2016 Postmortem
Related: About this forumLarry Fink and His BlackRock Team Poised to Take Over Hillary Clinton’s Treasury Department
Crazy stuff if true
"Larry Fink and His BlackRock Team Poised to Take Over Hillary Clintons Treasury Department
David Dayen
Mar. 2 2016, 11:58 a.m.
AP
Goldman Sachs paid Hillary Clinton $675,000 for three speeches, but an even bigger Wall Street player stands ready to mold and enact her economic and financial policy if she becomes president.
BlackRock is far from a household name but it is the largest asset management firm in the world, controlling $4.6 trillion in investor funds about a trillion dollars more than the annual federal budget, and five times the assets of Goldman Sachs. And Larry Fink, BlackRocks CEO, has assembled a veritable shadow government full of former Treasury Department officials at his company."
https://theintercept.com/2016/03/02/larry-fink-and-his-blackrock-team-poised-to-take-over-hillary-clintons-treasury-department/
Kip Humphrey
(4,753 posts)stillwaiting
(3,795 posts)Hillary as President is very, very naive, and they will be very hurt by her when she does this.
I believe many of HRC's supporters know she would do this, and they are either fine with it or think it's the best we can hope for.
NWCorona
(8,541 posts)AZ Progressive
(3,411 posts)Blackrock Fund Advisors and Blackrock Institutional Trust Company own approximately a combined 8.3 million shares of CCA, making them the second largest stockholder behind Vanguard Group.
https://finance.yahoo.com/q/mh?s=CXW+Major+Holders
NWCorona
(8,541 posts)I highly doubt Hillary will stop the industrial prison machine.
msongs
(67,441 posts)JaneyVee
(19,877 posts)Treasury sec will be her economic adviser Joseph Stiglitz. The Intercept is a virtual gossip rag propped up by a billionaire Wall Streeter.
NWCorona
(8,541 posts)Instead of bashing the source? Did you even read it? It's a very well laid out argument.
NWCorona
(8,541 posts)So it's not true yet. Is that better?
AtomicKitten
(46,585 posts)NWCorona
(8,541 posts)99th_Monkey
(19,326 posts)Thank goodness for the Intercept's great reporting this election year.
Can you imagine if our MSM actually did journalism like this? .. asking truly important
questions, going into depth, pulling back The Curtain? It would be mind-boggling.
Kittycat
(10,493 posts)Good for money, ratings and pushing their own agenda. Fuck the people.
AzDar
(14,023 posts)Nanjeanne
(4,975 posts)just fine with Wall Street writing our bills. The Clinton supporters just want her anointed already. The corporate media won't report this at all. The busy voters won't hear about this in the 10 minutes they turn on CNN or their local news. If a newspaper runs anything like this it will be buried on page 20.
No pundit will question her campaign about it. No debate moderator will ask her about this
And unfortunately Bernie is too much of a gentleman to talk about these problematic ties.
Business as usual.
NWCorona
(8,541 posts)Octafish
(55,745 posts)Important read. Thanks, NWCorona!
amborin
(16,631 posts)snip
But Fink and BlackRock pushed hard to successfully resist the designation of asset managers as systemically important financial institutions (or SIFIs), which would be subject to additional regulation like larger capital requirements.
Fink also opposes efforts to reinstitute the Glass-Steagall firewall between investment and commercial banks, as does Clinton.
In fact, Finks views on Wall Street are so similar to Clintons that its hard to see that as a coincidence. Most notably, Clintons financial reform plan is mute when it comes to regulating asset management firms as SIFIs.
Fink has in recent months stressed an end to short-termism in the financial markets. For example, he wants to limit share buybacks that pump up stock prices, and encourage investors to hold stock longer, to focus on long-term corporate performance. Clinton has mirrored this language to such a degree that the New York Times Andrew Ross Sorkin suggested that Clinton could have been channeling Laurence D. Fink.
While the call to end short-termism is in some ways laudable, in Finks case it certainly reflects his self-interest. Clintons tax plan, for example, would keep capital gains rates higher for short-term holdings and decrease the rate for investors who hold assets over five years. Because BlackRock buys and holds most of its investments, any policy favoring long-term strategies in the markets would improve the firms bottom line.
snip
Fink has also promoted the privatization of Social Security, while mocking the idea of retiring at 65, which is easy for a business executive who sits at a desk all day to say, rather than working on an assembly line or as a waiter.
Fink owes his initial backing at BlackRock to Pete Peterson, the former commerce secretary who has been at the forefront of the campaign to cut or privatize Social Security. He sat on the steering committee of the Campaign to Fix the Debt, a stalking horse for Petersons ideas.
https://theintercept.com/2016/03/02/larry-fink-and-his-blackrock-team-poised-to-take-over-hillary-clintons-treasury-department/