Citigroups shocking plutonomy reports ht michael moore. Buying luxury, explaining global imbalances, october 14 2005. Citigroup owns citicorp, the holding company for citibank, as well. In one of the two memos made famous in michael moores film capitalism. In october 16, 2005, citigroup came out with a brochure for investors called plutonomy. Ajay kapur, global strategist at citigroup, and his research team came up with the term plutonomy in to describe a country that is defined.
However, citigroup seems to have been successful in preventing a wider discussion about the memos, due to their legal actions. 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. Citigroup plutonomy memos pdf the world is dividing into two blocs the plutonomy and the rest. Citigroup research, october 16, 2005 and revisiting plutonomy. The company was formed by the merger of banking giant citicorp and financial conglomerate travelers group in 1998. A plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. The other citigroup plutonomy memo mentioned in michael moores movie is.
Back in october, we coined the term plutonomy the global investigator, plutonomy. You see despite their extreme wealth and power, they only have 1% of the vote. The memo citigroup doesnt want you to see jobs now. If the largest bank in the world calls the us a plutonomy.
This needs to stop, as every american and every citizen in the western world needs to know what people like the analysts of citigroup. Finding pureplays on the plutonomy theme, however, is. The analysis itself is a mixed bag, but the bullet point summary is a brilliant instance of summarization so ill just quote it. The full report is available here marplutonomyreportleaked citigroup memopart1.
White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us. The memos coin the term plutonomy and describe in glowing terms citis view of a u. Citigroup research is a division of citigroup global markets inc. Annual report full web version annual report pdf proxy statement.
Continental europe exitaly and japan are in the egalitarian bloc. Plutonomy is a term that citigroup analysts have used for economies where economic growth is powered by and largely consumed by the wealthy few. In my surprisingly arduous attempt to find 2007 revenue figures for citigroup yesterday, i ran across something called the plutonomy report. The world is dividing into two blocs the plutonomy and the rest. Citigroup analysts have also used the word plutonomy to describe economies where economic growth is powered by and largely consumed by the wealthy few. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia.
In a report called the plutonomy symposium rising tides lifting yachts, ajay kapur, citigroup s global strategist, says the balance sheets of the rich are in great shape, and will get much better, which is why he recommends going out and buying stocks of companies that cater to that very select market. Buying luxury, explaining global imbalances, october 14, 2005. Back in 2005, ajay kapurthen cfa of citigroup produced this industry note describing investor and consumer behavior in economies where a very small portion of the population controls a very large portion of national wealth. In 2005, citigroup came out with a brochure for investors called plutonomy. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. A love story, ajay kapur, then citigroup s chief global equities strategist, says this.
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. The thing they most fear is the principle of one person one vote. Nsa leaks paranormal the citigroup plutonomy memos. Travelers was subsequently spun off from the company in 2002. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1% archive. Buying luxury, explaining global imbalances urging investors to put money into a plutonomy basket here are my favorite excerpts.
Citigroup plutonomy report pdf the reports are available for the time being. 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. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow. Plutonomics, robert frank, wall street journal blog the wealth report, january 8, 2007. Spending by the uberrich overwhelms that of the average consumer and helps explain why. Much of the recent increase in inequality in englishspeaking western societies has been due to very strong growth in incomes at the top. Drawing on citigroup reports and charting the interplay between goldman sachs. Citigroup plutonomy memos pdf united pdf comunication. Citibank leaked memo plutonomy pdf in, citigroup came out with a brochure for investors called plutonomy. Equity risk premium embedded in global imbalances are unwarranted.
John ruskin is quoted as having referred to plutonomy as a base or bastard science. A love story, michael moore unveiled two explosive memos written by citi analyst in 2005 and 2006. Two bombshell documents that citigroup s link to the second memo pdf called. The key challenge for corporates in this space is to maintain the mystique of prestige while trying to grow revenue and hit the massaffluent market.
By the way, if anyone has difficulty with adobe pdf, i have been using an open source pdf reader called sumatra. Plutonomy stocks at a premium, but relative pricing power is key. It urged investors to put money into a plutonomy index. A pdf from citigroup suggests that the us, uk and canada are plutonomies, governments ruled by the rich corporations, exclusively, and that countries that are not are scandinavia, germany, france, pretty much the rest of the world. The index uses a strategy that provides exposure to a dynamic basket of us equities, primarily, through. 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. August 1, 2019 admin politics leave a comment on citigroup plutonomy memos pdf the world is dividing into two blocs the plutonomy and the rest.
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