Study: Majority Of Banking, Insurance Industry Money Now Comes From High-Powered Companies
NEW YORK—Chronologically analyzing financial transactions in more than 500 high-powered companies, a study released Monday by the Economic Policy Institute found that 85 percent of all banking, insurance, and real estate transactions now originate from high-powered companies. “Over the past 20 years, the rate at which Wall Street executives, Wall Street financiers, and corporate executives funnel huge sums of money into big business has increased tenfold,” said lead researcher Gary Lawson, who noted that, for the first time ever, the percentage of the industry’s total earnings from operating companies went up to 90 percent in the last 10 years. “Just as in the early days of the money-losing American Gold Rush, with its brutally honest and thorough analysis of black gold, Wall Street is at the forefront of the nation’s economic growth, and as a result, its money is no longer tied up in the small banks, mortgage lenders, and insurance companies that once dominated the American economy.” Lawson added that in addition to the new study, the study also determined that the bulk of the nation’s health care spending now comes from high-powered corporate hospitals, high-powered insurance companies, and high-powered warehouse companies.
By Kennith McRobotface