BlackRock is the largest global investment management firm headquartered in New York City. It is one of the most prominent financial institutions in the US. The company acquired Barclays Global Investors in December 2009 under the BlackRock name, making it the largest money manager in the world.
But BlackRock isn’t just the largest money manager … it is also the larges asset manager in the world.
As Wikipeda notes:
As of December 31, 2010, BlackRock’s assets under management total $3.56 trillion across equity, fixed income, alternative investments, real estate, risk management, and advisory strategies. Through BlackRock Solutions, it offers risk management, strategic advisory, and enterprise investment system services to a broad base of clients with portfolios totaling approximately $9 trillion.
So it is stunning that Blackrock’s Chairman and CEO – Larry Fink – said on Bloomberg TV:
Markets like totalitarian governments.
Investors can determine whether a nation prospers or starves.
Investors can determine the course of nations, including who gets elected and who gets the boot.
No wonder there are so many totalitarian governments in the Middle East, North Africa and around the world.
Because big investors (or at least big asset managers) like totalitarian governments. If they instead preferred democracy, democracy would flourish.