Blackrock CEO, Larry Fink, said they have to change attitudes, and they are changing attitudes.
He says Blackrock forces companies to change behavior on diversity with threats of impacts to compensation. Blackrock basically controls the boards of nearly all major corporations, so not only will they remove non-compliant CEOs, they blacklist and prevent them from being hired anywhere else.
BlackRock and Vanguard are two of the big three passive fund asset management firms. The third, State Street, is owned by BlackRock – whose largest shareholder is Vanguard. It seems all roads lead to BlackRock.
All three combined have $20 trillion in managed assets which is the equivalent of more than half of the combined value of all shares of companies in the S&P 500 (about $38 trillion). And that’s larger than the gross domestic product (GDP) of every single country around the globe, except for China and the United States.
Bloomberg calls BlackRock “The fourth branch of government”, because it’s the only private agency that closely works with the central banks. These firms were right of Federal Reserve which helped in time of 2008 housing crises to clear the mess.
Giant conglomerate’s that control the world!!…
“There are a thousand hacking at the branches of evil to one who is striking at the root.” – Henry David Thoreau