edthecynic
Censored for Cynicism
- Oct 20, 2008
- 43,044
- 6,883
- 1,830
Again, my child, it matters most who votes the stock as far as controlling a monopoly, and you know nothing about who owns the stock the monopolists vote.My child, you know nothing about how a monopoly is controlled. To do so you must understand the subtle difference between "ownership" and "control."In keeping with telling truths, lets continue:
"Just 1.5% of the stock in the major oil companies is owned by the corporate management of those companies. That leaves about 98.5% of the stock left!
The biggest share of the stock in these oil companies, 29.5%, is owned by mutual funds and 27% share of oil company stocks for you is in pension funds. These are funds for policeman, firemen, teachers and etc.
Individual investors own 23%.
IRAs account for 14% of all outstanding shares in big oil.
The last 5%? Theyre listed as other institutional investors. Maybe some of these are foreign investors.
15 out of the 16 largest oil and gas companies in the world are owned by governments, the largest being Saudi Arabian Oil Co. with 19.19% of all proven worldwide reserves. ExxonMobil controls less than one percent of worldwide reserves.
So what we learn is that the evil, rich oil companies are actually making money for average workers. We definitely need to punish those filthy, money grubbing corps thereby punishing the middle class workers. When you break down the facts, you would have to be truly ignorant in justifying punishing the people...oops I mean those rotten oil companies.
As an example, when the Standard Oil holding company was broken up, Rockefeller on paper owned 25% so some shareholders tried to oust him from the Board. When the vote was in, Rockefeller voted 60% of the proxies!!!! You see, you can't OWN a monopoly, but you can CONTROL one. All he did is switch control from a holding company to a bank.
Now to go through your list of OWNERS. Mutual funds and pensions are not voted by the stockholders but by the managers of the funds, like a bank. Again IRAs are not voted by the owners but by the managers, like a bank. So through the bank loophole in the antitrust law, you can control a monopoly that you don't own.
Get it?
Doesn't matter who controls as the money still goes to the sharekholders, IRA owners and pension funds, ie the middle class. Your response did nothing to refute the facts given.
Let me give you a tip in debating, NEVER start the retort with an insult "(my child)" as it weakens your response as nothing more than a high school rant. I have read your responses before so I really don't expect more from you.
The top 10% are not the "MIDDLE CLASS." The top 10% own almost 80% of all the stock. The bottom 90%, i.e. "middle class," have the rest.