In all, BlackRock and Vanguard have ownership in some 1,600 American firms, which in 2015 had combined revenues of $9.1 trillion. When you add in the third-largest global owner, State Street, their combined ownership encompasses nearly 90% of all S&P 500 firms.

Bernie Sanders said billionaires shouldn’t exist and he was absolutely correct. Billionaires do not pay their fair share of taxes. But what are we going to do with them? Is it a good idea to put them back on the streets if they have been stripped of their wealth? Billionaires? There’s a gulag for that.