Another day, another banking scam.....FERC put the hammer down on Deutsche Bank, which settled without admitting or denying squat. It fined Barclay's $435 million, according to the Journal, or $470 million according to the Financial Times, or $453 million according to Reuters, but whatever, it looks to be about $400-something million dollars. Barclay's says they'll fight the allegations and fine. Next up is JPMorgan Chase the Magic Dragon. Their FERC-ing fine could be $1 billion dollars.
They discovered that global corporate control has a distinct bow-tie shape, with a dominant core of 147 firms radiating out from the middle. Each of these 147 own interlocking stakes of one another and together they control 40% of the wealth in the network. A total of 737 control 80% of it all. The top 20 are at the bottom of the post. This is, say the paper’s authors, the first map of the structure of global corporate control.