trillion; directors include Joseph L. Hooley, CEO of State Street Corporation; Kennett F. Burnes, retired chairman and CEO of Cabot CorporationDescription: http://media.corporate-ir.net/media_files/irol/global_images/spacer.gif(2011 revenue: $3.1 billion).

JP Morgan/Chase (2011 assets: $2.3 trillion)--Board of directors: James A. Bell, retired executive VP of The Boeing Company; Stephen B. Burke, CEO of NBC Universal, and executive VP of Comcast Corporation; David M. Cote, CEO of Honeywell International, Inc.; Timothy P. Flynn, retired chairman of KPMG International; and Lee R. Raymond, retired CEO of Exxon Mobil Corporation.

Vanguard (2011 assets under management: $1.6 trillion)--Directors: Emerson U. Fullwood, VP of Xerox Corporation; JoAnn Heffernan Heisen, VP of Johnson & Johnson, Robert Wood Johnson Foundation; Mark Loughridge, CFO of IBM, Global Financing; Alfred M. Rankin Jr., CEO of NACCO Industries, Inc., National Association of Manufacturers, Goodrich Corp, and chairman of Federal Reserve Bank of Cleveland.

UBS AG (2012 assets: $620 billion)--Directors include: Michel Demare, board member of Syngenta and the IMD Foundation (Lausanne); David Sidwell, former CFO of Morgan Stanley.

Merrill Lynch (Bank of America) (2011 assets management: $2.3 trillion)--Directors include: Brian T. Moynihan, CEO of Bank of America; Rosemary T. Berkery, general counsel for Bank of America/Merrill Lynch (formerly Merrill Lynch & Co., Inc), member of New York Stock Exchange's Legal Advisory Committee, director at Securities Industry and Financial Markets Association; Mark A. Ellman, managing director of Credit Suisse, First Boston; Dick J. Barrett, cofounder of Ellman Stoddard Capital Partners, MetLife, Citi Group, UBS, Carlyle Group, ImpreMedia, Verizon Communications, Commonewealth Scientific and Industrial Research Org, Fluor Corp, Wells Fargo, Goldman Sachs Group.

The directors of these super-connected companies represent a small portion of the global 1 percent. Most people with assets in excess of $588,000 are not major players in international finance. At best, they hire asset management firms to produce a return on their capital. Often their net worth is tied up in nonfinancial assets such a real estate and businesses.

Analysis: TCC and Global Power

So how does the transnational corporate class (TCC) maintain wealth concentration and power in the world? The wealthiest 1 percent of the world's population represents approximately forty million adults. These forty million people are the richest segment of the first tier populations in the core countries and intermittently in other regions. Most of this 1 percent have professional jobs with security and tenure working for or associated with established institutions. Approximately ten million of these individuals have assets in excess of one million dollars, and approximately 100,000 have financials assets worth over thirty million dollars. Immediately below the 1 percent in the first tier are working people with regular employment in major corporations, government, self-owned businesses, and various institutions of the world. This first tier constitutes about 30--40 percent of the employed in the core developed countries, and some 30 percent in the second tier economies and down to 20 percent in the periphery economies (sometimes referred to as the 3rd world). The second tier of global workers represents growing armies of casual labor: the global factory workers, street workers, and day laborers intermittently employed with increasingly less support from government and social welfare organizations. These workers, mostly concentrated in the megacities, constitute some 30--40 percent of the workers in the core industrialized economies and some 20 percent in the second tier and peripheral economies. This leaves a third tier of destitute people worldwide ranging from 30 percent of adults in the core and secondary economies to fully 50 percent of the people in peripherial countries who have extremely limited income opportunities and struggle to survive on a few dollars a day. These are the 2.5 billion people who live on less than two dollars a day, die by the tens of thousands every day from malnutrition and easily curible illnesses, and who have probably never even heard a dial tone. [xxvii]

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occupybohemiangrove.com

President Media Freedom Foundation, former director of Project Censored.

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Having only read the first page, I was stunned to ... by Paul Repstock on Sunday, Aug 19, 2012 at 8:44:57 PM
We should be mindful of the reason for the clarity... by Jim Eldon on Monday, Aug 20, 2012 at 11:12:43 AM
It is a valuable article. It is important for ever... by Paul Repstock on Sunday, Aug 19, 2012 at 10:54:40 PM
This article represents the mother load.   ... by Ned Lud on Monday, Aug 20, 2012 at 6:25:36 AM
One of the most important articles in years. Shoul... by Enoch Page on Monday, Aug 20, 2012 at 12:27:24 PM
"An adult requires more than $72,000 to belong to ... by Ralph Dratman on Monday, Aug 20, 2012 at 2:11:54 PM
This is a must read article for the 99% Its only c... by Paul Del Gatto on Monday, Aug 20, 2012 at 4:13:10 PM
the people was supposed to function, then the mass... by Mark Adams JD/MBA on Monday, Aug 20, 2012 at 7:38:14 PM
It seems that most of the people who are aware of ... by Deborah Dills on Monday, Aug 20, 2012 at 8:23:54 PM
Voting is most definitely not the answer. See "Con... by Jim Eldon on Tuesday, Aug 21, 2012 at 7:45:13 PM
we need is about another 45% not voting to really ... by Mark Adams JD/MBA on Wednesday, Aug 22, 2012 at 12:50:21 PM
How do you know half the people are already not vo... by Jim Eldon on Wednesday, Aug 22, 2012 at 2:50:54 PM
...that told of how so many, if not all, of the 1%... by Ginger McClemons on Tuesday, Aug 21, 2012 at 2:24:27 PM