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. Jun 24, 2011 in september 2006 citigroup published a report which they have been trying to suppress ever since. Michael moore takes odd star turn in citigroupprivate equity battle. Citigroup requires stricter standards from clients on firearm. Yes, they are real, and instead of being discussed on mainstream media outlets all over america and beyond, citigroup was surprisingly successful so far in suppressing these memos, using their lawyers to issue takedownnotices whenever these memos were. May 03, 2019 citibank memo plutonomy pdf are they real. Plutonomy the citigroup plan for the megarich at cost to. In 2006, citigroups analysis section circulated among the privileged and elite, an internal memo describing the state of the economy as may benefit and harm the continued establishment of a plutonomic state, or plutonomy, which is a state or economy driven and owned by said elite. In addition, michael moore reported about the citigroup plutonomy. The company was formed by the merger of banking giant citicorp and financial conglomerate travelers group in 1998. You must there are over 200,000 words in our free online dictionary, but you are looking for one thats only in the merriamwebster unabridged dictionary.
Our plutonomy research is a bad guy in michael moores new movie. In september 2006 citigroup published a report which they files6674234 citigroup oct162005 plutonomy reportpart1. Our plutonomy research is a bad guy in michael moores new movie capitalism. 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. Citigroup went to great length to suppress the reports distribution on the web. Where can i find a copy of the original unedited citigroup plutocracy report as mentioned by michael moore in capitalisim. Michael moore highlights a confidential report that citigroup initially circulated only to its wealthiest customers. A love story has thrown, as moore puts it, the first salvo to begin a discussion on capitalism and why it has to go. Citigroup research is a division of citigroup global markets inc. Leaked citigroup memo shows economic domination agenda of. Our thesis is that the rich are the dominant drivers of demand in many economies around the world the us, uk, canada andaustralia.
In one of the two memos made famous in michael moores film capitalism. Where can i find a copy of the citigroup plutocracy report. If you go to that link in the op and scroll to page 10, you will see exactly why moore made the movie. While i researched the subject, i discovered that there also exists an additional third, shorter citigroup memo. Two bombshell documents that citigroup s lawyers try to suppress, describing in detail the rule of the first 1%. Lets see if he can supervise the inventors of plutonomy as global equity strategy in his new movie, michael moore mentions the citigroup document of 2005 on plutonomy. There are rich consumers, and there are the rest 10 principles of concentration of wealth and power. Citigroups shocking plutonomy reports democratic underground. Ajay kapur, global strategist at citigroup, and his research. Maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away.
Pdf the us plutonomy and its effect on the capitalistlabor. Citigroup proprietary government bond trading scandal of 2004. I heard about it back when i was consulting at a citi department a while back, and it. Oct 16, 2010 in one of the two memos made famous in michael moore s film capitalism.
Leaked citigroup memo shows economic domination agenda of the top 1% wealthiest. The other citigroup plutonomy memo mentioned in michael moores movie is. Travelers was subsequently spun off from the company in 2002. Yes, they are real, and instead of being discussed on mainstream media outlets all over america and beyond. Citigroups lawyers played a clip from michael moores capitalism. 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. Plutonomy definition is political economy, economics.
Citigroup memo predicted ows movement over half a decade ago. I had a heck of a time finding a copy of this citigroup plutonomy report pdf again since the. Nov 15, 20 a plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. Oct 08, 2009 where can i find a copy of the original unedited citigroup plutocracy report as mentioned by michael moore in capitalisim. In 2006, citigroup s analysis section circulated among the privileged and elite, an internal memo describing the state of the economy as may benefit and harm the continued establishment of a plutonomic state, or plutonomy, which is a state or economy driven and owned by said elite. In a report called the plutonomy symposium rising tides lifting yachts, ajay kapur, citigroups global strategist, says the balance sheets of the. But just in case you didnt hear about the plutonomy memos ht nicholas levis, which were featured on michael moores. Apr 28, 2019 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. Plutonomy entered the language as late as the 1850s in the work of john malcolm forbes ludlow. Leaked citigroup memo shows economic domination agenda of the. Buying luxury, explaining global imbalances, october 14, 2005. Our whole plutonomy thesis is based on the idea that the rich will keep getting richer. The history of plutonomys conceptual development remains clouded in secrecy. Oct 31, 2009 leaked citigroup memo shows economic domination agenda of the top 1% wealthiest.
Plutonomy definition of plutonomy by merriamwebster. As before, the letter is from the kilpatrick townsend, attorneys at law, and, as before, the letter is on behalf of their client, citigroup. 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 the nonplutonics could be kept in the dark about the plutonomy existence, its role, and its overarching control in the american. Much of the recent increase in inequality in englishspeaking. Citigroup was criticized for disrupting the european bond market by rapidly selling 11 billion worth of bonds on august 2, 2004 on the mts group trading platform, driving down the price, and then buying it back at cheaper prices. 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.
The political economy of bubbles realworld economics. Michael moores leaked citibank plutonomy memo econospeak. This time, kilpatrick townsend has asked me to remove a copy of a citigroup research report on plutonomy that was featured in michael moores documentary capitalism. For a report that matthew yglesias calls a bit of a cult classic among economics writers, the systematic removal of plutonomy 2 from the internet sure hasnt gotten much press. Michael moore takes odd star turn in citigroupprivate equity. A love story, ajay kapur, then citigroups chief global equities strategist, says this. Perhaps one reason that societies allow plutonomy, is because.
A love story showing a secret memo put out by citigroup to its top investors telling them america has now become a. Two bombshell documents that citigroups lawyers try to suppress, describing in detail the rule of the first 1%. Back in october, we coined the term plutonomy the global investigator, plutonomy. 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. A plutonomy is an economy powered by the wealthy and characterised by growing disparities between the top 1 % of society and the rest. A love story 6674234 citigroup oct162005 plutonomy reportpart1. Dec 01, 2011 i tried to find a better article on citigroups disappearing plutonomy report than the personal blog linked above, but its just not out there. Buying luxury, explaining global imbalances, october 14 2005. Realitybase readers know that i think this is in large part due to. According to moore, undoubtedly exercising liberties with the truth to inflate his polemics, our work on. Jan 24, 2011 michael moores leaked citibank plutonomy memo.
Citigroups shocking plutonomy reports ht michael moore. Old news, but not enough people know it this is old news, but old news that most people dont know about, because citigroup has been. A love story 6674234citigroupoct162005plutonomyreportpart1. Michael moore, misrepresentation and migrating plutonomies. Secondly, if the rich are to keep getting richer, as we think they will do, then this has ongoing positive.
Thats the question people usually ask when they hear for the first time of the citigroup plutonomy memos. Michael moores leaked citibank plutonomy memo unsettling. Citigroup plutonomy report part 2 mar 5 2006 risks what could go wrong. Yes, they are real, and instead of being discussed on mainstream media outlets all over america and beyond, citigroup was surprisingly successful so far in suppressing these memos. In, citigroup came out with a brochure for investors called plutonomy.
According to moore, undoubtedly exercising liberties with the truth to inflate his polemics, our work on plutonomy at citigroup was a secret. A secret memo our plutonomy research is a bad guy in michael moores new movie capitalism. James madisons ideas on protecting the opulent minority against the tyranny of the majority. 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. Back in october, we coined the term plutonomythe global investigator, plutonomy. John ruskin is quoted as having referred to plutonomy as a base or bastard science. Apr 19, 2020 citibank memo plutonomy pdf are they real. In the october 2005 note, the analysts said that plutonomies have occurred. Msci ac world index, understanding how the plutonomy impacts consumption is key for equity market participants.
In september 2006 citigroup published a report which they files6674234citigroupoct162005plutonomyreportpart1. Citigroup ceo michael corbat announced in a memo thursday that the bank was instituting a new commercial firearms policy designed to respect the rights of responsible gun owners while helping to. Citigroup secret memo claims america has become a plutonomy. I tried to find a better article on citigroups disappearing plutonomy report than the personal blog linked above, but its just not out there. The march 2005 plutonomy memo, quoted above, has been taken. Just a short statement and exit memo to citigroups shocked employees. I heard about it back when i was consulting at a citi department a while back, and it wasnt available on their servers then. But there is as tom hickey says a button to download the pdf file, right at the top line of the document. Moore does not propose a solution and in fact states he has not even read marx. A love story, ajay kapur, then citigroup s chief global equities strategist, says this. Aug 30, 2012 maybe im the last person whos hearing about the citigroup plutonomy memos, but theyre blowning me away. A love story showing a secret memo put out by citigroup to its top investors telling them america has now become a plutonomy working for the very rich and the only. In september 2006 citigroup published a report which they have been trying to suppress ever since. Mar 18, 2010 these documents are referred to in michael moore s capitalism.
Plutonomy memo citigroup michael moore capitalismo una. An invitation from michael moore to attend the peoples premiere of fahrenheit 119 on wednesday, sept 19. Not to be confused with cit group, another large financial services company. White collar criminologist william black dissects a 2005 citigroup memo intended for its wealthist clients that describes the us, uk, and.