Conspiracy theorists should be smarter

It’s downright shameful for a respectable (more or less) news source like BoingBoing to get a story so blatantly wrong. The name of the post is Densely-linked cluster of 147 companies control 40% of world’s total wealth, but even a casual read of the material quoted by the article shows that’s completely wrong.

If you read it through, it says that 1,318 companies control 20% of global revenue, right up front. Waitaminute… the headline said that far less control more. What gives? Oh, here it is down below. They found that 147 companies that all own pieces of each other control “40 per cent of the total wealth in the network”. Which is to say, they control 40% of the 20% that the network of 1,318, NOT 40% of global wealth.

Come on, guys. I support Occupy Wall Street too, but you’re not helping them out my misrepresenting the facts. Isn’t it just as damning to say that one small group of rich people control 147 companies that control 8% of all the wealth in the world? Well, no, that’s not as impressive I guess.

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