How Rich Are the 400 Richest Americans?

[Octafish]

How Rich Are the 400 Richest Americans?

And What They Do With Their Money

by LAWRENCE WITTNER
CounterPunch, Oct. 27, 2014

EXCERPT...

According to Forbes, a leading business magazine, the combined wealth of the 400 richest Americans has now reached the staggering total of $2.3 trillion. This gives them an average net worth of $5.7 billion–an increase of 14 percent over the previous year.

With fortunes far beyond the dreams of past kings and potentates, these super-wealthy individuals enjoy extraordinary lifestyles. Larry Ellison, the third wealthiest man in the United States (with $50 billion, an increase of 22 percent) reportedly has “15 or so homes scattered all around the world.” Among his yachts are two exceptionally big ones, each over half as long as a football field. In fact, they’re large enough for him to play basketball while on board. If a ball bounces over the rail, Ellison has a powerboat following along to retrieve it.

SNIP...

Furthermore, the richest Americans often use their wealth to campaign against the public good. Pre-eminent among them are Charles and David Koch, the sons of a wealthy founder of the John Birch Society, as well as the fourth and fifth richest Americans (with $84 billion). Over the years, the Koch brothers have used their vast wealth to champion the abolition of public schools, the postal system, minimum wage laws, Social Security, Medicare, Medicaid, the Food and Drug Administration, and the Environmental Protection Agency. Bankrolling a broad variety of rightwing groups and foundations, they have zealously opposed legislation providing for environmental protection, health care reform, and limits on campaign contributions. As massive financers of rightwing election campaigns–including more than $400 million to candidates in 2011-2012 alone–they have been very effective in pulling the Republican Party and American politics rightward.

Even Americans who place some of their enormous wealth in tax exempt foundations often use them for questionable purposes. Since 2008, the Gates Foundation–funded by Bill Gates (the nation’s wealthiest individual, with $81 billion)–has spent at least $2 billion to undermine public schools by promoting charter schools, high-stakes standardized testing, and other corporate educational initiatives. The Gates Foundation has also played a key role in creating organizations opposing teacher unions and teacher tenure. Meanwhile, the Walton Foundation contributed more than $750 million to these efforts. In Milwaukee, the Walton Foundation funded the organizations that developed and pushed through that city’s school voucher program. In addition, both the Gates and Walton Foundations have funded the work of ALEC, the rightwing operation that has successfully promoted the passage of state laws that restrict voting rights, weaken unions, privatize education, harass immigrants, encourage “Stand Your Ground” behavior, and, of course, provide big tax cuts for the rich.

CONTINUED...

http://www.counterpunch.org/2014/10/27/how-rich-are-the-400-richest-americans/

Lawrence Wittner is Professor of History emeritus at SUNY/Albany. His latest book is “What’s Going On at UAardvark?” (Solidarity Press), a satirical novel about campus life.



Life's a beach.

[Tierra_y_Libertad]

1. Floating McMansions.

[Octafish]

6. At 454', 1''...It's a beaut.

http://www.superyachts.com/motor-yacht-3612/rising-sun.htm

[adirondacker]

23. Sailed with a couple of captains that would get hired up to shuttle their boats across the Atlantic.

The owners would typically fly to where their boats are moored (ie they usually don't captain their own boats, nor do they spend weeks at sea on them). They basically use them as party barges that cruise for a couple of days around the Med, Carribean, Fiji, etc.

I think my entire town could heat their homes for the winter on what it takes in fuel to do a single crossing.

[Spitfire of ATJ]

20. It's their answer to sea level rise from global warming.

[Octafish]

21. It really is. Ask Frank Carlucci of the Congo & Carlyle Group...

...about floating luxury lifeboats.

http://www.alternet.org/story/147058/the_really_creepy_people_behind_the_libertarian-inspired_billionaire_sea_castles

[Spitfire of ATJ]

22. I can picture some hired muscle force feeding pills.

[Initech]

2. Their extreme greed and wealth addiction is sinking us into a new great depression.

[Octafish]

7. For being so rich, a lot of the rich sure can be dumb.

So...let's...

Tax Offshore Wealth Sitting In First World Banks

James S. Henry
07.01.10, 09:00 AM EDT
Forbes Magazine dated July 19, 2010

Let's tax offshore private wealth.

How can we get the world's wealthiest scoundrels--arms dealers, dictators, drug barons, tax evaders--to help us pay for the soaring costs of deficits, disaster relief, climate change and development? Simple: Levy a modest withholding tax on untaxed private offshore loot.

Many aboveground economies around the world are struggling, but the economic underground is booming. By my estimate, there is $15 trillion to $20 trillion in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed.

SNIP...

This wealth is concentrated. Nearly half of it is owned by 91,000 people--0.001% of the world's population. Ninety-five percent is owned by the planet's wealthiest 10 million people.

SNIP...

Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks. As of September 2009 these banks accounted for $10.8 trillion of offshore assets--72% of the industry's total. The busiest 10 of them manage 40%.

CONTINUED....

http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html

[rhett o rick]

24. Society has an obligation to protect its own life. Allowing these Robber Barons to continue

to steal our resources can not continue.

[Downwinder]

3. They are rich beyond my comprehension.

[Octafish]

9. A System of Economic Exploitation and Domination

Wall Street and the Politics of Finance

by ROB URIE
CounterPunch
WEEKEND EDITION OCTOBER 5-7, 2012

In the early days of the Obama administration there was an opportunity, at least in theory, to reconsider the role of finance in Western economies. The financial part of the economic crisis that the banks created left them vulnerable and dependent on visible public support. And while Mr. Obama came relatively late to this history, his decision to wholly revive finance capitalism will haunt the economies of the West until banks are returned to their useful social function as utilities.

Public anger over outsized paychecks, predatory practices and freedom from liability for several decades of straightforwardly criminal behavior aside, banks and the debt based economy they produce force the most destructive elements of capitalism onto a fragile world. Ironically, finance capitalism produces monumental wealth redistribution, the great boogieman of capitalist economists, and serves to justify acts of human and environmental devastation that, when viewed on their own, are quite obviously insane. And while this tendency can be attributed to capitalism in general, financial leverage adds a structural element to economic production that amplifies the worst tendencies of capitalism. The existing system of global finance must be gotten out of the way before less destructive modes of economic life are possible.

SNIP...

Whatever the visceral anger toward Wall Street, the reasons why finance capitalism must be ended and banking returned to its social purpose as a utility are analytical. While financial crashes like that of 2008 are emblematic of systemic instability, it is the transfer of social wealth from labor to finance that is most socially, economically and politically destructive. The focus of official Washington on restoring the existing system as a means to restore economic vitality gets it exactly wrong. And calls to simply re-regulate the banks ignore that while the banks were regulated financial profits accrued that allowed them to buy deregulation from a compromised political system.

Finance capitalism can’t be fixed because of its inherent contradictions. There is no ‘natural’ reason why banks, rather than public institutions, have the right to create money—that is a political outcome. And the political power of finance capitalism is more than just capture of the political system, it lies in the everyday power over the way that the world is set up—the relation between ‘natural’ needs like shelter, transportation, education and healthcare and the debt system used to ‘buy’ them that converts an increasing proportion of the product of our work to financial profits.

CONTINUED...

http://www.counterpunch.org/2012/10/05/wall-street-and-the-politics-of-finance/

Absolutely, Downwinder. Beyond comprehension. And while they don't know what they got or how to use what they got to make this a better world, they sure as heck know how to use it to get more of what they don't know what to do with.

[Downwinder]

12. And I grew up at an Armour estate

and went to school at another Armour estate.

[Octafish]

16. A close friend of my family's with the DuPonts

She said they were most kind. I hope that was your experience, too, Downwinder.

Many, if not most all, of the wealthy are good and wonderful people. It's the ones who aren't who are giving democracy a run for its money.

[JEB]

4. Those boats would be excellent for running the blocade of Gaza.

[Octafish]

10. Did anyone go to jail for killing an unarmed American teen at sea in cold blood, execution style?

Oh. Furkan Dogan was a Muslim American...

http://mondoweiss.net/2013/06/american-teenager-execution

[bobthedrummer]

5. They bought Wisconsin as per Gauleiter WALKER's handlers. He has lots of billionaire supporters.

Madison-based The Center for Media and Democracy's SourceWatch has been a trusted source about the fascist corporatists history.
http://www.sourcewatch.org/index.php/SourceWatch

K&R

[Octafish]

13. Koch Brothers propagandizing Michigan, too, Big Time.

...The Koch Brothers: out of state oil billionaires trying to buy the election for Terri Lynn Land. They share an agenda, and we’ve already seen some of what that looks like. In Northern Michigan: the Koch Brothers shut down a paper plant, laying-off 200 Michigan workers. In Western Michigan: they operate one of America’s most toxic waste sites. And in Southeast Michigan, the Kochs recklessly dumped a petroleum waste byproduct, allowing it to contaminate local homes, businesses and possibly the Great Lakes watershed. If Terri Lynn Land and the Koch Brothers win – Michigan loses....

The good Gary Peters provides details: http://www.petersformichigan.com/important-update/2014/critical-message-evidence-koch-brothers-lands-agenda-hurt-michigan/

[navarth]

14. We have Koch suckers, much like Wisconsin.

And they suck and suck and suck.

[Initech]

17. I saw a commercial for Koch Industries the other day.

[valerief]

8. I like the way Alpha House made the Watt brothers (fictional version of Kochs) into

telescreened drones.
http://blogs.indiewire.com/theplaylist/watch-trailer-for-season-2-of-amazons-alpha-house-starring-john-goodman-20141009

[Octafish]

19. Thanks for the heads-up! I've been down since Nucky Thompson went into retirement last night.

Dronevision. Nice...

[daleanime]

11. K&R....

[navarth]

15. It's what I call OBSCENE wealth. nt

[pangaia]

18. This I do not get.

"If a ball bounces over the rail, Ellison has a powerboat following along to retrieve it. "

With all that cash, why does he need to retrieve it? Why not just get the next ball and play on?
Sounds pretty dumb to me.

[brendan120678]

25. Well OBVIOUSLY he's concerned about preventing ocean litter...

[B Calm]

26. My last employer was a Billionaire SMALL BUSINESS OWNER. and one of

the wealthiest in the United States. He has factories all over the world and they all have less than 500 employees. Thus is considered a small business owner!