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Wow. This makes me really angry. I read a New Yorker article recently about the Getty Family office, Vallejo Investments, that estimated they control $6 trilli
by deepfriedchokes 2y ago
Wow. This makes me really angry.
I read a New Yorker article recently about the Getty Family office, Vallejo Investments, that estimated they control $6 trillion in assets. Trillion! And here we are worrying about the billionaires.
With these kinds of wealth accumulation strategies, and hidden wealth through family offices, these people have more than enough power to control absolutely everything in our societies from the shadows.
- adventured 2y agoThere's no source for the claim. Here is all the New Yorker article says: "That lucrative maneuvering is the realm of specialized attorneys, accountants, and money managers, many of whom work for family offices: in-house financial teams that typically include a dozen or so full-time attendants. Family offices, which have roots in nineteenth-century operations that served John D. Rockefeller and a handful of his peers, have proliferated in the past two decades, to at least ten thousand worldwide. They tend to have no public presence—Gordon Getty’s family office is known, inconspicuously, as Vallejo Investments—but by some estimates they control about six trillion dollars in assets, a larger sum than is managed by all the world’s hedge funds." By some estates. Yeah ok. There's absolutely zero actual evidence to suggest the Getty family controls even a hundred billion in assets. No major wealth investigators (Forbes, Bloomberg to name two) in the past three decades has turned up such a large stash by that family.
- deepfriedchokes 2y agoWell thank you this makes me feel a tiny bit better, but with strategies like buy, borrow, die, it’s just a matter of time before these rumors become reality.
- 9dev 2y agoDon't bother looking for the amount of money Blackrock currently controls then. The big funds are approaching a point where they wield more power than governments, they just don't play it too open. Yet.
- deleted 2y ago[deleted]
- 1986 2y agoYou folks are reading the sentence wrong. The $6T estimate is for all assets controlled by family offices _generally_
- deepfriedchokes 2y agoThanks for the correction, but all these families and funds (don’t look up Blackrock, I should have listened) have similar goals of self perpetuation of a system that benefits them at everyone else’s expense so even though there are multiple players it is highly likely their goals are aligned as if they were acting in concert.