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'Conflicts of Interest Abound': Progressives Sound Alarm as BlackRock Prepares to Lead the Fed's Covid-19 Corporate Bailout Program

Originally published at http://www.commondreams.org/news/2020/05/11/conflicts-interest-abound-progressives-sound-alarm-blackrock-prepares-lead-feds

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There comes a time when the interest of the many must supersede the interests of the few.

Does society not have a responsibility to itself !

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There is less and less difference between the Corporation and the State as time goes on. The two are being married so as to be indistinguishable from each other.

There a name for that.

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Skimming by the Mafia …

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New day, same sh!t…

Hard times? Wall Street is taken care of… Some lip-service and a few bread-crumbs for the peons…

After the Great Recession of 2008, the 1/10th of 1%ers ended up with a greater share of income and wealth; Wall Street and the Big Corporations were essentially whole again after about a year; and the working classes took 10 years to mostly recover to where they were when Wall Street crashed the economy. The only difference this time will be that it will likely take 2 decades for the working classes to mostly recover.

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“The U.S. Federal Reserve has hired asset management giant BlackRock to help it execute the purchase of commercial mortgage-backed securities announced this week as part of the central bank’s aggressive efforts to shore up the U.S. economy.“ Now that the private owned federal reserve holds about 30% of American GDP they need help spending all that bailout money. How long now before they control 100% of America’s GDP. Wake up!

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Blackrock is doling out to those firms they own bonds in?? They are protecting their own investments, period.
If they buy bonds issued by the airlines - then you know the game is rigged.
And they will charge 2% plus plush expenses for providing their self serving
advice to the federal reserve.

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There is so little hard information provided from a truly Public Interest perspective on the world of Shadow Banking . A panel of academics and journalists who’ve been studying the financialization of real estate behind the global pandemic of housing crises, homelessness and massive displacement could shed some much needed light linking the investment portfolio and “financial innovation” dots for the Public Interest.

Imagine a panel and summit webinar like THE INTERCEPT\COMMON DREAMS U. of Tube net-cast that brought together for public discussion former Market Democracy Harvard Business School Professor Emeritus Shoshana Zuboff, whose recent academic career-ending life’s work was published under the title of THE AGE OF SURVEILLANCE CAPITALISM and Social Democrat Canadian turned U.S. academic and advocacy journalist Naomi Klein whose books such as SHOCK DOCTRINE: THE RISE OF DISASTER CAPITALISM have thus far helped lamp the far reaches and brilliant corners of Shadow Banking as Zuboff’s work helps lamp the Deep Net and its Networks of Power.

From the Wiki page dossier on the incestuous founding of BlackRock on a Blackstone Private Equity grub stake loan to failed financial feudal lord Laurence D. “Larry” Fink of First Boston (a New York City-based investment bank acquired by Credit Suisse in 1999). Fink lost some 100 million dollars of First Boston portfolio investment funds in 1986 after a mostly successful decade adding a cool billion dollars to First Boston’s bottom line.

For the last two decades BlackRock has established itself as the institutional investor of choice an open book that not many in the corporate-captured news media have cared to read from as wealth has concentrated. BlackRock has become to so many U.S. state governments including my own publicly impoverished home state of Oregon. Our bastion of privately held and often blue blood wealth like our current Portland mayor and former Treasurer of the state of Oregon during the most intense phases of Portland’s now fully metastisized Housing\Homelessness EMERGENCY declared by single-term predecessor to Mayor Wheeler, Mayor Charlie Hales.

Blue State and blue chip candidate Ted Wheeler, from an extractive family fortune, timber.

ttps://en.wikipedia.org/wiki/BlackRock

" BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management institutional asset manager, BlackRock is the world’s largest asset manager, with $7.4 trillion in assets under management. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries.

“Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world’s largest shadow bank.”

What say COMMON DREAMS and PUBLIC CITIZEN convene a non-profit PUBLIC INTEREST FORUM cum TOWN HALL summit meeting webinar with panel? Let’s say, comprising among other illuminating analysts of the dark arts Aaron Glantz of REVEAL and the Center for Investigative Journalism whose recent book Homewreckers: How a Gang of Wall Street Kingpins, Hedge Fund Magnates, Crooked Banks, and Vulture Capitalists Suckered Millions Out of Their Homes and Demolished the American Dream .

Glantz’s speaking tour created Public Forums and Town Halls raising money for community radio and alternatives to corporate-captured mass media while providing some sane therapy from the inundation of pre-COVID 19 corporate endowed Public Broadcasting pronouncements of ECONOMIC MIRACLES in the low unemployment rates. Hoovervilles of Homeless, notwithstanding or much mentioned where every week is THIS WEEK ON WALL STREET , or BUSINESS INSIDER , or PLANET MONEY , or MARKETPLACE , or FREAKANOMICS , or BLOOMBERG BID-NET NEWS , or FORBES … You know, the People’s Broadcast Spectrum where never a troubling word is heard from the PLANET OF CLOCK PUNCHERS or WAGE SLAVE FOOD STAMP STAG-NATION WEEK . Our actually demographic majority denied a voice while all broadcast and public relations are directed to the tiny investor class.

Glantz and REVEAL or the non-profit Center for Investigative Reporting cannot, regrettably, themselves provide foreclosure relief for the masses and worthy organizations ministering to the dispossessed just prior to the COVID 19 quarantine example of the Public Health system afforded by policy-making privileging of the rationality of Free and Unfettered Self-Regulated Markets along with the Gospel of Privatization and SHRUNKEN GOVERNMENT embraced by our Neo-Liberal E-CON’d and economically efficient duopoly.

Also for our Summit Webinar on BlackRock Coordinating the Corporate Caliphate’s Publicly Funded Bail-Out, Prof Saskia Sassen, who has just surfaced from her teaching post at Columbia University where she has studied and delved into the markets created by such optimal economics of miraculous times and taught of the Financialization of Real Estate’s relationship to the Housing Crises Pandemics raging in a world of global scale displacement.

I don’t tweet or subscribe to TWITTER but I’ve seen where such monitors of the Public Interest have posted BlackRock’s inclusion in the present Washington administration’s Neo-Liberal E-CON salvation of Wall Street and Prof Sassen’s tweets of alarm.

With not even a Blackstone’d bone of salvation as the one tossed to BlackRock’s founding CEO Larry D. Fink back in the mid 1990’s years of failed Savings and Loans bailed out coast to coast by the earlier House of Bush to throw at the destitute now living amid Police Sweeps of their shopping carts of portable possessions and investment prospectuses on Main Street. Across the street from our “Supermarkets of Financial Services” as Biden Chief Economic Advisor taught House of Clinton funder and then CEO of bailed-out CITI Bancorp Sandy Weill referred to his industry of financializers.

Prof Sassen’s new book on Columbia University Press is titled as accessibly as her community organizing talks Cities at War: Global Insecurity and Urban Resistance Moreover, the globally lauded Swedish documentary film PUSH features the work of Prof Sassen and Nobel economist Joseph Stiglitz and UN Special Rapporteur of Global Displacement and Homelessness Leilani Farhad. Its screening rocked the Toronto Film Festival (see the articles in the Toronto Star ), however was yet to be released in the U.S. prior to the advance intel of the novel coronavirus-19 pandemic.

PUSH impressed upon the ARCHITECTURE FOUNDATION who on 9-11-2019 published this feature article that precedes New York City as ground zero of the perfect storm of surging Hurricane Sandy and current world economy crippling pandemic. That followed the 20 plus years of the City and State of New York’s Neo-Liberal E-CON’d bi-partisan consensus on Public Hospital closures and consolidation that spanned Republican Governor George Pataki’s tapping Private Equity investment banker Stephen Berger to head the Public Health make-over in 2004 of the New York State Commission on Medicare Reform and Healthcare Facilities in the 21st Century.

That Orwellian named Public Interest and Public Health commission headed by Private Investment advisor and banker Stephen Berger received the corrupt Democratic Party political machine of NY state and city’s full support. Do the names and public political offices of Elliot Spitzer or Shelly Silver ring any bells?
ttps://www.nytimes.com/2018/07/27/nyregion/sheldon-silver-sentencing-prison-corruption.html

Current Democratic Governor Andrew Cuomo signaled early in his political career his fealty to the Neo-Liberal E-CON doctrines that his far more Public Interest concerned father, the late and blessed Mario Cuomo served so well in his long career in Public Service.

That set of economic doctrines referred to as Neo-Liberal E-CONomics which cannot be mentioned on the U.S. corporate-captured news media’s broadcasts or in the advertising industry’s newspapers and magazines, has so much to do with our current state of Public Health distress.

Andrew Cuomo’s fealty to Neo-Liberal E-CON doctrine is precisely why the House of Clinton (De-Regulator In Chief who preceded Privatizer In Chief Obama-Biden’s administrations) named him Assistant Secretary of Housing and Urban Development (HUD) in their 1993 cabinet. Anybody who knows about New York City’s Housing Authority and how the Trump family made their fortune by contracting to Washington and the State of New York to build mid-20th Century federally subsidized low-cost housing for low income (and racially white) New Yorkers is also aware of what an enduring jewel the public housing Stuyvesant Town of Alphabet City has been. No attempt to tar the commons or to indoctrinate a SHRINK BIG GOVERNMENT ethos has brought Stuyvesant Town low as the sole remnant of affordable, if crony-ized urban housing in the Empire City.

That is why the internationally lauded Swedish documentary film PUSH with its revealing segment on the fate of Sweden’s public housing jewel the Grenfell Tower and its interviews with former tenants along with the role of BlackRock in its financialized demise as public housing stock and beacon to a more sane and equitable world of less-than-predatory capitalism living side by side with social safety nets is so important:
ttps://www.architecturefoundation.org.uk/programme/2019/architecture-on-film-push:

“The tragedy at Grenfell Tower, the sale of Swedish public housing to investment behemoth BlackRock, journeying from Toronto to London, Valparaiso, New York and beyond, the film illuminates the shape and extent of global finance’s ongoing conversion of real estate into a trade-able asset – a market that is currently valued at more than double the combined GDP of every country in the world, actively surpassing the power of nation states and undermining the legally established human right to a home. An essential film exploring the 21st century city.”

Winner of the Politiken Audience Award at CPH:DOX 2019 (ttps://cphdox.dk/en/and-the-winners-of-cphdox-2019-are/).
Sweden, 2019, Fredrik Gertten, 92 mins English language

Naomi Klein and Shoshana Zuboff along with Nobel economist Joseph Stiglitz should be joined for guaranteed wide TV ratings interest by the provisioner of red meat Shadow Banking reportage in the low profile muck-raker persona of Ken Silverstein. The primary source documentor’s indispensable WASHINGTON BABYLON has made the unfettering of global capital less of an arcane subject in ways that no politician or mainstream ham and egger journalist has quite figured out how to do.

Now there’s a 21st century online truth teller of email newsletter fame reporting in Good Faith with the glitzy trappings of a Fake News seduced world of woe.

Perhaps even a point\counterpoint feature for our Webinar Summit Panel by the Ivy League’s wunderkinds of Neo-Liberal E-CON policy and conflicted interests back in the 80’s, who’ve taken startlingly divergent paths in their policy-planning and financial advising work of recent years.

There’s Larry Summers (unrepentant, bounty of conflicted interests reconciled from the Tool Box of Zombie Economics) and Jeffrey Sachs (late to the world of engaged civics, yet now proving himself a repentance in action dynamo).

As the Michael or Lowell Milkens of the world of unfettered global capital and pedagogy have done for Private Equity, Hedge and Vulture Fund traders in the tradition of Public Interest if Robber Baron founded University of California system showcase campus UCLA taking a bundle of never clawed back money from the Milken Foundation.

That booty then went toward whitewashing with internet search algorithmic web-cleansing the historical and judicial records covered in aggressive reportage and analyses of the family businesses and market-branded name by naming a public institutional program and stand-alone section of its UCLA Business Law school after the Junk Bond felon, Michael Milken recently pardoned by our President.
ttps://www.motherjones.com/politics/2012/06/ucla-should-release-lowell-milken-documents/

Mitch Ritter\Paradigm Sifters, Shifters and Song Chasers
Lay-Low Studios, Ore-Wa
Media Discussion List

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It’s absurd to allow billionaires and their their corporate hedge fund lackeys to control this much relief money. Give the money to directly actual people and the billionaires will have it soon enough, but it will have done some good on it’s way to their offshore accounts. The US government is far more capable of processing, depositing and mailing monthly checks with far less overhead, if only the insatiable masters of the private sector would get out of the way…