How things work on Wall Street

Submitted by gjohnsit on Wed, 07/20/2022 - 8:59pm

BlackRock is the largest asset manager in the entire world.
That means they are the best in the world at what they do, amirite? Well maybe not.

BlackRock Inc. is used to breaking records. The world’s largest asset manager was the first firm to break through $10 trillion of assets under management. But the bigger they are the harder they fall. And this year BlackRock chalked up another record: the largest amount of money lost by a single firm over a six-month period. In the first half of this year, it lost $1.7 trillion of clients’ money.

That wasn't a typo. BlackRock clients lost $1.7 TRILLION, with a T.
That's more money in just 6 months than a full year of GDP of Spain or Mexico.
So with the company losing global record amounts of money for its clients (by a wide margin), you can just imagine what it did to the company's bottom line.

BlackRock's adjusted profit fell to $1.12 billion, or $7.36 per share, for the three months ended June 30, from $1.61 billion, or $10.45 per share, a year earlier. It missed an average analyst estimate of $7.90 per share, according to IBES data from Refinitiv.

Ohnos! Their profits declined a tiny bit. They only pocketed $1.12 Billion in profits, in the past three months.
Those poor, poor banksters.

Well, I'm sure that the BlackRock CEO, has excellent advice for his clients going forward. I mean after losing more money than Gawd for their clients you would think that Larry Fink (yes, you read that right. BlackRock's CEO is named "Fink") would at least fake empathy.

“A really famous person called me up, panicking, ‘what should I do, I’ve got to get out, I can’t stand it, I can’t stand it.’ And I said, ‘go on vacation,’” Fink said in an interview on “Mad Money.”

“If you really can’t stand it, then sell it. … But the reality is, we’ve seen this. Inflation is going to be fixed over time,” he added, pointing to falling commodity prices as a sign of deflation.

Oops. Did I say empathy? I meant, "Not giving a flying f*ck."
BlackRock's clients might have had a bad 6 months, but Fink did such a "great job" that he gave himself a 21% pay hike, to $36 million.

Tags: 
Blackrock
Share
up
20 users have voted.

Comments

Submitted by gjohnsit on Wed, 07/20/2022 - 10:10pm

Fink's net worth was estimated at US$1 billion according to Forbes Magazine. He sits on the boards of the Council on Foreign Relations and World Economic Forum

Wow. The WEF AND the CFR. The only thing missing is the Illuminati.

up
14 users have voted.
Submitted by QMS on Thu, 07/21/2022 - 8:42am
QMS's picture

perhaps the dinosaurs will be the ascendant life form on earth by then?

up
8 users have voted.
Submitted by gjohnsit on Thu, 07/21/2022 - 10:12am

slurs1.jpg

slavery1.png

At last! We now know who to blame.

With record temperatures steam-pressing the United States and much of Europe, Africa and Asia, many in my Science-Is-A-Hoax Facebook group have posed a sensible question: Is "wokeness" to blame for these heat waves?

As a white man with access to the internet and an unwillingness to care about anyone besides myself, I can tell you the answer is, indisputably, yes. Liberal wokeness is causing temperatures to rise and forcing me to leave my Hummer idling in the driveway with the AC on and the doors open in an attempt to cool the air around my house.

President Joe Biden and his windmill-hugging liberal minions will tell you the soaring temperatures have something to do with “climate change” or “global warming” or “humanity’s unwillingness to stop destroying the planet, thereby guaranteeing its own extinction.”

Well, if you believe that, I have a coastal bridge to sell you! (FULL DISCLOSURE: Bridge is currently underwater and will require minor heightening and repairs.)
'Marxist meteorologists' predict heat

On Tuesday, the National Weather Service, which notoriously attempts to influence conservatives with left-wing concepts like “facts” and “data,” forecast “dangerous heat” across the country, ranging from the high 90s to triple digits.

In a heat advisory, the Weather Service wrote: “Take extra precautions if you work or spend time outside. When possible reschedule strenuous activities to early morning or evening. Know the signs and symptoms of heat exhaustion and heat stroke.”

You don’t get to tell me what to do, you Marxist meteorologists. I’m an American, and if I want to go out in the backyard and dump used motor oil in the pond while breathing in the welcoming smoke of my neighbor’s tire fire, I will do so without knowing the signs and symptoms of heat exhaustion, thank you very much. Commies.

up
8 users have voted.
Submitted by MrWebster on Thu, 07/21/2022 - 12:57pm

Maybe the writers and producers knew something way before hand.

up
4 users have voted.
Submitted by QMS on Thu, 07/21/2022 - 8:01pm
QMS's picture

@MrWebster

give way to the corporate beast
according to the supremes
corps are living-rights-enabled beings
in spite of the fact their 'bodies' never die
kinda weird if you think about it

up
4 users have voted.
Submitted by snoopydawg on Thu, 07/21/2022 - 11:24pm
snoopydawg's picture

to buy up houses next time the economy crashes just like they did after it crashed in 2008. And now that the fed has raised mortgage rates so high that many people are priced out of the housing market there will be lots of homes for them to buy. Congress has been helping the oligarchs destroy the middle class after they destroyed the working class and soon all that will be left is the upper middle class and then it’s game over. The psychopaths in charge will get to claim that they have won the game of monopoly and it will be because rigged them to get all the funny money.

But after that maybe people will get off their duffs and decide to take their country back from them.

up
10 users have voted.
—

“When out of fear you twist the lesser evil into the lie that it is something good, you eventually rob people of the capacity to distinguish between good and evil.”
~ Hannah Arendt

Submitted by snot on Sat, 07/23/2022 - 9:17pm

stumbled across the fact that it bought World Trade Center Building 7 months before 9/11. Whatever that might mean or might not mean.

up
1 user has voted.
—

There is no justice without a balance of power; and a balance of power requires a balance of knowledge.