Table 7-1. The Corporate Class: Kerbo’s Outline (p. 184) Critique of the Ruling Class theory Defining the Corporate Class: Structure of Corporate Concentration The Nature and Consequences of Economic and Political Centralization Is There a Corporate Class? Does it Really Matter?

Table 7-2. Comparing Upper and Corporate Classes Based on Interests, Organization, and Power Upper ClassCorporate Class Shared InterestsHighly Variable and Limited to Support of Status Quo Clearly Defined Common Interest in Corporate Capital Hegemony OrganizationHighly Variable and Largely Social or Cultural Highly Interlinked through Corporations PowerHighly Variable and Largely Personal Influence Actively Involved in Corporate and Government Decision making

Table 7-3. The Foundation for a Corporate Class (Kerbo, p. 188) The increasing size of major corporations and their increasing domination of the global markets since 1880 The increasing concentration of stock ownership in major corporations, including ownership by other (particularly financial) corporations The growing network of interlocking directorates that link top corporate personnel and foster interests and loyalties that transcend specific corporations, which facilitates collective action and political planning and influence

Table 7-4. Top Ten U.S. Corporations Based on Forbes Rating, with Assets and Sales in Billions of U.S. Dollars, 2004 (from Kerbo, pp ) NameCategoryAssetsSales CitigroupBanking$1,884.3$146.5 Bank of AmericaBanking$1,459.7$116.5 General ElectricConglomerates$697.24$163.3 J. P. MorganBanking$1,351.5$99.30 American IntlInsurance$979.41$113.1 Exxon-MobilOil & Gas$223.95$335.0 Berkshire Hathaway Diversified Financials $248.44$98.54 Wal-MartRetailing$151.19$348.6 ChevronOil & Gas$132.63$195.3 ConocoOil & Gas$164.78$167.5

Table 7-5. Top Ten U.S. Corporations Based on Assets with Assets and Sales in Billions of U.S. Dollars, 2004 (from Kerbo, pp ) NameCategoryAssetsSales CitigroupBanking$1,884.3$146.5 Bank of AmericaBanking$1,459.7$116.5 J. P. MorganBanking$1,351.5$99.30 Fannie MaeDiversified Financials$1,020.9$51.34 Morgan StanleyDiversified Financials$1,120.6$76.55 American IntlInsurance$979.41$113.1 Goldman SachsDiversified Financials$838.20$69.35 WachoviaBanking$707.12$46.81 General ElectricConglomerates$697.24$163.3 MetLifeInsurance$527.72$48.40

Table 7-6. Stock-Voting Positions Held by Other Banks in Top Five Banks Ranked by Assets (Kerbo, p. 196) Rank by AssetsNameStock-Voting RankStock 1Bank of America1. Morgan Bank 2. Citibank 4. First National Chicago 2.88% 2.47% 1.08% 2Citibank1. Morgan Bank 2. First National Boston 3. Harris Trust 3.26% 2.65% 1.59% 3Chase Manhattan1. Rockefeller Family1.85% 4Manufacturers Hanover 1. Morgan Bank 2. Hartford National 3. Bankers Trust 3.88% 1.09% 0.80% 5Morgan Bank1. Citibank 2. Chase Manhattan 3. Manufacturers Hanover 4. Bankers Trust 2.63% 1.43% 1.42% 1.10%

Table 7-7. Why Do Corporate Interlocks Matter (from Kerbo, p. 197) They reduce competition among corporations They represent outside influence over corporations They provide ways of exchanging information between corporations that might otherwise be barred by restraint of trade regulations They help provide unity and facilitate organization of the corporate class They help corporations cooperate in dealing with government regulations or in attempting to influence government policy

Table 7-8. Characteristics of the Corporate Inter- Organizational Leaders (Kerbo, p. 203) Have more positions on corporate boards More likely to be on board of larger corporations Often represent large banks on corporate boards More often belong to elite social clubs More often worked their way up to top positions rather than inheriting wealthy family status Often represent corporate interests in foundations, universities, and government

Table 7-9. Three Perspectives on Three Questions About Elites (from Kerbo, p. 210) Three Questions Critical Elite Theory Functional Elite Theory Pluralist Theory Are Powerful, Independent Elites Necessary? NoYesNo Do Powerful Independent Elites Lead to Exploitation? YesNoYes Is the U.S. presently dominated by elites? Yes No