Bailout Player BlackRock Becomes Biggest Money Manager
BlackRock is forking out $13.5 billion to buy Barclays Global Investors, forming the largest money manager in the world, reports Bloomberg News. The acquisition means BlackRock will manage $2.7 trillion in assets -- more than the Federal Reserve.
BlackRock has drawn scrutiny for the scope of its reach throughout federal bailout programs; it helps manage many of the Treasury Department's big investments, like AIG, the New York Times reported last month. In addition, Blackrock announced in March that it would participate in the government's toxic-asset program as a private investor. (A BlackRock managing director told the Times that the company is very sensitive to potential conflicts of interest.)
Other links this morning:
From the Details of BofA-Merrill Deal, Lawmakers Draw Arguments for Reform (WaPo)
TARP Repayments to Start Next Week (WSJ)
Hartford Gets $3.4 Billion in TARP Funds (Reuters)
Citigroup Bailout Pays Taxpayers Three Times as Much as S&P 500 (Bloomberg)
GM Appears to Close In On a Deal to Sell Saab (WSJ)
Auto Dealers at Risk Turn to Washington (NYT)
Treasury-Citigroup Pact Allows Switch to Common Stock (Dow Jones)
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
Latest Stories in this Project
Our Hottest Stories
- Meet the Online Tracking Device That is Virtually Impossible to Block
- California Halts Injection of Fracking Waste, Warning it May Be Contaminating Aquifers
- What We Learned Investigating Unpaid Internships
- Campus Sexual Assault: What Are Colleges Doing Wrong?
- Are Patient Privacy Laws Being Misused to Protect Medical Centers?
- Thank You for Your Service: How One Company Sues Soldiers Worldwide
- New York State of Fracking: A ProPublica Explainer
- Error: You Have No Payments from Pharma
- Even After Open Enrollment, Activity Remains Unexpectedly High on Federal Health Insurance Exchange
- Insta-Loophole: In Florida, High-Cost Lender Skirts the Law