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<DIV>Wow-Thanks!</DIV>
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<DIV style="font-color: black"><B>From:</B> <A title=dante.monson@gmail.com
href="mailto:dante.monson@gmail.com">Dante-Gabryell Monson</A> </DIV>
<DIV><B>Sent:</B> Wednesday, October 19, 2011 3:37 PM</DIV>
<DIV><B>To:</B> <A title=econowmix@googlegroups.com
href="mailto:econowmix@googlegroups.com">econowmix@googlegroups.com</A> ; <A
title=p2p-foundation@lists.ourproject.org
href="mailto:p2p-foundation@lists.ourproject.org">p2p-foundation</A> ; <A
title=gtmonnaie@gtmonnaie.be
href="mailto:gtmonnaie@gtmonnaie.be">gtmonnaie@gtmonnaie.be</A> </DIV>
<DIV><B>Subject:</B> [P2P-F] scientific study : "a few bankers control a large
chunk ofthe global economy"</DIV></DIV></DIV>
<DIV> </DIV></DIV>
<DIV
style="FONT-STYLE: normal; DISPLAY: inline; FONT-FAMILY: 'Calibri'; COLOR: #000000; FONT-SIZE: small; FONT-WEIGHT: normal; TEXT-DECORATION: none"><SPAN
style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px"
class=Apple-style-span><A
href="http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html">http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html</A></SPAN>
<DIV><FONT class=Apple-style-span face="arial, sans-serif"><BR></FONT>
<DIV><FONT class=Apple-style-span face="arial, sans-serif">( found via "The Next
Edge" <A
href="http://www.facebook.com/groups/120497731371323">http://www.facebook.com/groups/120497731371323</A>
- thanks ! )<BR></FONT>
<DIV> </DIV>
<DIV><SPAN
style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px"
class=Apple-style-span>
<P
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class=infuse>AS PROTESTS against financial power <A
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href="http://edition.cnn.com/2011/10/15/world/occupy-goes-global/?hpt=wo_t3"
target=nsarticle>sweep the world</A> this week, science may have confirmed the
protesters' worst fears. <A
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href="http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf"
target=nsarticle>An analysis</A> of the relationships between 43,000
transnational corporations has identified <A
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href="http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html#bx283545B1">a
relatively small group of companies</A>, mainly banks, with disproportionate
power over the global economy.</P></SPAN><SPAN
style="BACKGROUND-COLOR: rgb(255,255,255); FONT-FAMILY: arial, sans-serif; FONT-SIZE: 13px"
class=Apple-style-span><IMG
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title="The 1318 transnational corporations that form the core of the economy. Superconnected companies are red, very connected companies are yellow. The size of the dot represents revenue <i>(Image: </i>PLoS One<i>)</i>"
alt="The 1318 transnational corporations that form the core of the economy. Superconnected companies are red, very connected companies are yellow. The size of the dot represents revenue <i>(Image: </i>PLoS One<i>)</i>"
src="http://www.newscientist.com/data/images/ns/cms/mg21228354.500/mg21228354.500-3_600.jpg"
width=300>
<P
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class=lowlight>The 1318 transnational corporations that form the core of the
economy. Superconnected companies are red, very connected companies are yellow.
The size of the dot represents revenue <I
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</I>PLoS One<I
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<P
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class=lowlight><I
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<DIV><SPAN
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class=Apple-style-span>
<P
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class=infuse>The study's assumptions have attracted some criticism, but complex
systems analysts contacted by <I
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Scientist</I> say it is a unique effort to untangle control in the global
economy. Pushing the analysis further, they say, could help to identify ways of
making global capitalism more stable.</P>
<P
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class=infuse>The idea that a few bankers control a large chunk of the global
economy might not seem like news to New York's <A
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href="http://occupywallst.org/forum/proposed-list-of-demands-please-help-editadd-so-th/"
target=nsarticle>Occupy Wall Street</A> movement and protesters elsewhere. But
the study, by a trio of complex systems theorists at the Swiss Federal Institute
of Technology in Zurich, is the first to go beyond ideology to empirically
identify such a network of power. It combines the mathematics long used to model
natural systems with comprehensive corporate data to map ownership among the
world's transnational corporations (TNCs).</P>
<P
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class=infuse>"Reality is so complex, we must move away from dogma, whether it's
conspiracy theories or free-market," says <A
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href="http://www.sg.ethz.ch/people/formercoll/jglattfelder"
target=nsarticle>James Glattfelder</A>. "Our analysis is reality-based."</P>
<P
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class=infuse>Previous studies have found that a few TNCs own large chunks of the
world's economy, but they included only a limited number of companies and
omitted indirect ownerships, so could not say how this affected the global
economy - whether it made it more or less stable, for instance.</P>
<P
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class=infuse>The Zurich team can. From <A
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href="http://www.bvdinfo.com/Products/Company-Information/International/Orbis"
target=nsarticle>Orbis 2007</A>, a database listing 37 million companies and
investors worldwide, they pulled out all 43,060 TNCs and the share ownerships
linking them. Then they constructed a model of which companies controlled others
through shareholding networks, coupled with each company's operating revenues,
to map the structure of economic power.</P>
<P
style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px"
class=infuse>The work, to be published in <I
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One</I>, revealed a core of 1318 companies with interlocking ownerships (see
image). Each of the 1318 had ties to two or more other companies, and on average
they were connected to 20. What's more, although they represented 20 per cent of
global operating revenues, the 1318 appeared to collectively own through their
shares the majority of the world's large blue chip and manufacturing firms - the
"real" economy - representing a further 60 per cent of global revenues.</P>
<P
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class=infuse>When the team further untangled the web of ownership, it found much
of it tracked back to a "super-entity" of 147 even more tightly knit companies -
all of their ownership was held by other members of the super-entity - that
controlled 40 per cent of the total wealth in the network. "In effect, less than
1 per cent of the companies were able to control 40 per cent of the entire
network," says Glattfelder. Most were financial institutions. The top 20
included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs
Group.</P>
<P
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class=infuse><A
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href="http://www.econ.bbk.ac.uk/faculty/driffill" target=nsarticle>John
Driffill</A> of the University of London, a macroeconomics expert, says the
value of the analysis is not just to see if a small number of people controls
the global economy, but rather its insights into economic stability.</P>
<P
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class=infuse>Concentration of power is not good or bad in itself, says the
Zurich team, but the core's tight interconnections could be. As the world
learned in 2008, <A
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href="http://www.newscientist.com/article/dn20777-haircuts-identified-as-a-cause-of-financial-crisis.html">such
networks are unstable</A>. "If one [company] suffers distress," says
Glattfelder, "this propagates."</P>
<P
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class=infuse>"It's disconcerting to see how connected things really are," agrees
George Sugihara of the Scripps Institution of Oceanography in La Jolla,
California, a complex systems expert who has advised Deutsche Bank.</P>
<P
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class=infuse>Yaneer Bar-Yam, head of the New England Complex Systems Institute
(NECSI), warns that the analysis assumes ownership equates to control, which is
not always true. Most company shares are held by fund managers who may or may
not control what the companies they part-own actually do. The impact of this on
the system's behaviour, he says, requires more analysis.</P>
<P
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class=infuse>Crucially, by identifying the architecture of global economic
power, the analysis could help make it more stable. By finding the vulnerable
aspects of the system, economists can suggest measures to prevent future
collapses spreading through the entire economy. Glattfelder says we may need
global anti-trust rules, which now exist only at national level, to limit
over-connection among TNCs. Bar-Yam says the analysis suggests one possible
solution: firms should be taxed for excess interconnectivity to discourage this
risk.</P>
<P
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class=infuse>One thing won't chime with some of the protesters' claims: the
super-entity is unlikely to be the intentional result of a conspiracy to rule
the world. "Such structures are common in nature," says Sugihara.</P>
<P
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class=infuse>Newcomers to any network connect preferentially to highly connected
members. TNCs buy shares in each other for business reasons, not for world
domination. If connectedness clusters, so does wealth, says Dan Braha of NECSI:
in similar models, money flows towards the most highly connected members. The
Zurich study, says Sugihara, "is strong evidence that simple rules governing
TNCs give rise spontaneously to highly connected groups". Or as Braha puts it:
"The Occupy Wall Street claim that 1 per cent of people have most of the wealth
reflects a logical phase of the self-organising economy."</P>
<P
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class=infuse>So, the super-entity may not result from conspiracy. The real
question, says the Zurich team, is whether it can exert concerted political
power. Driffill feels 147 is too many to sustain collusion. Braha suspects they
will compete in the market but act together on common interests. Resisting
changes to the network structure may be one such common interest.</P>
<P
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class=infuse> </P></SPAN><SPAN
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<H3
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id=bx283545B1>The top 50 of the 147 superconnected companies</H3>
<P
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Barclays plc<BR
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Capital Group Companies Inc<BR
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FMR Corporation<BR
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AXA<BR
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State Street Corporation<BR
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JP Morgan Chase & Co <BR
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Legal & General Group plc <BR
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Vanguard Group Inc<BR
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UBS AG<BR
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Merrill Lynch & Co Inc <BR
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Wellington Management Co LLP<BR
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Deutsche Bank AG<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">13.
Franklin Resources Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">14.
Credit Suisse Group<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">15.
Walton Enterprises LLC<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">16.
Bank of New York Mellon Corp<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">17.
Natixis<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">18.
Goldman Sachs Group Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">19.
T Rowe Price Group Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">20.
Legg Mason Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">21.
Morgan Stanley<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">22.
Mitsubishi UFJ Financial Group Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">23.
Northern Trust Corporation<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">24.
Soci�t� G�n�rale<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">25.
Bank of America Corporation<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">26.
Lloyds TSB Group plc <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">27.
Invesco plc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">28.
Allianz SE 29. TIAA <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">30.
Old Mutual Public Limited Company<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">31.
Aviva plc <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">32.
Schroders plc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">33.
Dodge & Cox<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">34.
Lehman Brothers Holdings Inc*<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">35.
Sun Life Financial Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">36.
Standard Life plc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">37.
CNCE<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">38.
Nomura Holdings Inc<BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">39.
The Depository Trust Company <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">40.
Massachusetts Mutual Life Insurance <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">41.
ING Groep NV <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">42.
Brandes Investment Partners LP <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">43.
Unicredito Italiano SPA <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">44.
Deposit Insurance Corporation of Japan <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">45.
Vereniging Aegon <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">46.
BNP Paribas <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">47.
Affiliated Managers Group Inc <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">48.
Resona Holdings Inc <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">49.
Capital Group International Inc <BR
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">50.
China Petrochemical Group Company</P>
<P
style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">*
Lehman still existed in the 2007 dataset used</P>
<P
style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px"><B
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">Graphic:</B> <A
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; COLOR: rgb(0,117,154); BORDER-LEFT-WIDTH: 0px; TEXT-DECORATION: none; PADDING-TOP: 0px"
href="http://www.newscientist.com/articleimages/mg21228354.500/0-revealed--the-capitalist-network-that-runs-the-world.html">The
1318 transnational corporations that form the core of the economy</A></P>
<P
style="PADDING-BOTTOM: 0px; LINE-HEIGHT: 18px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px 20px 20px 10px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; FONT-SIZE: 1em; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px"><I
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">(Data:
</I>PLoS One<I
style="PADDING-BOTTOM: 0px; BORDER-RIGHT-WIDTH: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; BORDER-LEFT-WIDTH: 0px; PADDING-TOP: 0px">)
</I></P></SPAN></DIV></DIV></DIV>
<P>
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