BlackRock Takes Command by Joyce Nelson [Blackrock now controls the Fed!!]

BlackRock Takes Command
by Joyce Nelson

 The mainstream financial press has been remarkably quiet about the Federal Reserve’s appointment (March 24) of BlackRock to manage its massive corporate debt purchase program in response to the Covid-19 crisis. That silence might have a simple explanation: you don’t slag your boss if you know what’s good for you.

BlackRock’s CEO Larry Fink may now be the most powerful man in the world, overseeing not just the Fed’s new (potentially $4.5 trillion) corporate slush-fund, but also managing $27 trillion of the global economy (even before the March appointment). As the world’s largest asset manager, BlackRock already was managing $7 trillion for its global corporate investor-clients, along with another $20 trillion for clients through its financial risk-monitoring software (called Aladdin).
As Andrew Gavin Marshall has explained, “Unlike a bank, asset management firms do not manage and invest their own money but do so on behalf of their many clients. In the case of BlackRock, those clients come in the form of banks, corporations, insurance companies, pension funds, sovereign wealth funds, central banks, and foundations.” [1]

Click the link below for full article.
https://www.counterpunch.org/2020/04/08/blackrock-takes-command/