“We don’t know yet whether the consequences of easy money and regulatory changes will cascade throughout the U.S. regional banking sector (akin to the S&L Crisis) with more seizures and shutdowns coming.” Larry Fink in his latest letter to investors
Also Larry Fink: We need to get more people to invest their money in the market and his clients can trust Black Rock and Aladdin to create profit off the current uncertainty in the market and the private sector needs to step in because the Fed is limited in what it can do about the current situation. He also states in the letter that the Fed will continue to raise rates.
A little background on Fink.
There are interesting connections between Larry Fink and Credit Suisse which is the next bank that could fall according to analysts. In 1985, Fink helped start Blackstone along with Peter Peterson and Stephen Schwarzman. However, Fink left Blackstone after just a few months to join First Boston, a Wall Street investment bank. After working at First Boston from 1976 to 1988, he co-founded BlackRock in 1988.
First Boston was a major investment bank that was founded in 1932 and merged with Credit Suisse in 1990. The merger created a new entity called Credit Suisse First Boston (CSFB), which became one of the largest investment banks in the world. However, in 2006, Credit Suisse dropped the First Boston name and rebranded the investment banking unit as Credit Suisse.
So, to sum it up, Fink started Blackstone, then left and worked at First Boston for 12 years, then founded BlackRock. First Boston merged with Credit Suisse shortly after Fink started BlackRock. Now First Boston is Credit Suisse. Now Credit Suisse is failing after several scandals and mismanagement.
I’m not saying Fink has anything to do with their current failures. I just found the connections interesting. Maybe he left because he saw the problems or maybe he thought he had a better idea.
Hmm 🧐 interesting
I do not trust Larry Fink. Mr Woke investing personfied
I left out the part about his intimate connection with the Fed and other groups.
And the World Economic Forum https://www.weforum.org/agenda/authors/larry-fink