Koch Cash: As American Income Decreased, Billionaires' Brothers' Wealth Skyrocketed
The billionaire Koch brothers, Charles and David, richest men on earth #7 and 8 (but together with more wealth than #1) have been in the headlines all summer thanks to their pouring funds into SuperPACS designed to unseat President Obama and the Democrats. Oh, and as of recently they're also funding a bogus "astroturf" anti-Occupy protest.
But how have they been doing personally? Is all that SuperPAC and fake-protest spending making a dent in their massive family fortune?
Sadly the answer is no.
The lastest Forbes numbers, which are slightly different from the Bloomberg billionaire's index above, indicate that the brothers' have increased their wealth yet again by another quarter, from $50 billion to $62 billion.
That means more money to keep funding the attack on workers, environmental safety, regulations and the politicians who support these things.
How did they get so rich?
The International Forum on Globalization offers us a chart showing us the effect of oil derivatives on their fortune.
But there's a lot we don't know, the IFG reminds us:
Since Koch Industries is a private corporation, no one but David and Charles really know how they managed such high rates of return during today’s deepening recession. Since the economic recession began in 2008, the Kochs have exponentially increased their wealth by 58% while median family net worth dropped 40%.
“Koch Cash” has skyrocketed amidst increasing American poverty, rising gas prices, as well as record temperatures and drought due to increased carbon emissions.
Sure, the Kochs “built” it, but on all of our backs. The biggest burden will be born by young people, especially if the Kochs get their wish from a Romney-Ryan regime: to remove all carbon regulations from the EPA, and to deregulate oil derivatives.