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Protesting Carlos Slim's Exploitation Of Poor Mexicans
- Slim's company, America Movil (comprised of Telmex and Telcel), has nearly 75 percent of the TOTAL Mexican telecommunications system – from telephone landlines to mobile telephone services.2 ...
- According to the January 2012 Organizations for Co-operation and Development (OECD) study “Review of Telecommunications Policy and Regulation in Mexico,” the country has a tremendous poor, rural population that could increase their socio-economic status given access to resources such as broadband.3
- It has been consistently proven throughout developing countries that access to services like mobile banking provides a route out of poverty.
- To date, Slim's telecommunications empire has overcharged billions and billions of dollars to Mexicans, especially to the rural poor. Carlos Slim price gouged Mexican customers a total of$13.4 billion each year from 2005 to 2009 for basic telephone and Internet service according to the OECD study.
- Slim's price gouging cost the Mexican economy $129 billion or about 2 percent of the country's total annual GDP.4...
- Referencing these monopolistic practices, Mexico's Central Bank Governor noted “in unusually bold language... that successfully promoting an agenda of economic or 'structural' reform could see the country reach growth rates in excess of 5 percent a year – more than double the annual average over the last decade.”6 ...
- The country's poorest are disproportionately hurt by the price gouging, coupled with the unreliable and poor services. Carlos Slim's monopolistic interests resulted in Mexico ranking LAST in public investment in telecommunications (#34 out of #34) while Slim's company Telmex had a profit margin of 47 percent – one of the highest of the 34 countries.7
- According to the OECD report, Mexico loses 2.2% of its gross domestic product each year because of astronomically high cellphone rates, low Internet penetration, and mediocre connectivity.
- Mexico has 10 percent as many wireless Internet subscribers per 100 inhabitants as Turkey. Its cellular phone rates are by far the most expensive in the OECD. Relative to other OECD countries, Mexico is ranked last in terms of investment in telecommunications per capita; but, says the study, “profit margins of the incumbent nearly double the OECD average.”8
Mexican telecom billionaire Carlos Slim, who intermittently trades off with Bill Gates as the World's Richest Man, bailed out the New York Times after the 2008 crash and owns, at last word, 8.1% of the most influential company in the American news and views hierarchy.
The NYT has vociferously promoted more immigration from Mexico. Slim profits exorbitantly on calls between the two countries, but the NYT's obvious conflict of interest in promoting Mexican settlement in America, which promotes its second largest stockholder's wealth, is almost never remarked upon (or noticed).