Big Companies Bankrupcy

created from the Blackstar study...

Stock	1983-2006	Post-2007
General Motors	25,316%	-100%
Fannie Mae	8,531%	-99%
Citigroup	5,519%	-90%
Bear Stearns	4,691%	-100%
American Intl. Group	3,974%	-98%

It seems improbable, but in just the three years since 2007, three of the biggest, most widely held WINNERS from the Blackstar universe went to zero -- yes, BANKRUPT. The other two coughed up 90% of their market value or more. Amazing as it sounds, this is business as usual.

Consider...

In 1989, 14 of the 20 largest companies by market value in the world were from Japan. Ten years later only three Japanese companies ranked in the top 20. By 2007, there were a grand total of zero Japanese companies in the Top 20.

In 1979, Eastman Kodak, Bethlehem Steel, General Motors, Polaroid, Xerox, and General Electric were the "indestructible" businesses. Thirty years later, every one is either bankrupt, has been bailed out by the government, cut its dividend to next to nothing, or is trading for less than it was in 1970!

Remember, these weren't just any companies plucked randomly from an index. These were THE leaders of their time, the best of the so-called "Nifty Fifty" stocks. Stocks you could buy and lock away forever!

Wealth Distribution in Ecuador

This is a translation of an the article "La distribución de la riqueza en el Ecuador" written by Juan Paz y Miño in the newspaper "El Comercio (Sept 13, 2010)

Wealth Distribution in Ecuador

By Juan Paz y Miño

The inequity in the distribution of wealth in Ecuador has a historical origin. it started with the Spanish conquest and colonization. During the three colonial centuries, the indigenous communities lost all or part of their ancestral lands and the private property was concentrated in the creoles. During this period there was also the appropriation of mines.

Above all, the farming and mining was based in the overexploitation of the indigenous work force.

The Republic inherit these condition and did not worked it out because in Ecuador was established an oligarchic-landowner regimen which lasted until the 20^th century. By mid 19^th century, the businessmen joined. At the beginning of the 20^th century also the banks and factories joined.

These sectors concentrated the property, the capitals and the wealth based on the work of urban and rural bad paid worked with almost any rights.

The liberal revolution (1895) began important social and legal changes, but could not overcome the inherit regimen.

The ‘juliana’ revolution (1925) started the long and winding road to change the oligarchic regimen. Since then, in many waves, a protective legislation for workers was established, the public services were increased. The economic intervention of the State was institutionalized over the previous one that was absolutely private.

During the 60s and 70s of the last century, the ‘development’ proposed by the State modernized the country. But even the ‘petrolerism’ avoided the concentration of wealth. From 1985, with the progressive acceptance of a development model which trusted the free market, the des-regularization, the Non-intervention State, the laborer flexibility and the absolute support to the private entrepreneurship, Ecuador was among the 10 first places of inequity in the world.

The economic inequities took other faces, despite the democratic impulse

The inequity heritage, plus the wealth concentration promoted during the last two decades of the 20^th century, with the assimilation of the ‘liberal’ ideas have to be demolished. And this is not possible without a clear consciousness and with a strong political decision to redistribute the wealth.

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