BlackRock looks to be in some trouble. It’s assets under management have fallen from $10-11 trillion to $8 trillion, with profits falling 16 percent in the third quarter. Much of this is the result of falling markets, but for BlackRock, that’s no excuse because it and its CEO Larry Fink have been so integral in pushing the policies and creating the conditions that have caused markets to fall.
Some of the drop has also come from withdrawal of assets, particularly by red states and their pension funds. In recent days, South Carolina, Louisiana and Missouri have withdrawn more than $1 billion in funds. There’s every reason to expect that more will follow as the economy slows and the partisan and incoherent nature of BlackRock-based investments become clearer.
Photo credit: (Jacob Ford/Odessa American via AP)
