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CNN Finds Out Who Exactly Are The 1%

» 39 comments

As the mounting Occupy Wall Street protests are showing up in cities across the country, many things are being reported, save for some statistical details. Over the past few weeks , the coverage of OWS has trended either to the organized groups and their signs, or the images of conflict and unrest. What scant attention the true thrust of the movement has garnered is often spent fulminating over the disjointed message coming out of the rallies. Evidence of this is found in those debating if there conflict with the previous Tea Party rallies, or if there is, indeed, overlap in the messages from the groups.

What has not been analyzed, however, is exactly who is falling under the respective banners of the 99% and the 1%. Assumptions are that the larger number includes the workforce, the economically downtrodden, and basically anyone categorized as less-than-affluent. In contrast, the miniscule number is thought to be the dominion of the hyper-elites. There is an inevitable blurring of those lines, however, smudged further by the arrival of support from those who often are regarded as being among the upper crust – namely celebrities.

This itself is not problematic, but it does breed confusion. For instance, can Kanye West really align himself with the 99% while wearing $3,000 jeans? One of the biggest advocates of these rallies has been Russell Simmons, best-selling author of “Super Rich: A Guide To Having It All”. How is his message interpreted by those railing against banks, when he is the credit line force behind The Rush Card?

Distancing from those celebrity optics, we finally have a news source digging into the statistics, and the numbers are, in fact, not only surprising but sobering. CNN Money has looked into the financials, and what they reveal is that the upper 1% is not strictly the realm of the pampered palatial-dwelling aesthetes and G6-riding moguls. In fact, a relatively small number of these financial titans actually occupy addresses or offices in or around Wall Street. Most surprising, however, is what actually constitutes that arena described as “The Top 1%”. According to federal tax figures the amounts may be surprisingly lower than most expect:

Collectively, their adjusted gross income was $1.3 trillion. And while $343,927 was the minimum AGI to be included, on average, Top 1-percenters made $960,000.

But the income threshold for this exclusive group changes every year, largely with the performance of the stock market, experts said.

Notably, that gross income is woefully shy of the annual debt figure this nation is currently incurring. And I am certain that a majority of those taking to the streets would be surprised to learn that the upper crust, those receiving the bulk of contempt, on average take in less than $1 million year, and somebody could make less than $350K in order to enter this elite club. When stars like Susan Sarandon and Mark Ruffalo earn multiples over that figure with a solitary film appearance, it sheds new light on the debate. And this is a threshold that has been lowered in the past few years; with the economy foundering it now takes less money to “ascend” into this 1% stratum.

Furthermore, when taking a look at the richest Americans, you note two things about this crowd. First, the list is not choked by those from the financial sector who typify Wall Street avarice. Second, a great deal of those situated at the top come not from entrenched corporate titans, but from relatively new, first or second generation or self-made executives, springing up in just the past few decades. While there are the expected accursed financial giants – Warren Buffet, the Koch brothers, and George Soros – much of the Forbes Top-20 consists of entrepreneurs making their wealth away from Wall Street.

The list of names, while familiar, shows many who have risen to the top with new ideas and unexpected success. You see not only Bill Gates (Microsoft) but Larry Ellison (Oracle), Christie, Jim, and Alice Walton (Wal-Mart), Jeff Bezos (Amazon), Mark Zuckerberg (Facebook), Sergey Brin and Larry Page (Google), as well as Michael Dell (Dell Computers). Rounding out the list is the older yet far-from-financial Mars family, of confectionary fame.

So, does the CNN report undermine or discredit the OWS movement? Of course not. However, it does something that has been in starkly short supply these past few weeks, and that is bringing into focus the actuals behind the touted metrics. It also suggests that the focus of ire may be misdirected on some level. Wall Street may be part of the problem, but just how big of a part seems less obvious.

Brad Slager is a freelance writer who has covered the film industry for years, including the Sundance Film Festival. He is currently a columnist for CHUD.com where he cover marketing behind new film releases.

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  • Jeffy Proudly Teabagged

    The one issue neither CNN or Mr. Slager identify is that OWS aims also at corporations, specifically at those Wally St. banks which received TARP monies at nearly 0% interest because “they are too big to fail”

    Let me re-state the disparity and the frustration. While a poor slob was getting evicted, the bank and insurance whorehouses were passing the handout hat to the federal government.

    So, here again there is another disparity for the staunch believers in the gNOpig party. According to their mantras, the banks should have exercised their personal responsibility and FAIL declaring bankruptcy. Yet again, those same banking corporations benefited from lower tax rates, cannibalized the smaller banks which actually were “small enough” to be allowed to fail, and still want to milk their retail base with assorted fees.

    I expect the usual tripe about “Fannie Mae and Freddie” from the usual suspects. However they can’t ever mention how AIG was the straw to break the camel’s back. Fortunately, last year AIG made record profits in Hong Kong from its Asia operations. Fortunately, AIG is on its way back to repay TARP monies.

    Once again, this is one of the disparities. Unemployment rate increased in the USA while corporations, and Wally St. is offering and making money OFF federal near-free loans, with additional lower tax rates on profits, can take advantage of the situation. But the 99% can’t.

  • Anonymous

    What’s surprising is how easily you roll past people making $350,000 a year.

    That’s 10 times what most people make, should they be lucky enough to have a job. The average person needs to get about a 3% raise every month for the next decade to be on that income level.

    And nobody’s angry at Wall Street because they make a lot of money. People are angry because they make money by swindling people and never face any consequences.

  • Anonymous

    This is spot on and is basically the entire premise of last nights South Park.

  • Anonymous

    The OWS is only about 3 years late to the party, wasnt the TeaParty originally born out of the anger over TARP and bailouts.  Obviously it morphed into other areas but it really seems this movement is a day late dollar short.  Even Barney Frank called this out as much on Maddow.  So afraid to protest the crowned prince that you missed the boat entirely.

  • Anonymous

    Why would you say this is soley a GOP issue?  TARP was set up by George Bush to be a debt-reduction tool, and Obama changed its thrust into a corporate bailout program, which expanded the debt. 

    And the subsidizing of Fannie/Freddie is not tripe; it has been a mammoth drain of numerous bailouts for two entities that are as economically dysfunctional as anything you can find. How can you be angry over corporate bailouts but dismiss these two, which receive a monstrous amount of tax dollar relief with no improvements?

    I have been against the corporate bailouts, no matter the party in control, because they artificially impact the economy and engender bad behavior. To pretend this is a GOP practice ignores the massive amount of corporate gifts this current administration has also engaged in.

  • http://pulse.yahoo.com/_NWVKX2P2QBPQ6FHQHCHVIC2ALQ Fedup in Florida

    Why are you trying to hang the things that you outline around the collective necks of the GOP? The Bush administration allocated about $600 billion for the program but only spent about $250 billion of that to put the banks back on a sound footing.  The Obama administration came in and found new ways to make sure that the entire allocation was spent.  It was Obama’s administration that spent the lion’s share of that money and it is very unclear that it was necessary to do so.  Don’t for a minute think that this administration is not close to the banks, we are still funding them through Fed loans at extremely low interest rates that are then reinvested in to federal security instruments and with the interest that the fed is paying on their excess reserve accounts. How do you call this a republican thing?  You should maybe take a closer look at your own party, who do you really think is financing our public debt to the tune of more than $4 billion/day, it is the Fed and they are doing it through the banks with the banks walking away will Billions in revenues generated solely from tax payer dollars.  

    This is not even a democratic or republican thing as this is how the game is currently being played in DC. I am sure that president Obama thanks you for playing the game, I am sure that he is pleased that you are watching his right hand while his left is picking you pockets clean, and he is very comforted by the fact that he knows he will get your vote next year.

  • Anonymous

    Sorry, what has changed in 3 years? Did the bailouts disappear? Did the people responsible for messing up our economy get punished?

    Oh, that’s what changed. People are directing their ire at those responsible for the root problem and doing so without a media conglomerate backing them up every step of the way. And the Tea Party is Very Offended that someone else is getting noticed.

  • Anonymous

    Remember when the violent tea party attendees vandalized businesses, spray painted graffiti on walls, broke into buildings, and threw molotov cocktails?

    Whoops, I got that wrong….It’s the peaceful Occupy protesters who are doing all that.

    http://apnews.myway.com/article/20111103/D9QP7IC80.html

    Don’t expect to read about it here. The liberal media (including the partisan Mediaite team) — who have run countless bogus articles on violent conservatives — won’t tell you about the thugs who are actually rioting and destroying property in the name of progressive politics.  Who can take “journalists” like this seriously?

  • http://pulse.yahoo.com/_NWVKX2P2QBPQ6FHQHCHVIC2ALQ Fedup in Florida

    You’re wrong….  If you don’t like what is going on then get pissed off at the government…  they set all this up, they were involved all the way through. They were busy playing the game right up to the bust and tried to wash their hands of it when it all went to shit, then in typical Washington fashion they went about a witch hunt which you seem to have bought into hook line and sinker.  Washington set the table for the game to be played, Wall Street and the banks came in and played..  now DC wants to blame anyone other than themselves…

  • proud2teabagu

    Did Jeffy make up another new word? Wally St. You are just toooooooooooo cute!

  • Anonymous

    Nobody in the TP is upset that someone else is getting attention. It is the way the TP spent years absorbing character assasination in the form of “violent” insinuations and charges of insurrection.  Then they see OWS being full of violence and arrests, all amid speakers calling out for revolution, and the press applauds them.  The same media that railed against potential violence suddenly overlooks actual examples.

  • http://pulse.yahoo.com/_YJOFCUW4S62AICSGYG562VMHZY Marje

    I believe it’s not beyond belief that the radical right conservatives (how I hate that, they are not conservative, they are retrograde) anyway, the conservatives are quite likely to slip some paid troublemakers into the mix to blacken the reputation of the occupiers. This started as a peaceful movement and will continue so if the right wingers keep their thugs out of it. I notice the police didn’t mind violence against the occupiers. Now the bill of rights has been trampled on by mayors and their hired hands, the police, and it’s a shameful fact of modern life. 

  • Jeffy Proudly Teabagged

    The reason why I say this is a gNOpig issue is because they are supposed to be the “party of personal responsibility,” the party of “less government,” the party of “laissez-faire,” the party of “no more taxes,” the party of “responsible gubimmint spending,” the party of “tax cuts for the job creators”

    And every time the so called “job creators” screw the pooch they find another way to screw the poor slob fearing the big, eveeel gubimmint is goin’ to come to size their out house.

    After the 2006 elections, many gNOpigs started to see the impending political and economic debacle. They started calling Chimperor Bush “a Democrat” “a RINO” “a RINO spending out of control like a Democrat”

    Rhetorical question: Tell us again WHERE Chimperor Bush’s out-of-control spending went. Tell us where the so called “increased revenues because of lower taxes” went.

    Those above were so many words to explain, again, that the gNOpig mantra of “laissez-faire” does NOT work for the benefit of the nation.

    Only the ignorant teabaggers claim “my taxes are going up” while taxes rates for those milking them are lower.

    Buffet has said it best “I pay less in taxes than my secretary does” (proportionally)

    For a gNOpig to say “I am going to raise taxes to balance the national budget” is the kiss of death.

  • Jeffy Proudly Teabagged

    Oh, please enlighten us and tell us how President Obama is picking my pockets clean in your paranoid game, you moron.

    My quarterly tax bill and checks go to “IRS” and I pay  about 50/50 according to the rules.

    In case you don’t get it, moron. I already know my yearly tax bracket. I pay towards it, EVERY QUARTER. If my calculations are off, the IRS charges me.  Just like when it was under Chimperor Bush. But I digress, did I mention my income has increased but NOT my tax bracket?

    Good look trying to figure out that one, teabaggeds.

  • Anonymous

    You are so intent on name-calling and laying blame you do not look at things objectively.Were all of Bush’s policies good? No. But the things you are railing at with him have been eclipsed in stature by Obama. Bush’s spending and debts were quadrupuled by Obama in one year.  He also outspent him in corporate payouts.  Bush’s tax cuts initially provided the second longest term of sustained job growth.
    The economy tanked with the collapse of the real estate market, which had nothing to do with taxes. (And that came about due to govt. requirements placed on banks)

    Any student of tax history knows that lowering tax rates has always led to an increase in tax revenue because of the positive effects on the economy. Tax hikes have stagnated or lowered tax revenue because it either stifles growth or fuels expenses, which leads to higher prices on goods.

  • Anonymous

    The Teabaggers destroyed our economy and murdered tens of thousands of innocent human beings along the way.  Don’t fool yourself into thinking Teabaggers are non-violent.  Teabaggers are extremely violent, murderous bigots.  (As always, I have to note the small exception, the leftovers from the Ron Paul movement of the same name.)

    Oh, Teabaggers support torture too. There is no lower form of life than a torturer. There are few people more violent than Teabaggers.

  • Anonymous

    It has been shown repeatedly that the so-called examplesof police brutality were precipitated by attacks on police. Lawrence O’Donnell even tried to go the police state route interviewing a protestor and she admitted they first tossed paint bombs and bottles at police.

    You cannot seriously believe the TP has plants in dozens of cities provoking the thousands of arrests, the vandalism, the clashes with police, and rapes that have occured at OWS rallies.  That would show a level of orginization they did not exhibit at thier own rallies.

  • Jeffy Proudly Teabagged

    There you go.

    The economy tanked with the collapse of the real estate market, which
    had nothing to do with taxes. (And that came about due to govt.
    requirements placed on banks)

    Yes. The economy tanked with the RE collapse.
    Furthermore, going back to the Freddy and Marcy tripe, the RE market collapsed due to UN-REGULATION.

    Every Bank and non-bank entity was setting up shop to catch the next moron expecting to pay 3% and made a killing 1 month later.

    Did you ever hear about Countrywide? – NOT a bank institution. But they went down because of the amount of crap they pushed openly and through other channels. This is what happened to Countrywide and Bank of America. Countrywide went down, BOA thought it was buying their crap on the cheap only to find out they phucked up. So, where is BOA going to turn for the squeeze? To the retail base.

    I also noticed how you didn’t address how the same gNOpigs started bitchin about Chimperor Bush’s spending AND how the tax cut MANTRA failed to deliver.

    Ask Pebbles (Pablo) when he comes around. He has this wild chart from a wingnut source trying to prove the Bush tax worked. But the chart and figures fail him.

  • Anonymous

    The opposite is true: The RE market collapsed due to too much govt. standards. They required banks lower lending standards to allow for easier home ownership. I worked in mortgages before the collapse and saw the requirement-drop leading to people taking on loans they could not afford. Now that they are in financial trouble resulting from those govt. mandates the loans they required are now called “predatory lending” by he banks.

    I did address Bush’s spending, you however fail to admit Obama has completely outstripped Bush’s spending, in a fraction of the time.  If you are mad at Bush’s policies you should be livid over what Obama has done.

  • Anonymous

    Korean Trevor claims that tea partiers “murdered tens of thousands of innocent human beings.”

    A quick civics lesson for you….You are confusing the tea party with the pro-Abortion folks that attack the tea party.  And your numbers are off — there have been 52 million babies aborted since Roe v. Wade.

  • Anonymous

    Oh good, an abortion nut. Just what the Republicans need right now.

  • Anonymous

    You couldn’t make this stuff up!  Korean Trevor thinks the Moms and Pops at tea party attendees murder innocent people, but abortionists are warm and cuddly nice guys. 

    Welcome to the world of liberal thinking…where the thinking part is optional.

  • RW

    “Collectively, their adjusted gross income was $1.3 trillion.”

    Please consider if the liberals/socialists/communists/redistributionists taxed these millionaires at 100%, it would not cover the budget.   These utopian/unicorn believers can’t understand that something has to be cut.  Do they not understand how ridiculous it is to expect people would continue working if they would have 100% of their earnings taxed?
     
    Speaking of budgets – those Democrats who controlled every branch of government have not passed a budget.  No budget for some 900 days.  Shameful.  They just can’t can’t stand up for the lefty policies they want to fund.  Own it.

  • Anonymous

    Feel the “boom stick” “MicheleInUtah” you dumb ass c*nt.

    Please attempt to regurgitate some rightwingnut web cut and paste nonsense here.

  • Billy G

    Why do the Lib’s have to resort to name calling?  Lack of vocabulary perhaps.

  • Pete pitt

    Wow this is just sad. The hate from some people is off the charts. Seek help

  • RW

    And the hate expressed in the comments reflects poorly on this website.
    From the endless use of “TeaBagger”  to “dumb ass c*nt”, the language is over the top.
    Would this site like to see people using “C^ck-S*cker” in the comments.  Isn’t that comparable to “Teabagger”? 

  • http://mediamatters.org/ Leedog

    Lol!! Are you new here?? You honestly have never seen a Republicon resort to name-calling?? Come on!!

  • http://mediamatters.org/ Leedog

    When you’re willing to condemn the Republicons here for the disgusting things that are said, you might have some credibility on the subject!!

  • RW

    Well with your logic, you have no credibility because you have not condemned the two examples I have provided. 

  • White Guilt TV

    1% of CNN employee’s are white. The other 99% are colored homosexuals and Crawdad O’brien.

  • Anonymous

    So Wall Street and the banks get to wash their hands because someone else made the rules (after massive campaign contributions and an army of lobbyists had their say)?

    No. Just because the rules say it’s legal to screw people over for money doesn’t mean you should do it. But they did. On a massive scale.

    And even when the rules were set up to let them run rampant, they broke them anyway to make even more money.

    I’m against Washington’s misguided policy, but I’m more against the guys who took advantage of that policy to get rich on the backs of everyone else.

  • Anonymous

    And the same media that actively promoted and praised the TP is jumping on every opportunity to paint OWS as a gang of filthy hippie junkies and thugs.

    Different sources have different points of view. Get over it.

    p.s. the first 85 people arrested at OWS in New York got to court yesterday. Out of 85, two were charged with misdemeanors. The rest were on disorderly conduct, which is not a crime. Such violent people, they.

  • Anonymous

    There is nothing for me to get over. I’m detailing facts.

    P.S. – There has been rampant violence and arrests at OWS rallies all across the country. There have cases of rape from numerous rallies. Clashes with police are regular thing.  You show me anything comparable going at TP rallies over the past few years.

  • Anonymous

    The facts are that there has been more than one allegation of rape. None have been proven, but yes, the allegations exist.

    And I can’t show anything directly comparable. True, there was the incident where a TP’er kicked a MoveOn woman in the head outside a Rand Paul debate last year. But that’s the only violent incident I can directly cite myself.

    Still, you can’t prove your claim of “rampant” violence. If you’re honest, you must admit that the majority of the OWS participants are decidedly non-violent; violent incidents have occurred in three cities I’m aware of and the protests are in more than 200. You also have to admit that the goal of changing the system as a whole, as opposed to the people governing the system, is one that history proves is almost certain to be violent and more likely to attract the violent, whether or not their actions coincide with the desires of the greater movement.

    Do you really contend that the presence of a violent element within the larger scope of this movement necessarily invalidates the movement as a whole – especially considering that some of the founding principles directly mirror those of the TP?

  • Anonymous

    You know what, I do not have to admit what you just said. Why not?  Because that argument was completely tossed aside during the TP rallies. Reread your last sentence and note how that was exactly what the press did with the TP over the past few years.  Hundreds of thousands turn out but a handful of racist signs were used to label the entire movement as racist.  So with incidents of violence greatly outnumbering those TP examples I am perfectly at ease using the standard that the media has already put in place.

    And there have been more than simple rape allegations.  One man was actually arrested for rape at one OWS rally, and other charges were made in different cities.  And if you cannot see that blatant examples of violence at OWS gatherings are commonplace then you are choosing not to see them.  Just look at the clashes in Oakland rallies alone — they eclipse all examples of conflict combined from any TP events. 

  • Anonymous

    It is a fact that less than 1% of OWS has been involved in violence or arrested. It is also a momement with hundreds of thousands of participants; actually more like a million plus, as it’s happening in other countries as well. Though I don’t know it to be fact, I’d grant that less than 1% of the TP carried racist signs, said racist things, carried guns or spoke violent rhetoric. Both times, those people were wrong.

    In both instances, portions of the media unfairly take those people to be perfect representations of the entire movement. Left-leaning media is happy to bash the TP as right-leaning media is happy to bash OWS. I’ve seen footage of TP people telling those racist morons to gtfo as well as footage of OWS people restraining those who were acting violently. But neither ever seems to make the media reel. Both times, the media is wrong.

    I look at the evidence and see two groups with similar noble ideals and similar flaws acting and being treated in similar ways. I simply do not understand why you do not see that as well unless it is personal bias.

    And fyi: allegations of rape, being arrested for rape and being charged with rape are, legally, different procedural statuses of the same condition: allegation. That’s why someone on trial for murder is properly called an “alleged murderer” unless they are convicted.

  • Stillman

    I think that everyone is missing the point Gates etc. are only minions to the truly rich eg: Rothchilds, Rockerfellers, Morgans, Windsor’s {(And that is not even “their true name” as it is German, would have proven difficult for George during WWII if that had been known)) just look into the Builderburg Group and you will see who the real wealthy are not to mention the Global Royal’s that meet every year to decide what they will guide there corporations.  I haven’t even mentioned the absurd wealth of the Vatican or the Saudi’s

  • Boaz

    I was waiting for someone to spot that,
    CNN know how to play the game. Protect the mega rich ,
    And say that the 1% are movie and music stars.
    If this article had been written correctly,
    It would have been impossible not to mention
    Rothschild, rockerfellas etc. They are so rich they don’t even appear on the rich list.
    What a joke .

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