Controversial Fund giant Blackrock, the new Boss of the financial systemsdie investment company Goldman Sachs has replaced as the most influential financial institution. Now, Blackrock founder Larry Fink is even regarded as a candidate for the Job of the US Secretary of the Treasury should Joe Biden President. Walter Niederberger3 Kommentare3Larry Fink is the founder and CEO of the US Fund giant Blackrock, one of many Swiss companies to the largest shareholders. Photo: Lucas Jackson (Reuters)
Blackrock is the largest asset managers in the world and yet outside of the financial industry is hardly known. Slowly this is beginning to change. Because the Fund giant has secured a big order from the US-based Bank: Blackrock to manage the Central Bank’s bond-buying program. The mandate is a political Coup, which guarantees high commissions and relations to the White house. But the Deal is also raising concerns about conflicts of interest.
The rise of Blackrock also marks the end of an Era Goldman Sachs. The investment Bank was able to heave in the last 25 years, dozens of its executives to Central positions of the U.S. government, including three Ministers of Finance, most recently Steven Mnuchin, who is Finance Minister in the government of Trump.
Blackrock founder Larry Fink, however, the threads moved so far in the Background. He could prevent, for example, with skillful Lobbying, Congress asset managers as Blackrock or Fidelity, and Vanguard, along with the wall street banks as “systemically important financial institutions” classified. Thus, Blackrock stricter regulation is eluded, although supervisors, for its part, the sheer Size of the company getting kind of creepy.
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Blackrock managed last assets of approximately 6500 billion dollars. Customers include the public pension funds of the States of New York and California. The company keeps up with its Software platform, around 200 financial institutions with assets of 20,000 billion dollars on the course, including the facilities of the US Federal reserve and the ECB. In addition, Blackrock provides advice to the governments and Central banks in Spain, France, Ireland, Holland and Israel. In Europe Ex-SNB chief, Philipp Hildebrand, secures straps the good wire to a decision, in Germany, politician, Friedrich Merz, the Supervisory Board was until the beginning of February, the CDU head of Blackrock Germany. The man wants to be known and to succeed Angela Merkel.
in Brief: Blackrock has taken root unnoticed by the Public in all angles and corners of the global financial markets. The spotlight, the Goldman Sachs pursued and the Bank, the Image of the “money-hungry octopus” entered, remained Fink and his Institute up to now saves.
bearers of Good wire political decision-making: Philipp Hildebrand, former President of the Swiss national Bank, is now Vice Chairman at Blackrock. Photo: Gian Ehrenzeller (Keystone)
The gigantic financial injections of the US government to combat the crisis could change this. On behalf of the US-based Bank black rocks advice on buying division, corporate bonds and mortgage-backed securities. In fact, the Blackrock dealer are on the same level as the dealer of the Central Bank in New York.
Apparently, Fink received the preference prior to the wall street banks in order to minimize conflicts of interest. Aside, you are not cleared but. “Blackrock can buy in accordance with the mandate on behalf of the Central Bank of its own funds,” summarises the economic Agency Bloomberg. For Economics Professor Nouriel Roubini, warned at the time before the financial collapse of 2008, this is an absurdity: “If an asset Manager for the Central banking works, would have to be excluded from the Fund of mandatory transactions.”
Fink feels such concerns as an imposition. “This is offensive. Everything that we do with governments, with the best practices in the financial industry compatible,” he said in mid-April, analysts wanted to know whether the cooperation with the Central Bank, a hidden Bail to be out, after customers had withdrawn because of the Corona-crisis to more than $ 900 billion from Blackrock funds.
environmental mandate for the ECB
in addition to the mandate of the Fed Fink secured a bond-buying program of the Bank of Canada and the order of the European Commission, the environmental aspects in the banking regulation pack. This election aroused the anger of environmental groups: Blackrock is one of the world’s largest investors in Oil and gas companies, criticized the Sierra Club, the largest environmental organization in the United States.
The Wall Street Journal, no friend of Fink, noted dry that Blackrock, in all shareholders ‘ meeting to 80 percent against climate applications of activist investors voted. Fink self-announced however, the beginning of the year in a letter that “the sustainability of the new investment standard, the” black rocks will.
observers suspect political intentions. The Name Fink is circulated for the information of the online magazine “The Intercept” on the list of candidates for the Minister of Finance of a possible government of the democratic presidential candidate Joe Biden. “The Blackrock chief is applying as the next Finance Minister”, the “Wall Street Journal”. “The sudden confession from Lord Fink to concerns such as climate protection by liberal politicians and interest groups” could be understood only as an Ambition for a political career are interpreted.
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