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

“We cannot afford to allow the interests of private corporations to supersede the needs of the American people and the long-term stability of our economy.”

By Jake Johnson, staff writer for Common Dreams. Published 5-11-2020

BlackRock CEO Larry Fink. Screenshot: CNBC

BlackRock, the largest asset management firm on the planet, has for years faced criticism and protests from progressives over its massive investments in fossil fuelsprivate prisons, and the arms industry—and now the financial behemoth is set to take on a leading role in the Federal Reserve’s sprawling coronavirus bailout program.

The Wall Street Journal reported Sunday that BlackRock—which manages over $7 trillion in assets—will in the coming days help the central bank funnel “money into both new and already-issued corporate bonds, assisting the Fed in its recently adopted role as lender of last resort for businesses.” Continue reading

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