Tag Archives: global-economy

Fortune is out with their list of the most profitable companies in the world for 2009 and there are some interesting entrants. 4 of the top 6 most profitable companies in the world are majority owned by governments: 1. Gazprom – $24.6B (majority owned by the Russian government) 2. Exxon Mobil – $19.3B 3. Industrial & Commercial Bank of China – $18.8B (majority owned by the Chinese government) 4. BP – $16.6B 5. China Construction Bank – $15.6B (majority owned by the Chinese government) 6. Petrobras – $15.5B (majority owned by the government of Brazil) And the other two are both convicted corporate fellons: Exxon Mobil – http://bit.ly/dCx8s1 , http://bit.ly/b6KmTc BP – http://bit.ly/bpNM8d How can the free-marketers and neo-con's claim that laissez faire private enterprise is always superior to government control when state-run businesses are beating multinational corporations at their own game? Why do we let convicted felons continue to even operate, allowing them to treat criminal fines/penalties as merely costs of doing business? Other notables: 13. Goldman Sachs – $13.4B (up 476.4% over 2008) 18. Wells Fargo – $12.3B(up 362.3% over 2008) 22. JP Morgan Chase – $11.7B (up 109.2% over 2008) With such massive profits and profit growth over 2008, why is it that the global economy is still sputtering? Why are the largest banks in America, which saw their profits explode to pre-crisis levels, still not lending ( http://bit.ly/bO1as8 )? Something's not right… http://money.cnn.com/magazines/fortune/global500/2010/performers/companies/profi… added by: tbowman131