BlackRock was chosen to correct the '08 mortgage crisis. As we were told? One has to ask, was the '08 crisis actually corrected, so something like it could never happen again? Or, just exploited so the seeds could be planted for the next 'crisis'?Given the huge role BlackRock is set to play, yet again, in this crisis? I've serious doubts that the mortgage backed security crisis was fixed rather then moved along.
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Show Us the Money: Bailout Cash Vaccine for Covid Pandemic- History Repeats
Covid: The Smoke and the Mirrors
"Smoke and mirrors means obscuring the truth, elaborate deception, trickery"
Bank of Canada-
Yes, Canada’s central bank needs Black Rock.
* Why the Bank of Canada needs BlackRock's help while fighting the coronavirus downturn
The response to the coronavirus crisis will result in many unforeseen consequences. An early one is that the Bank of Canada was thrust into BlackRock Inc.’s increasingly crowded orbit.Canada’s central bank has a capable markets desk, but there’s only so much a relatively small group of 100 men and women can do at one time, especially when they have been forced to spread out in multiple locations to lower the odds that COVID-19 will infect their ranks.Governor Stephen Poloz, senior deputy governor Carolyn Wilkins and the rest of the Governing Council had already asked their trading team to implement or overhaul six programs, including a foray into short-term provincial paper, when they decided earlier this month that they’d have to do something about the strains in the market for commercial paper, too.The council was also getting ready to take the plunge into quantitative easing, or QE, an aggressive approach to monetary policy that involves creating money to purchase financial assets. Along with commercial paper, the central bank’s leaders were gearing up to buy tens of billions of dollars’ worth of government bonds.Along comes BlackRock
The central bank put out a call for help. No one in the financial markets would have been surprised to hear that New York-based BlackRock offered its services.BlackRock is best known as the world’s largest asset manager, mostly because of its dominant position in the market for exchange-traded funds. But in the aftermath of the financial crisis, the firm also usurped Goldman Sachs Group Inc. as the most influential financial institution. Larry Fink, founder and chief executive, goes out of his way to befriend politicians, all while building up a formidable consulting arm that has advised the likes of the U.S. Federal Reserve and the European Central Bank.
“There are few parties aside from BlackRock that could help the Bank of Canada at this point in time,” said Alexander Dyck, a professor of finance and economic analysis at the University of Toronto’s Rotman School of Management.Poloz came to the same conclusion, opting to put urgency ahead of dithering over potential traps such as conflicts of interest, a rushed tendering process and bad optics.TD Asset Management was hired to oversee the Canadian central bank’s new portfolio of commercial paper, and CIBC Mellon was chosen as the custodian. No contract information has been released, but it eventually will be, in keeping with the Bank of Canada’s transparency guidelines.The Bank of Canada’s decision to deputize three financial institutions in its fight against the coronavirus crisis has attracted little attentionBeing policy minded isn’t enough to charge BlackRock for abusing its market power. Rotman’s Dyck said In other words, trust us. That will suffice for now since we all have bigger things to worry about. But let’s not forget to ask some more questions later.
Trust us?! Oh, you've got to be kidding me.
In the US
Larry Fink Reprises a Role He Played in the 08 Crisis- BlackRock Favouritism Raises Eyes on Wall Street "It's Outrageous" Larry FinkLarry Fink: Fink defined as" one who is disapproved of or is held in contempt" "One who is an informer" Perfect name for a character of ill repute. Consider the outsize roll of BlackRock and Larry Fink at the time of the '08 bailouts- Here we are again! Why?
"Last Tuesday, investors poured a record-breaking US$1.5 billion into an exchange traded fund run by BlackRock, a sum that represents about US$2.3 million of fees for the asset management giant. And it was all thanks to the Federal Reserve.A day earlier, the U.S. central bank had announced plans to buy bond ETFs for the first time ever through its New York arm, as part of an effort to ease stresses in the financial system caused by coronavirus. One programme will buy bonds directly when they are issued; another will purchase bonds on the secondary market and buy ETFs; and a third will purchase commercial mortgage-backed securities. All three programmes will be overseen by BlackRock"
That is so similar to Canada’s Central Bank plans? Not a coincidence!
"But last week’s inflows into its ETF, as investors raced to front-run the central bank’s expected purchases, show how the Fed has already indirectly shaped markets to BlackRock’s benefit.“It is truly outrageous,” said one asset management executive, who declined to speak on the record due to BlackRock’s influence on Wall Street. “BlackRock will be managing a fund and deciding if they want to use taxpayer money to purchase ETFs they manage. There’s probably another 100-200 managers who could do this, but BlackRock was chosen.”
Mexico
Mexican president, BlackRock CEO discussed coronavirus impact
"MEXICO CITY — Mexican President Andres Manuel Lopez Obrador said on Saturday that he had a video call with BlackRock Chief Executive Officer Larry Fink to discuss the novel coronavirus and its impact on the world economy. He gave no further details"
BlackRock certainly has the entire NAFTA/NAU trade partnership covered... Must be one of those coincidences?? ( I don't believe that for a moment)