Financial Oligarchy - So What's New?
I don't mean to be so cynical, but it comes with the territory. The news article in this morning's Kansas City Star, Federal Reserve bank president urges balance in dealing with crisis says:
Federal Reserve officials must be wary of concentrated risk and the rise of a new “financial oligarchy” as banks merge during the credit crisis, Kansas City Fed President Thomas Hoenig said today.There's that word oligarchy. In a previous commentary There's No Place To Run, Jim Rogers!, I wrote that today, an individual's natural self-defenses has been slowly dis-armed by the "Ultimate Revolution" strategy expressed in Aldous Huxley's 1962 presentation [To Listen! or Transcript] at a Berkeley, California conference:Regulators, while weighing changes to oversight, should consider “the degree to which we should be concerned and address the rising levels of concentration of financial resources among, if you will, a financial oligarchy that will wield vast powers in the future,” Hoenig said at a meeting of the Institute of International Bankers in Washington.
That we are in process of developing a whole series of techniques which will enable the controlling oligarchy who have always existed and presumably will always exist to get people to love their servitude.So this is the word "oligarchy" being used, this time 46 years ago. You have only to read recent headlines about our financial crash to understand the results of these efforts. Just like the Panic of 1907, our own financial panic is going to re-align financial powers and I really don't think we're going to like the results.Today's Bloomberg headline Paulson Plans to Invest in `Thousands' of U.S. Banks shows the first step in this new oligarchy. The Treasury is now deciding who wins and who loses, rather than the marketplace. One doesn't have to think too hard to know exactly where this will lead. As you click on each bank, you'll see the Major Holders and ultimate beneficiaries of these actions. You'll also see just what an incestuous group of players that make up these major money center banks.
The Treasury's stock buying program will begin with nine banks, which it didn't name. People briefed on the matter said $125 billion will be disbursed in days: Citigroup Inc., Wells Fargo & Co., JPMorgan Chase & Co. and a combined Bank of America Corp./Merrill Lynch & Co each will get $25 billion, while Morgan Stanley and will get $10 billion each. Bank of New York Mellon Corp. said it will receive about $3 billion and State Street Corp. said it's getting $2 billion.And in today's Investment News article Treasury selects BNY Mellon custodian, we learned:The Department of the Treasury has hired The Bank of New York Mellon Corp. to be the custodian that will implement its $700 billion economic-stimulus package.So that pretty much determines the winners and the losers for a long time to come. The oligarchy is tightening its grip. It never was about YOUR financial problems in the first place.
. . .
Under the three-year contract, BNY Mellon will also be responsible for providing the accounting for the portfolio, hold the portfolio's cash and assets, provide for pricing and asset valuation services, and assist with other related services.Additionally, the bank will serve as the auction manager and conduct reverse auctions for the troubled assets.
Today, we must say, "NO MORE!"
The Dragon Wins NO MORE!
Let's accept our past failures now. Congress proved themselves not worthy of our trust.
Pass the American Monetary Act to prevent giving away TITLE to our homeland.
NOTE: Capital Group manages four funds that control 3.80%.
Symbol Name Of Corporation C
Major
HoldersCitigroup Inc. (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Barclays Global Investors UK Holdings Ltd 243,281,199 4.47 $4,077,392,895 Capital World Investors 231,729,215 4.26 $3,883,781,643 State Street Corporation 191,355,078 3.51 $3,207,111,107 Capital Research Global Investors 168,410,580 3.09 $2,822,561,320 Vanguard Group, Inc. (The) 165,309,191 3.04 $2,770,582,041 AXA (Paris, France) 114,157,017 2.10 $1,913,271,604 UBS Global Asset Management (Americas) Inc 84,115,076 1.54 $1,409,768,673 Dodge & Cox Inc 83,091,020 1.53 $1,392,605,495 Bank of New York Mellon Corporation 71,183,184 1.31 $1,193,030,163 FMR LLC (Fidelity) 71,105,040 1.31 $1,191,720,470 % of Shares Held by All Insider and 5% Owners: 0% Top 10 [0.8%] of 1203 Institutional Holders Control 26.16% Percentage of Barclays and "Associates" Control 9.29%
Vanguard manages three funds that control 2.29%.
Washington Mutual manages a fund that controls 0.90%.
Therefore, the TOP 10 Major Holders control 33.15% of Citigroup.
Barclays/Associates control 10.19%.
Capital Group controls 7.35%.
NOTE: Vanguard manages three funds that control 2.27%.
Symbol Name Of Corporation WFC
Major
HoldersWells Fargo & Company (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Berkshire Hathaway, Inc 290,654,868 8.78 $6,903,053,115 Barclays Global Investors UK Holdings Ltd 118,462,643 3.58 $2,813,487,771 State Street Corporation 116,149,156 3.51 $2,758,542,455 Vanguard Group, Inc. (The) 101,518,364 3.07 $2,411,061,145 Capital World Investors 80,491,400 2.43 $1,911,670,750 Marsico Capital Management, Llc 78,239,233 2.36 $1,858,181,783 UBS Global Asset Management (Americas) Inc 71,722,601 2.17 $1,703,411,773 FMR LLC (Fidelity) 63,313,439 1.91 $1,503,694,176 Davis Selected Advisers, LP 57,407,221 1.73 $1,363,421,498 State Farm Mutual Automobile Insurance Co 55,039,014 1.66 $1,307,176,582 % of Shares Held by All Insider and 5% Owners: 0% Top 10 [0.8%] of 1185 Institutional Holders Control 31.20% Percentage of Barclays and "Associates" Control 7.09%
Washington Mutual manages a fund that controls 1.14%.
Capital Group manages a fund that controls 1.03%.
Therefore, the TOP 10 Major Holders control 35.64% of Wells Fargo.
Barclays/Associates control 8.23%.
NOTE: Vanguard manages four funds that control 2.97%.
Symbol Name Of Corporation JPM
Major
HoldersJP Morgan Chase Co. (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Barclays Global Investors UK Holdings Ltd 157,667,999 4.59 $5,409,589,045 AXA (Paris, France) 140,498,887 4.09 $4,820,516,812 State Street Corporation 131,086,954 3.81 $4,497,593,391 Vanguard Group, Inc. (The) 107,840,912 3.14 $3,700,021,690 FMR LLC (Fidelity) 97,127,149 2.83 $3,332,432,482 Davis Selected Advisers, LP 74,560,855 2.17 $2,558,182,935 Morgan Stanley 55,908,016 1.63 $1,918,204,028 Bank of New York Mellon Corporation 54,224,873 1.58 $1,860,455,392 Capital Research Global Investors 51,293,900 1.49 $1,759,893,709 Northern Trust Corporation 42,740,560 1.24 $1,466,428,613 % of Shares Held by All Insider and 5% Owners: 1% Top 10 [0.7%] of 1373 Institutional Holders Control 26.57% Percentage of Barclays and "Associates" Control 12.85%
Capital Group manages a fund that controls 1.49%.
Davis Advisers manages a fund that controls 0.96%.
Therefore, the TOP 10 Major Holders control 31.99% of JP Morgan Chase.
NOTE: Vanguard manages three funds that control 2.19%.
Symbol Name Of Corporation BAC
Major
HoldersBank Of America (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Barclays Global Investors UK Holdings Ltd 181,112,472 3.97 $4,323,154,706 State Street Corporation 165,567,382 3.63 $3,952,093,408 Vanguard Group, Inc. (The) 138,310,289 3.03 $3,301,466,598 FMR LLC (Fidelity) 105,234,132 2.31 $2,511,938,730 Capital Research Global Investors 103,697,440 2.27 $2,475,257,892 Capital World Investors 94,766,950 2.08 $2,262,087,096 AXA (Paris, France) 93,349,397 2.05 $2,228,250,106 Wellington Management Company, Llp 71,438,047 1.57 $1,705,226,181 Bank of New York Mellon Corporation 61,653,718 1.35 $1,471,674,248 Morgan Stanley 54,719,404 1.20 $1,306,152,173 % of Shares Held by All Insider and 5% Owners: 1% Top 10 [0.7%] of 1347 Institutional Holders Control 23.46% Percentage of Barclays and "Associates" Control 10.15%
Washington Mutual manages a fund that controls 0.90%.
Franklin manages a fund that controls 0.57%.
Therefore, the TOP 10 Major Holders control 27.12% of Bank of America.
Barclays/Associates control 11.62%.
NOTE: Vanguard manages three funds that control 2.14%.
Symbol Name Of Corporation MS
Major
HoldersMorgan Stanley (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value AXA (Paris, France) 66,771,586 6.02 $2,408,451,107 Barclays Global Investors UK Holdings Ltd 49,265,452 4.44 $1,777,004,853 Vanguard Group, Inc. (The) 33,151,312 2.99 $1,195,767,823 UBS Global Asset Management (Americas) Inc 26,264,339 2.37 $947,354,707 State Street Corporation 181,543,696 16.37 $6,548,281,114 Price (T.Rowe) Associates Inc 21,670,624 1.95 $781,659,407 FMR LLC (Fidelity) 19,806,141 1.79 $714,407,505 JP Morgan Chase & Company 17,603,259 1.59 $634,949,552 Bank of New York Mellon Corporation 14,613,749 1.32 $527,117,926 Credit Suisse/ 14,250,807 1.28 $514,026,608 % of Shares Held by All Insider and 5% Owners: 0% Top 10 [1.3%] of 770 Institutional Holders Control 40.12% Percentage of Barclays and "Associates" Control 25.67%
Fidelity manages two funds that control 1.03%.
Therefore, the TOP 10 Major Holders control 43.29% of Morgan Stanley.
NOTE: Vanguard manages three funds that control 2.18%.
Symbol Name Of Corporation GS
Major
HoldersGoldman Sachs Group (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Barclays Global Investors UK Holdings Ltd 17,175,818 4.36 $3,004,050,568 Marsico Capital Management, LLC 16,007,387 4.06 $2,799,691,986 State Street Corporation 13,865,548 3.52 $2,425,084,345 FMR LLC (Fidelity) 12,362,649 3.14 $2,162,227,310 Vanguard Group, Inc. (The) 11,595,291 2.94 $2,028,016,395 Wellington Management Company, LLP 10,567,674 2.68 $1,848,286,182 AXA (Paris, France) 10,168,295 2.58 $1,778,434,795 Janus Capital Management, LLC 7,251,949 1.84 $1,268,365,880 Price (T.Rowe) Associates Inc 6,783,264 1.72 $1,186,392,873 Northern Trust Corporation 6,294,008 1.60 $1,100,821,999 % of Shares Held by All Insider and 5% Owners: 8% Top 10 [1.0%] of 984 Institutional Holders Control 28.44% Percentage of Barclays and "Associates" Control 13.04%
Fidelity manages two funds that control 1.33%.
Therefore, the TOP 10 Major Holders control 31.95% of Goldman Sachs.
NOTE: Vanguard manages three funds that control 2.63%.
Symbol Name Of Corporation STT
Major
HoldersState Street Corp. (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Price (T.Rowe) Associates Inc 25,419,732 5.89 $1,626,608,650 State Street Corporation 18,804,129 4.36 $1,203,276,214 FMR LLC (Fidelity) 18,163,434 4.21 $1,162,278,141 Massachusetts Financial Services Co - Other 17,017,821 3.94 $1,088,970,365 Barclays Global Investors UK Holdings Ltd 16,351,201 3.79 $1,046,313,351 Wellington Management Company, LLP 14,148,668 3.28 $905,373,265 Vanguard Group, Inc. (The) 13,395,758 3.10 $857,194,554 Capital Research Global Investors 9,575,000 2.22 $612,704,250 Wells Fargo & Company 7,359,624 1.70 $470,942,339 General Electric Company 6,552,049 1.52 $419,265,615 % of Shares Held by All Insider and 5% Owners: -.--% Top 10 [1.3%] of 792 Institutional Holders Control 34.01% Percentage of Barclays and "Associates" Control 17.26%
T.Rowe Price manages two funds that controls 1.83%.
Therefore, the TOP 10 Major Holders control 38.47%, and
Barclays/Associates control 19.09% of State Street.
NOTE: Vanguard manages three funds that control 2.24%.
Symbol Name Of Corporation BK
Major
HoldersBank of New York Mellon (As of 30-Jun-2008)
Top 10 Institutional Holders Shares Pct. Value Barclays Global Investors UK Holdings Ltd 57,220,684 4.99 $2,164,658,475 Davis Selected Advisers, LP 45,438,462 3.96 $1,718,937,017 State Street Corporation 42,177,248 3.68 $1,595,565,291 FMR LLC (Fidelity) 41,344,605 3.61 $1,564,066,407 Vanguard Group, Inc. (The) 35,933,866 3.14 $1,359,378,150 Lord Abbett & Co 35,466,312 3.09 $1,341,690,582 Massachusetts Financial Services Co - Other 30,347,404 2.65 $1,148,042,293 Morgan Stanley 22,370,111 1.95 $846,261,299 Price (T.Rowe) Associates Inc 21,096,543 1.84 $798,082,221 Capital Research Global Investors 16,912,941 1.48 $639,816,558 % of Shares Held by All Insider and 5% Owners: 0% Top 10 [1.2%] of 840 Institutional Holders Control 30.39% Percentage of Barclays and "Associates" Control 15.11%
Davis Selected Advisers manages a fund that controls 2.02%.
Lord Abbett manages a fund that controls 1.19%.
Therefore, the TOP 10 Major Holders control 35.84% of Bank of New York Mellon.
© 2008 by Edward Ulysses Cate
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