The wsj writes that BlackRock’s profits jumped 21%. They manage $7.3T for their clients. In comparison the GDP of Japan was $5.7T last year.
Covid-19 has negative impact on 99 out of 100 companies. Just Zoom, care takers and the makes of ventilators might see an uptake in business. Did the geniuses at BlackRock invested in exactly that tiny slither of the overall economy? Nope. The WSJ writes:
But after the Federal Reserve rushed in to stabilize markets, many investment firms reaped the benefits of the Fed’s intervention in the second quarter.
In other words: They backup up their money tankers just in the right moment when the Federal Reserve turned on the money pump. How convenient. For the people who own the 7.300.000.000.000 dollars that BlackRock manages.
If BlackRock would be seized, and its managed assets would could be distributed evenly among all Americans everybody would get $22.500.