Its willingness to write so honestly about our neoliberal capitalism, it is interesting and worthy. The full report is available here marplutonomyreport leaked citigroup memo part1. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia. In september 2006 citigroup published a report which they have been trying to suppress ever since. It was the first time that trump has personally denied these accusations. It was on what they called plutonomy an idea theyd been hawking around for a while and which was summarised in the wall street journal in 2007 as follows ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in 2005 to describe a country that. Citigroup plutonomy memos pdf united pdf comunication. Oct 16, 2010 the citigroup plutonomy memos saturday, october 16, 2010 at 04. The history of plutonomys conceptual development remains clouded in secrecy. Trump personally denies leaked comey memo for the first time no. We think this income and wealth inequality plutonomy helps explain many of the conundrums that vex equity investors. Citigroup wrote memos in 2005 and 2006 addressed to investors.
Citigroup is the holding company for the following divisions. We cordially invite you to attend citis annual stockholders meeting. Since 2000 was the peak year in equities, and the top 1% of households have a lot more equities in their net worth than the rest of the population who tend to have more real estate, these data might exaggerate the u. The first memo is dated october 16, 2005 35 pages and is titled. Over the concerns of its own scientists, the environmental protection agency continues to approve a controversial pesticide introduced to u.
Google has sacked the employee who leaked an internal memo about an acrosstheboard pay rise for the companys 23,000 staff, claim us media. Heres the administrations internal assessment, per the leaked document. Further proof of this dogmatism reveals itself when we look closer at the business case for diversity which, according to the financial times, is the general agreement that teams of mixed gender, ethnicity, physical ability, age and sexual orientation are more representative of customers. Plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. Evidence indicates that former fbi director james comey falsified his account of how he came to leak a memo he had written that detailed his personal encounters with president trump. What links here related changes upload file special pages permanent link page. To use rawlsian analysis, the invisible hand stops working. Leaked citigroup memo shows economic domination agenda of. The latest survey of consumer finance data released friday 24th of february. Realitybase readers know that i think this is in large part due to. Citigroups shocking plutonomy reports ht michael moore.
Citigroup memo predicted ows movement over half a decade ago. In september 2006 citigroup published a report which they files6674234 citigroup oct162005 plutonomy reportpart1. Those reports, since leaked, plainly discuss the power of the plutonomy in america, and how it would only strengthen, as long as the the rest us the nonplutonics could be kept in the dark about the plutonomy existence, its role, and its overarching control in the american. Wait, now that i look around, i see that yves smith at naked capitalism posted about this on october 15, 2009, almost three years ago, and called for people to protest the annual meetings of the american bankers association. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% archive. Citibank leaked memo plutonomy pdf in, citigroup came out with a brochure for investors called plutonomy. Dec 08, 2011 so citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not.
Perhaps one reason that societies allow plutonomy, is because enough of the electorate believe they have a chance of becoming a plutoparticipant. Both reports were leaked and made available on the web. Back in october, we coined the term plutonomythe global investigator, plutonomy. In the october 2005 note, the analysts said that plutonomies have occurred. The rich getting richer, was issued on march 5, 2006 and began. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1% politicalgates truth11 on december 29, 2011 that there also exists an additional third, shorter citigroup memo, dated september 29, 2006, which is being mentioned here. A few years ago, two copies of these memos were leaked and were. Aug 30, 2012 maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. Citigroup research is a division of citigroup global markets inc. Buying luxury, explaining global imbalances, october 14, 2005.
Michael moore highlights a confidential report that citigroup initially circulated only to its wealthiest customers. Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. Plutonomy is the science of production and distribution of wealth. There are rich consumers, and there are the rest but it is also to the disadvantage of developed market labor, especially at the lower end of the foodchain. Plutonomy the citigroup plan for the megarich at cost. In a leaked report for their investor clients from 2005, a team of global strategists at citigroup wrote an analysis of the global distribution of wealth and consumers. Source document contributed to documentcloud by stacy feldman insideclimate news. Oct 31, 2009 since 2000 was the peak year in equities, and the top 1% of households have a lot more equities in their net worth than the rest of the population who tend to have more real estate, these data might exaggerate the u. The memo reveals some startling information that democrats, and the liberal media, certainly would have preferred to keep hidden from the public. The other citigroup plutonomy memo mentioned in michael moores. Jun 24, 2011 ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in 2005 to describe a country that is defined by massive income and wealth inequality.
Citis annual stockholders meeting will be held on tuesday, april 22, 2014, at 9am cdt in the landmark ballroom at the renaissance st. The march 2005 plutonomy memo, quoted above, has been taken. Comey gave maine senator susan collins a meticulous explanation of how he arranged for the memo to be leaked. Moving on, its a rather long document with second and third companion memos. Leaked memo shows epa doubts about beekilling pesticide wired. Netanyahus iran bomb claim contradicted by mossad, leaked. If you want it, get it quick before the government ddos the. Legal expert claims comeys memo leak was a federal crime jay sekulow, the chief counsel for the american center for law and justice, said on june 9, 2017, the recent testimony given by former fbi director james comey may provide enough evidence to show comey broke federal law when he leaked to the press notes he had taken of. There are rich consumers, and there are the rest look up plutonomy in wiktionary, the free dictionary. Thats the question people usually ask when they hear for the first time of the citigroup plutonomy memos. Legal expert claims comeys memo leak was a federal.
Trump said putin told him russia has the most beautiful hookers in the world read the memos, in redacted form, below. Plutonomy the citigroup plan for the megarich at cost to. Netanyahus iran bomb claim contradicted by mossad, leaked spy cables show in september 2012, the israeli prime minister, binyamin netanyahu. Citigroups second plutonomy report, titled revisiting plutonomy. Those reports, since leaked, plainly discuss the power of the plutonomy in america, and how it would only strengthen, as long as the the rest us. It shows that the rich in the us continue to be in great shape. Apr 04, 2016 the memo from a senior campaign adviser revealed the mounting frustrations among the billionaires top aides as they closed what had been a tumultuous week.
Moving on, its a rather long document with second and third companion memo s. An internal email encourages epa staff to ignore the press. Citigroup plutonomy report part 1 oct 16, 2005 the world is dividing into two blocs the plutonomy and the rest. The memo citigroup doesnt want you to see jobs now. The analysts use the term robberbaron economies and conclude. Read the three leaked citigroup plutonomy memos, plutonomy.
A love story, ajay kapur, then citigroups chief global equities strategist, says this. An army memo from 2008 about the burn pit at iraqs giant balad air base, titled, just the. Comey falsifies memo leak timeline, commits perjury. In september 2006 citigroup published a report which they files6674234citigroupoct162005plutonomyreportpart1. As james comey trots around the country on his bookselling tour, tweeting bible quotes and nature scenes, a less serene series of events is playing out in washington d. Equity multiples appear too low, the profit share of gdp is high and likely going higher, stocks look likely to beat housing, and we are bullish on equities. John ruskin is quoted as having referred to plutonomy as a base or bastard science. Leaked citigroup memo shows economic domination agenda of the. The rich getting richer, and the plutonomy symposium. Not even the epa knows whats going on with the epa. Legal experts on the right and left say reaction to the alleged comey memo leaked to the new york times was overblown and the story was oversold.
Trump personally denies leaked comey memo for the first time. A 124page long email conversation between iota team members and the mitaffiliated digital currency initiative was leaked to the tangler over the weekend, and it sheds light on the debate over iotas security. Jan 19, 2018 heres the administrations internal assessment, per the leaked document. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away.
As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this rep ort. Nov 11, 2010 in 2005 and 2006 citigroup issued two now notorious but highly significant reports for the exclusive use of its richest clients. In it, they state that global imbalances have grown to the extent as to justify talking of a plutonomy, and demand for a renewed understanding of how this impacts consumption. Buying luxury, explaining global imbalances, revisiting plutonomy. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow. Two bombshell documents that citigroup s link to the second memo pdf called. The world is dividing into two blocs the plutonomy and the rest. Citigroups shocking plutonomy reports democratic underground. In october 16, 2005, citigroup came out with a brochure for investors called. The annual meeting will be held on tuesday, april 22, 2014, at 9am cdt in the landmark ballroom at the renaissance st. Michael moores leaked citibank plutonomy memo unsettling. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us. Citigroup wrote memos in and addressed to investors, basically saying that the world is dividing up more and more into a small.
Ever since they were leaked to the internet a few years back, citigroup has been. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this repor t. Nsa leaks paranormal the citigroup plutonomy memos. So citigroup did their duty and published two explosive memos, which should have become mainstream news, but eventually did not. Buying luxury, explaining global imbalances, october 14 2005. Among other things, weve learned that comey believed the election required full disclosure regarding the ongoing investigation into hillary clintons email scandal. The memo citigroup doesnt want you to see bill black white collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and canada as plutonomies countries where rule by an ultrarich managerial class has replaced democracy. Google pay memo leaker sacked technology the guardian.
Citigroup plutonomy memo pdf ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in to describe a country that is defined. But the fact that plutonomy as a realworld political phenomenon is conceptually driven, rather than merely an historical accident, emerged to public view in 2005 when the first of three citigroup documents prepared for its wealthiest clients were leaked. The other citigroup plutonomy memo mentioned in michael moores movie is. Read their thoughts and words in their own frank language in the three leaked plutonomy memos. We thought this was a good time to bang the drum on plutonomy. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1%. Plutonomy is a term that citigroup analysts have used for economies where economic growth in three reports for superrich citigroup clients published in and, a team of citigroup analysts elaborated on their thesis that the share. Citigroup memo predicted ows movement over half a decade.
Plutonomy only works if the members of a society have the impression that they can still participate, despite the harsh inequalities, that they can join it. The memo from a senior campaign adviser revealed the mounting frustrations among the billionaires top aides as they closed what had been a tumultuous week. Increases illegal immigration and guarantees future amnesties. May 12, 2017 under questioning yesterday before the senate intelligence committee, comey gave maine senator susan collins a meticulous explanation of how he arranged for the memo to be leaked comey said that he made the decision to leak the memo in response to a tweet president trump wrote on may 12th. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% politicalgates truth11 on december 29, 2011 that there also exists an additional third, shorter citigroup memo, dated september 29, 2006, which is being mentioned here. If youve seen the documentary, there is a section where moore presents this leaked internal memo from citigroup, showing them gloating over the coming american plutocracy where only the wealthy mattered and everyone else was irrelevant. Leaked citigroup memo corporation, government, bailout. Thought some might like to have the actual memo to read for themselves.