It’s common knowledge that the wealth gap in the United States is growing, but what few seem to realize is just how wide that gap already is. The top 0.1 percent of Americans are now worth more than the entire bottom 90 percent.
Unless bankers change the internal culture that rewards executives and employees for financial misdeeds, a top banking regulator said Monday, they will end up forcing the government to break their companies up into smaller firms.
Alibaba, the massive Chinese e-commerce company that is the functional equivalent of Amazon, EBay, Uber, PayPal and a bunch of other companies combined, made its debut on the New York Stock Exchange this morning. It was the largest initial public offering in U.S. history, raising over $21.8 billion.