In Fink we trust: BlackRock is now ‘fourth branch of government’
The word's largest money manager offers the US government precisely what it needs. "The company's new assignment is a much bigger version of one it took on after the 2008 financial crisis, when the Federal Reserve enlisted it to dispose of toxic mortgage securities from Bear Stearns and American International Group. This time it will help the Fed prop up the entire corporate bond market by purchasing, on the central bank's behalf, what could become a $750 billion portfolio of debt." Annie Massa and Caleb Melby investigate in Bloomberg Businessweek the role of Larry's Flink's in dealing with the coronavirus crisis.
From Bloomberg Businessweek