It’s been Strange Days.
“Not since 2001, when a bankrupt Enron clocked in at No. 7 on the Fortune 500, has our list generated so many anomalies…[In 2010,] Aggregate Fortune 500 profits soared by 81% amid a stagnant U.S. job market. The profits derived partly from productivity gains, including workforce reductions…We’ve rarely seen such a stark gulf between the fortunes of the 500 and those of ordinary Americans.” -Fortune Magazine Editors (May 2011)
The 12 most profitable sectors of the economy in the Fortune 500 listing.
Some claim regulation victimizes corporations
Bank of America, the largest of the banks in terms of revenue, posted negative profits in 2010 despite the fact that commercial banking dwarfed all other industries in terms of profit.
“Two Democrats pushed through the much-vaunted Wall Street Reform and Consumer Protection Act, which President Obama signed and touted as one of the signature accomplishments of his presidency…That little bomb is now why battered Bank of America has no choice but to impose a $5 monthly fee — $60 a year — to consumers to make up for lost revenue…Other banks, by the way, might follow. And like banks, consumers may respond in a way that is logical to their interests, too.” -investors.com
Russell Simmons joins Occupy Wall Street protest, flash mob meditation
Simmons is the co-founder of Def Jam and a pioneering Hip-Hop entrepreneur.
Russel Simmons: “The lobbyists and the corporations run this country. It’s a money grab right now. They’re taking all the money from the underserved, from the people who need it most and the Dow Jones is fine. The rich are getting richer and the poor are getting poorer and the solution is to get the country out of the hands of corporations”.
What do you think?!