Sunday, February 14, 2010

The Bloodless Coup Continues-8

"BlackRock, Inc. is adding a former US Treasury official and well-known investment banker to its executive team as it seeks to digest a major acquisition and manage $3.3 trillion of client assets. Kendrick R. Wilson, 63 years old, will join the New York-based money manager Feb. 1 as vice chairman and will have a broad role supporting client relationships and adivisng the management team, BlackRock said on Friday. ... He previously held senior investment-banking roles at Goldman Sachs Group Inc. and Lazard Freres & Co. Mr. Wilson will be 'a valued adviser to BlackRock's management team as we evolve our operating and governance models,' Laurence Fink, BlackRock chairman and chief executive said in a statement", Eleanor Laise at the WSJ, 30 January 2010, link:

Quoted without comment.

1 comment:

Anonymous said...

Bloomberg says "...Wilson, 63, was one of the world’s top advisers to financial institutions during more than two decades as an investment banker at Goldman Sachs and other firms..."

This is deeply discouraging. Wilson is a prime architect of our flimsy, unstable banking system. And now he has joined one of the biggest "too big to fail" institutions to do his magic there.

Today Bloomberg reports that Blackrock is out "talking it's" book on Greek bonds... it's loading up on drachma debt in the face of the nasty speculators...

So if Wilson and Fink win that bet they will make a tidy sum... but if they lose... who mops up the mess?

Personally I'm sick of these people. They're not adding much... in fact they are concentrating risk in the system and making it more unstable.