Billions Taken from U. S. Pensions Are Currently Spent by GOP on Fascist Electioneering.
See sections under menu items on Proof on Asset Managers and on Wealth Inequality.
Cooperating asset managers do not need to form monopolies; they act together as a cartel. In August 2024, the cartel owns (as cooperating shareholders) more than 50% of voting stock in the majority of adequately performing Fortune 500 stocks, mutual funds, ETFs, and particularly index funds. See the table. The asset managers’ cartel has enough votes to overturn company CEOs, take over each company, and replace the management with their own CEO. A compromised company can either join the cartel, or can fire ~1000s of workers and replace them with temporary staff, without pensions or benefits. Otherwise, an appointed “cartel” CEO can sell off the best subsidiaries, and trash the company to reduce competition. Company shareholders may get nothing.
Figure 1 24 Years of Growth for Shareholders vs Losses for Retiree Pensions
Series 1: @ 10% interest increases $100k to $1.09 Million for Wealthy Shareholders
Series 2: @ 5% Interest Rates
Series 3: @ 0.5% Interest Rates, grows only by $12,747.
Series 4: @ 0% has no growth and no losses. Investments give asset management $100T’s of power.
Series 5: @ - 0.5% loses $11,310. Over 24 years investments give asset management $100T’s of power.
Series 6: @ -5% loses ~$70,000. Over 24 years investments give asset management $100T’s of power.
Shareholders actually get much more, 20%/year, compounded as “fees” taken from retiree pension assets.
Put a hold on asset manager funds and invested institutional (pension) assets. Document and prosecute financial crimes.
Wikipedia shows results for relative growth of after tax and relative transfer income (above right).
https://en.wikipedia.org/wiki/Income_inequality_in_the_United_States
It is not in the interests of pension funds to accept less than 4.5% interest. Negative “interest” is depletion of the retirement funds. “Shareholders” NEVER get negative interest, they get double-digits. Retiree pensions provide a much greater proportion of the assets under management, but the retirees and pensions lose value of investments. Asset managers do not accept pension fiduciary duties (to act in the best interests of the retirees). The new 2024 law regarding fiduciaries has unreasonable requirements that asset managers can easily avoid.
Asset Managers Game the System to Force Income Inequality; Middle Class Eliminated
Park Avenue: Money, Power and the American Dream *
Run Time: 70 minutes
Plot Outline: Academy Award-winning filmmaker Alex Gibney presents his take on the gap between rich and poor Americans. Gibney contends that America’s richest citizens have “rigged the game in their favor,” and created unprecedented inequality in the United States.
Education, Inc.
Run Time: 94 minutes
A documentary about how money and politics are changing our schools. Education, Inc. is told through the eyes of parent and filmmaker Brian Malone, as he travels cross-country in search of the answers and sources behind the privatizing of American public education, and what it means for his kids. With striking footage from school protests, raucous school board meetings and interviews with some of the most well-known educators in the country, Malone zooms out to paint a clear picture of profit and politics that’s sweeping across the nation, right under our noses.
Redistribution of Wealth to Oligarchs
Mega-monopolies make power brokering too tempting… especially mega-wealth controlling over 90% of all media, and over 90% of all assets… in Russia, China, & America.
To combat this threat, Representatives Barbara Lee (CA-12), Summer Lee (PA-12), and other lawmakers have introduced the Oppose Limitless Inequality Growth and Reverse Community Harms (OLIGARCH) Act. The OLIGARCH Act would establish a wealth tax with four brackets:
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2% for all wealth between 1,000 and 10,000 times median household wealth*;
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4% for all wealth between 10,000 and 100,000 times median household wealth;
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6% for all wealth between 100,000 and 1,000,000 times median household wealth;
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8% for all wealth over 1,000,000 times median household wealth.
Because the richest households are the largest tax evaders, the bill also includes significant enforcement measures, including a requirement for at least a 30% audit rate on households covered by this tax, and establishes penalties for substantial valuation understatements.
For the ultra-wealthy, any tax automatically functions as a constraint on their wealth accumulation. That is why a tax designed solely to reduce wealth inequality is the best approach.
Congress must take action now to stop this threat to our democracy before it’s too late.
Billions Taken from U. S. Pensions Are Donated to GOP & Spent by GOP on Fascist Electioneering.
Get big money OUT OF POLITICS. Get corruption out of government.
"Citizen’s United" is for the wealthy only. This bill protects the wealthy who provide $Billions to GOP candidates and to local and state candidates who gerrymander and run fraudulent elections and voter suppression discriminating against minorities, women, and citizens of “other” religions.
Solutions: Overturn “Citizen’s United”, restrict donations to that of individuals and Party Campaign donation collectors. Redistrict election districts to avoid gerrymandering. Have every election count paper-marked votes. Police elections. Since companies are NOT voters, they cannot influence the elections, nor contribute to candidates for election. (The Kochs boasted that they contributed $889 million to the 2016 election… more than both major parties spent.) Oligarchs must be restricted from extreme funding of elections. America wants a democracy, for the people and by the people; not an oligarchy.