If Larry Fink is currently “at the hub of the wheel of American capitalism,” as his friend Ken Langone, the co-founder of Home Depot and a former director of the New York Stock Exchange, puts it, he has achieved this position largely in the shadows.
#Larry fink blackrock mac
Morgan, the $180 billion bailout of A.I.G., the $45 billion rescue of Citigroup, and those of Fannie Mae and Freddie Mac at $112 billion and growing. Treasury and the Federal Reserve Bank of New York, whose top officials turned to Fink for advice on the financial markets and assistance on the $30 billion financing of the sale of Bear Stearns to J. Morgan Chase’s Jamie Dimon, Morgan Stanley’s John Mack, and A.I.G.’s Robert Willumstad-turned for help and counsel. At the height of the disaster, when the American economy was on the brink, it was to Fink that Wall Street’s C.E.O.’s-including J. Indeed, it is hard to argue that anyone, or any firm on Wall Street, gained as much stature from the economic crisis as did Fink and BlackRock. That Fink pulled off the Barclays deal in the aftermath of 2008’s financial meltdown is, in itself, impressive, but he did more than merely survive the wreckage unscathed. A global colossus-with $3.3 trillion in assets under its direct management and another $9 trillion it supports-BlackRock manages about $1 trillion of pension and retirement funds for millions of Americans and oversees the investments of scores of institutions around the world: from state and local governments to college endowments, from Fortune 500 companies to the sovereign-wealth funds of, among others, Abu Dhabi and Singapore.īlackRock’s vast reach in the global markets is not, however, its only source of influence these days. In December, when Fink’s $13.5 billion acquisition of Barclays Global Investors was finalized, BlackRock, the company he founded 22 years ago, officially became the largest money-management firm in the world. While some-especially those who have known him the longest-snicker privately about how clearly the 57-year-old seems to relish his “transformation” in the last year and a half “into a Wall Street statesman,” its top consigliere, and the leading member of the country’s financial oligarchy, there is nothing but admiration for the vast power of BlackRock. Yet among the men who run Wall Street, it would be hard to find anyone who is not at least a little bit in awe of Larry Fink. But still-just a few months ago-when one of his neighbors, a prominent New York agent, furious that a popular horse path through the Fink estate had been blocked off, was told who owned the property, her response was: “ Who is Larry Fink?” In North Salem, the affluent enclave north of New York City where he and Lori, his wife of 35 years, have a 26-acre farm, he is perhaps slightly better known, if only because a number of Wall Street bankers have estates there. Despite his considerable wealth, he is virtually unknown on the society circuit in Manhattan, where he has an apartment on the Upper East Side, or in Aspen, where he also has a home. But mention his name to most people and they draw a blank. of BlackRock, the giant asset-management firm, is described as possibly the most important man in finance today. In political and business circles-among the men who travel the now well-worn corridor between Washington and Wall Street-Fink, the chairman and C.E.O. The “psychologically astute” Larry Fink, photographed at BlackRock headquarters in February.Ĭonsidering the enormous power he is believed to wield, it’s remarkable how few people have heard of Larry Fink.
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