Article: BlackRock, State Street Exploring Takeover Of Credit Suisse Asset Management Arm

Article - Media, Publications

BlackRock, State Street Exploring Takeover Of Credit Suisse Asset Management Arm

TYLER DURDEN, 09 April 2021

Earlier, several financial media outlets reported that Credit Suisse was considering dramatically shrinking or selling off its prime brokerage unit, the hedge-fund-focused business that just lost $4.7 billion for the bank, obliterating 18 months of the bank’s average net profits.

But in the last few hours, the focus has shifted to the bank’s asset management unit, amid reports that several American firms might be interested in making a bid, even as the bank has yet to release the final tally of expected losses from the Greensill debacle. Continue reading “Article: BlackRock, State Street Exploring Takeover Of Credit Suisse Asset Management Arm”

Article: Top Carbon-Credit-Seller Launches Internal Probe After Selling “Worthless” Offsets To JPMorgan, Disney

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Top Carbon-Credit-Seller Launches Internal Probe After Selling “Worthless” Offsets To JPMorgan, Disney

Joen Coronel, 09 April 2021

Back in December, Bloomberg published a sweeping expose that raised serious questions about the ESG investing craze sweeping the world. In the piece, Bloomberg detailed how the Nature Conservancy, the world’s biggest environmental group and a prominent seller of carbon offsets, had sold “worthless” credits to JPMorgan, Disney and BlackRock as the corporations sought to finance the protection of carbon-absorbing forest land to absolve them of their sins tied to fossil fuel usage. Continue reading “Article: Top Carbon-Credit-Seller Launches Internal Probe After Selling “Worthless” Offsets To JPMorgan, Disney”

Article: Biggest Players In The Short-Selling Game Are Getting A Pass

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Biggest Players In The Short-Selling Game Are Getting A Pass

ERIK SCHATZKER, BRANDON KOCHKODIN, 10 March 2021

It’s in the air again, on Reddit, in Congress, in the C-suite: Hedge funds that get rich off short-selling are the enemy. The odd thing is, the biggest players in the game are getting a pass.

Those would be the asset managers, pension plans and sovereign wealth funds that provide the vast majority of securities used to take bearish positions. Without the likes of BlackRock Inc. and State Street Corp., the California Public Employees’ Retirement System and the Kuwait Investment Authority filling such an elemental role, investors such as Gabe Plotkin, whose Melvin Capital Management became a piñata for day traders in the GameStop Corp. saga, wouldn’t have shares to sell short.

“Anytime we short a stock, we locate a borrow,” Plotkin said Feb. 18 at the House Financial Services Committee hearing on the GameStop short squeeze.

“Anytime we short a stock, we locate a borrow,” Plotkin said Feb. 18 at the House Financial Services Committee hearing on the GameStop short squeeze.

There’s plenty to choose from. As of mid-2020, some $24 trillion of stocks and bonds were available for such borrowing, with $1.2 trillion in shares—equal to a third of all hedge-fund assets—actually out on loan, according to the International Securities Lending Association.

It’s a situation that on the surface defies logic. Given the popular belief that short sellers create unjustified losses in some stocks, why would shareholders want to supply the ammunition for attacks against their investments? The explanation is fairly straight forward: By loaning out securities for a small fee plus interest, they can generate extra income that boosts returns. That’s key in an industry where fund managers are paid to beat benchmarks and especially valuable in a world of low yields.

The trade-off is simple: For investors with large, diversified portfolios, a single stock plummeting under the weight of a short-selling campaign has little impact over the long run. And in the nearer term, the greater the number of aggregate bets against a stock—the so-called short interest—the higher the fee a lender can charge.

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Article: BlackRock puts muscle behind push for net zero

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BlackRock puts muscle behind push for net zero

Avery Ellfeldt, 19 February 2021

Wealth leviathan BlackRock Inc. gave teeth to its climate commitments this week when it pledged to leverage its shareholder power to punish companies that fail to take climate change seriously. That promise sends a message to the heaviest greenhouse gas emitters: Set targets to cut carbon or risk retribution from the world’s largest asset manager. Continue reading “Article: BlackRock puts muscle behind push for net zero”

David K. Lifschultz: New Forms of [Wall Street] Treason?

Letter

Max Keiser does not really understand what the monetary expansion has to cover.

Central banks are transferring wealth from the average person to the likes of Bill Gates and Jeff Bezos – RT’s Keiser Report

You have according to the BIS 600 trillion in derivatives against a 81 trillion dollar world GDP or a multiple of 7. The BIS coordinates only the banks so this figure does not include insurance company derivatives or others in private industry unless a bank is connected to the transaction so it is grossly understated.  Some Swiss bankers tell me it is more like 1.2 quadrillion and others up to 2.5 quadrillion. 1.2 quadrillion gives you a multiple on the world GDP of 14 and 2.5 quadrillion a multiple of 30.

Continue reading “David K. Lifschultz: New Forms of [Wall Street] Treason?”

Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots

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The Gamers’ Uprising Against Wall Street Has Deep Populist Roots

Wall Street may own the country, as Kansas populist leader Mary Elizabeth Lease once declared, but a new generation of “retail” stock market traders is fighting back.

Ellen Brown, SheerPost, 10 February 2021

A short squeeze frenzy driven by a new generation of gamers captured financial headlines in recent weeks, centered on a struggling strip mall video game store called GameStop. The Internet and a year off in this shut down to study up have given a younger generation of investors the tools to compete in the market. Gerald Celente calls it the “Youth Revolution.” A group of New York Young Republicans who protested in the snow on January 31 called it “Re-occupy Wall Street.” Others have called it  Occupy Wall Street 2.0.

Continue reading “Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots”

Article: BlackRock CEO Larry Fink sells 5% of stake, raising $24m

Article - Media, Publications

BlackRock CEO Larry Fink sells 5% of stake, raising $24m

NICOLE PIPER, 27 July 2020

Larry Fink, chief executive of BlackRock, sold $24.2m of stock in the company earlier this week. According to Bloomberg, Fink sold 41,706 shares at an average price of $580.29 on July 21, shedding about 5% of his stake in the world’s largest asset manager. The latest sale means that Fink has raised $74.4m from selling BlackRock stock this year. He still owns $457m in BlackRock stock. Continue reading “Article: BlackRock CEO Larry Fink sells 5% of stake, raising $24m”

Article: Executives are selling stock as the market experiences its epic rebound

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Executives are selling stock as the market experiences its epic rebound

Maggie Fitzgerald, 24 July 2020

Company insiders are dumping shares as stocks experience their epic rebound from the coronavirus recession. The sales are a major shift from the insider buying frenzy during the market bottom in March. Among the sellers are the heads of blue-chip companies like UnitedHealth and BlackRock. Continue reading “Article: Executives are selling stock as the market experiences its epic rebound”

Article: BlackRock CEO Sold $24 Million of Stock as Insider Sales Up

Article - Media, Publications

BlackRock CEO Sold $24 Million of Stock as Insider Sales Up

Donald Moore, 23 July 2020

BlackRock Inc. Chief Executive Officer Larry Fink sold $24.2 million of stock in the world’s largest asset manager, bringing his sales this year to $74.4 million. What’s moving markets
Start your day with the 5 Things newsletter. Fink disposed of 41,706 shares — about 5% of his stake in the business — at an average price of $580.29 on July 21, according to a regulatory filing. The filings didn’t indicate that his sales this year were made under a pre-scheduled trading plan. Continue reading “Article: BlackRock CEO Sold $24 Million of Stock as Insider Sales Up”

Subject: Geraldine Buckingham

Subject of Interest

Geraldine Buckingham is a member of BlackRock’s Global Executive Committee. She is a Senior Managing Director and is BlackRock’s Chair for the Asia Pacific region. She is responsible for all business activities in the region, which includes Greater China, Japan, Australia, Singapore, India and Korea. Buckingham previously served as Global Head of Corporate Strategy at BlackRock. Prior to joining BlackRock in 2014, Dr. Buckingham was a partner with McKinsey & Company’s financial services practice based in New York. Buckingham received the Rhodes scholarship to study at Oxford University, where she earned a Master of Philosophy degree in Comparative Social Policy. She earned her Bachelor of Medicine and Bachelor of Surgery (MBBS) degrees from Monash University.

Biography

Black Rock, Inc 

 

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Subject: Edwin N. Conway

Subject of Interest

Edwin N. Conway is a member of BlackRock’s Global Executive Committee. He is a Senior Managing Director and is Global Head of BlackRock Alternative Investors (BAI). Prior to this, Conway was Global Head of BlackRock’s Institutional Client Business (ICB). Prior to joining BlackRock in 2011, Mr. Conway was a Senior Managing Director at The Blackstone Group where he headed the Global Investor Relations & Business Development Group. Before joining Blackstone in 2005, Mr. Conway was an Executive Director at Arden Asset Management, Inc. and prior to that he was a Director at Credit Suisse Asset Management located both in London and New York. Conway earned a BComm degree from University College Dublin (UCD).

Biography

Black Rock, Inc 

Subject: Frank Cooper III

Subject of Interest

Frank Cooper III is a member of BlackRock’s Global Executive Committee. He is a Senior Managing Director and is the Global Chief Marketing Officer of BlackRock. Cooper previously served as Chief Marketing and Creative Officer at BuzzFeed. Prior to this, he served as Chief Marketing Officer of Global Consumer Engagement for PepsiCo’s Global Beverage Group. Cooper started his career as an entertainment lawyer and later served as a senior executive at Motown and Def Jam. Cooper earned a J.D. from Harvard Law School, where he served as the Supreme Court Editor of The Harvard Law Review, and a B.S. degree in business administration from the University of California at Berkeley.

Biography

Black Rock, Inc 

Subject: Sir Robert Fairbairn

Subject of Interest

Sir Robert Fairbairn  is a member of BlackRock’s Global Executive Committee. He is a Vice Chairman of the firm. He chairs the Human Capital Committee and Global Executive Committee Talent Subcommittee, and is a member of the Global Executive Committee, Global Operating Committee, and Director of BlackRock’s U.S. Mutual Fund Boards. Previously, Fairbairn served as global head of the Retail and iShares businesses. Prior to that, he served as head of the Global Client Group and Chairman of BlackRock’s International Businesses. His service with the firm dates back to 1993, including his years with Mercury Asset Management (Mercury) and Merrill Lynch Investment Managers (MLIM), which merged with BlackRock in 2006. From 1990 to 1993, he was with Lazard Investors’ business development team. Prior to that, he spent five years with GT Management as an investment manager. He earned BA degrees in history, economics, and Russian studies from Durham University in 1987.

Biography

Black Rock, Inc 

Subject: Robert Goldstein

Subject of Interest

Robert Goldstein is a member of BlackRock’s Global Executive Committee. He is the Senior Managing Director, Chief Operating Officer and the Head of its BlackRock Solutions business. Goldstein serves on the Board of Trustees for the Battery Conservancy in New York and the Board of Advisors for the Hospital for Special Surgery. He earned a BS degree, magna cum laude, in economics from Binghamton University in 1994.

Biography

Black Rock, Inc