JPMorgan Chase surpasses BofA
Bank of America has lost the title of America’s biggest bank to JPMorgan Chase. BofA, which is shedding assets in an effort to slim down to a more profitable operation, reported $2.22 trillion worth of assets in the third quarter, just slightly lower than JPMorgan Chase’s $2.29 trillion.
The New York Times
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Are the protestors right?
Wall Street protesters may be on to something. A study of more than 43,000 transnational corporations and their links reveals that just 147 companies control 40 percent of the wealth in the entire global economy. The top 20 includes Barclays Bank, JPMorgan Chase, and Goldman Sachs.
New Scientist
A weak market for music
Over the past decade, recorded music sales have fallen by 50 percent in the U.S. and 33 percent in the U.K. The weak market is making record executives far choosier when signing bands, often demanding that artists have a large social-media following and a dedicated concert fan base before they are offered a contract.
The Economist
Italy's debt
Italy, where debt exceeds 120 percent of GDP, pays 14 percent of its total annual production of goods and services on pension benefits for retired government employees.
Der Spiegel
Residence visas for wealthy foreigners
Sens. Charles Schumer (D-N.Y.) and Mike Lee (R-Utah) have introduced legislation that would give U.S. residence visas to any foreigners who spend at least $500,000 on houses in the U.S. The bill’s backers say it will eliminate excess housing stock at a moment when many Americans are either eager to sell or disinclined to buy.
The Wall Street Journal
