Most people understand and assume that government income redistribution, where higher incomes are taxed and transferred to those with lower incomes, is a way of achieving greater income equality. But few people are aware of the extent of corporate socialism which is defined here as the transfer of capital, by government to corporations.
In the heat of the GFC, corporate socialism was blatant as there was no need to hide the fact that financial corporations needed to be saved by the government’s injecting trillions of dollars into them to maintain liquidity and solvency of the financial system. The income inequality created by corporate socialism was equally blatant, making billionaires of executives such as Lloyd Blankfein (in July 2015), CEO of Goldman Sachs, a bank which was central to the fraudulent dealings of subprime mortgage derivatives triggering the GFC.