Sen. Bernie Sanders (I-Vt.) says the biggest threat to U.S. capitalism isn't foreign competition but "three Wall Street investment firms," he claims, now dominate corporate America.

What Happened: "It's not only income and wealth inequality that bothers me, it's concentration of ownership," Sanders told Joe Rogan in a recent sit-down.

“In virtually every sector … you got a handful of giant multinationals controlling that sector." He urged listeners to “check it out on Google," adding that the trio of asset-management giants “combined are the major stockholders of 95% of American corporations.”

"That's power," he exclaimed.

Academic studies back part but not all of Sanders' claim. Research by economists Jan Fichtner and others finds the "Big Three" are the largest single shareholders in about 40% of all U.S.–listed companies and 88% of the S&P 500. Other analysts put their combined stake at nearly 20% of total U.S. market capitalization, not 95%.

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Sanders argues concentrated shareholding lets a handful of executives steer wages, prices and even politics. "They are now owned by Wall Street firms," he said, contrasting today's dispersed retail ownership with the era when "somebody actually owned General Motors."

Rogan and Sanders also attacked the $7.25 federal minimum wage, calling it impossible to live on; Sanders noted he is fighting to raise it to $17 an hour. Rogan illustrated the problem with a $25 sandwich that would cost a minimum-wage worker 3½ hours of labor.

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