FacebookTwitterGoogle+RedditEmail

The Financial Core of the Transnational Capitalist Class

by PETER PHILLIPS and BRADY OSBORNE

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.

One hundred thirty-six of the 161 core members (84 percent) are male. Eighty-eight percent are whites of European descent (just nineteen are people of color). Fifty-two percent hold graduate degrees—including thirty-seven MBAs, fourteen JDs, twenty-one PhDs, and twelve MA/MS degrees. Almost all have attended private colleges, with close to half attending the same ten universities: Harvard University (25), Oxford University (11), Stanford University (8), Cambridge University (8), University of Chicago (8), University of Cologne (6), Columbia University (5), Cornell University (4), the Wharton School of the University of Pennsylvania (3), and University of California–Berkeley (3). Forty-nine are or were CEOs, eight are or were CFOs; six had prior experience at Morgan Stanley, six at Goldman Sachs, four at Lehman Brothers, four at Swiss Re, seven at Barclays, four at Salomon Brothers, and four at Merrill Lynch.

People from twenty-two nations make up the central financial core of the Transnational Corporate Class. Seventy-three (45 percent) are from the US; twenty-seven (16 percent) Britain; fourteen France; twelve Germany; eleven Switzerland; four Singapore; three each from Austria, Belgium, and India; two each from Australia and South Africa; and one each from Brazil, Vietnam, Hong Kong/China, Qatar, the Netherlands, Zambia, Taiwan, Kuwait, Mexico, and Colombia. They mostly live in or near a number of the world’s great cities: New York, Chicago, London, Paris, and Munich.

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.

Estimates are that the total world’s wealth is close to $200 trillion, with the US and European elites holding approximately 63 percent of that total; meanwhile, the poorest half of the global population together possesses less than 2 percent of global wealth. The World Bank reports that, 1.29 billion people were living in extreme poverty, on less than $1.25 a day, and 1.2 billion more were living on less than $2.00 a day. Thirty-five thousand people, mostly young children, die every day from malnutrition.  While millions suffer, a transnational financial elite seeks returns on trillions of dollars that speculate on the rising costs of food, commodities, land, and other life sustaining items for the primary purpose of financial gain.  They do this in cooperation with each other in a global system of transnational corporate power and control and as such constitute the financial core of an international corporate capitalist class.

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 and in Censored 2014 from Seven Stories Press

Peter Phillips is professor of sociology at Sonoma State University and president of Media Freedom Foundation/Project Censored.

Brady Osborne is a senior level research associate at Sonoma State University.

 

CounterPunch Magazine

minimag-edit

bernie-the-sandernistas-cover-344x550

zen economics

May 23, 2017
Patrick Cockburn
A Gathering of Autocrats: Trump Puts US on Sunni Muslim Side of Bitter Sectarian War with Shias
Shamus Cooke
Can Trump Salvage His Presidency in Syria’s War?
Thomas S. Harrington
“Risk”: a Sad Comedown for Laura Poitras
Josh White
Towards the Corbyn Doctrine
Mike Whitney
Rosenstein and Mueller: the Regime Change Tag-Team
Jan Oberg
Trump in Riyadh: an Arab NATO Against Syria and Iran
Susan Babbitt
The Most Dangerous Spy You’ve Never Heard Of: Ana Belén Montes
Rannie Amiri
Al-Awamiya: City of Resistance
Dimitris Konstantakopoulos
The European Left and the Greek Tragedy
Laura Leigh
This Land is Your Land, Except If You’re a Wild Horse Advocate
Hervé Kempf
Macron, Old World President
Michael J. Sainato
Devos Takes Out Her Hatchet
L. Ali Khan
I’m a Human and I’m a Cartoon
May 22, 2017
Diana Johnstone
All Power to the Banks! The Winners-Take-All Regime of Emmanuel Macron
Robert Fisk
Hypocrisy and Condescension: Trump’s Speech to the Middle East
John Grant
Jeff Sessions, Jesus Christ and the Return of Reefer Madness
Nozomi Hayase
Trump and the Resurgence of Colonial Racism
Rev. William Alberts
The Normalizing of Authoritarianism in America
Frank Stricker
Getting Full Employment: the Fake Way and the Right Way 
Jamie Davidson
Red Terror: Anti-Corbynism and Double Standards
Binoy Kampmark
Julian Assange, Sweden, and Continuing Battles
Robert Jensen
Beyond Liberal Pieties: the Radical Challenge for Journalism
Patrick Cockburn
Trump’s Extravagant Saudi Trip Distracts from His Crisis at Home
Angie Beeman
Gig Economy or Odd Jobs: What May Seem Trendy to Privileged City Dwellers and Suburbanites is as Old as Poverty
Colin Todhunter
The Public Or The Agrochemical Industry: Who Does The European Chemicals Agency Serve?
Jerrod A. Laber
Somalia’s Worsening Drought: Blowback From US Policy
Michael J. Sainato
Police Claimed Black Man Who Died in Custody Was Faking It
Clancy Sigal
I’m a Trump Guy, So What?
Gerry Condon
In Defense of Tulsi Gabbard
Weekend Edition
May 19, 2017
Friday - Sunday
John Pilger
Getting Assange: the Untold Story
Jeffrey St. Clair
The Secret Sharer
Charles Pierson
Trump’s First Hundred Days of War Crimes
Paul Street
How Russia Became “Our Adversary” Again
Andrew Levine
Legitimation Crises
Mike Whitney
Seth Rich, Craig Murray and the Sinister Stewards of the National Security State 
Robert Hunziker
Early-Stage Antarctica Death Rattle Sparks NY Times Journalists Trip
Ken Levy
Why – How – Do They Still Love Trump?
Bruce E. Levine
“Hegemony How-To”: Rethinking Activism and Embracing Power
Robert Fisk
The Real Aim of Trump’s Trip to Saudi Arabia
Christiane Saliba
Slavery Now: Migrant Labor in the Persian Gulf and Saudi Arabia
Chris Gilbert
The Chávez Hypothesis: Vicissitudes of a Strategic Project
Howard Lisnoff
Pay No Attention to That Man Behind the Curtain
Brian Cloughley
Propaganda Feeds Fear and Loathing
Stephen Cooper
Is Alabama Hiding Evidence It Tortured Two of Its Citizens?
Sheldon Richman
The Real Danger From Trump is Ignored
FacebookTwitterGoogle+RedditEmail