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BlackRock's Larry Fink says the US election 'really doesn't matter' for markets
Key Excerpts from Article on Website of Yahoo News
Posted: February 20th, 2025
https://finance.yahoo.com/news/blackrocks-larry-fink-says-us...
Larry Fink doesn't think the US election will affect markets much. The BlackRock CEO doubled down on saying the outcome of the US election, which will be decided in two weeks, won't matter in the long run. He said that BlackRock works with both administrations and is "having conversations" with both Vice President Kamala Harris and Republican nominee Donald Trump. BlackRock, which manages $11.5 trillion in assets via passive and active strategies, has ties and conflicts to both parties. Trump has invested in BlackRock funds, campaign finance forms showed. Since winning the last election in 2020, President Joe Biden has stocked his administration with BlackRock alumni, including Adewale Adeyemo, the deputy Treasury secretary, and Mike Pyle, Vice President Harris' chief economic advisor. Both previously worked in the Obama administration. Last year, a bipartisan House committee began looking into BlackRock's investments in China, for their stakes in Chinese companies blacklisted over claims of supporting China's military or alleged human rights abuses. Fink is not the only Wall Street heavyweight saying the election won't matter to financial markets. In an interview in May, Mike Gitlin, CEO of the $2.7 trillion investing giant Capital Group, said that over the long term, markets climb higher regardless of who wins, and he doesn't agree with rebalancing a portfolio because of election outcomes.
Note: Blackrock is now considered to be the fourth branch of government. For more along these lines, read our concise summaries of news articles on financial industry corruption.
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