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BlackRock, founded in 1988 by Larry Fink, rose to dominance after the 2008 financial crisis, advising entities like AIG and the Federal Reserve. Fink, who previously created the subprime mortgage market, was seen as a savior during the crisis. BlackRock executives have since moved into government positions, influencing policy.
In 2019, BlackRock proposed a "going direct" monetary policy, bypassing traditional interest rate channels. This plan was implemented shortly after, with central banks injecting money directly into the economy. BlackRock also managed bailout programs, benefiting its own iShares ETFs.
BlackRock's Aladdin software, used by numerous institutions, manages trillions in assets. The company is increasingly using AI and algorithms for investment decisions. Fink's annual letters to CEOs push the ESG (Environmental, Social, and Governance) agenda, influencing corporate behavior. BlackRock is leveraging its power to shape the corporate world and promote digital currencies.
Some US states are divesting from BlackRock due to its ESG agenda. While protests have occurred, they often focus on greenwashing rather than the broader agenda. The question remains: who owns BlackRock?