All of Blackrock’s men in the Biden administration
Will Biden's White House be a branch of the Blackrock Fund?
Extract of an article published on Il Fatto Quotidiano, here the full version.
And three! The patrol of former executives of the financial giant Blackrock is growing and will occupy key positions in the new US government led by Joe Biden.
The latest to join the team is Michael Pyle who is expected to go on to hold the position of Chief Economist of Vice President Kamala Harris' team.
Currently, Pyle is responsible for the global investment strategies of Blackrock, the largest fund in the world with assets under management of $ 7 trillion and interests in virtually every financial or industrial multinational in the world.
Pyle joins Brian Deese, former head of sustainable investments of the "black rock", who will become director of economic advisors to Joe Biden, and Wally Adeyemo, former head of staff at Blackrock who will take on the position of Deputy Secretary of the Treasury, with direct responsibility with regard to financial regulation issues.
Deese is not a new figure in the corridors of Washington, having worked for the Obama administration before moving into finance. His role as responsible for sustainable investments is not without shadows. Blackrock has often been criticized because, in the face of much-hyped statements about the environment, it has almost never actually acted to steer the strategies of the numerous companies of which it is a shareholder, including several oil companies, in this direction.
Blackrock is a particularly active player in establishing close ties with Washington . For example, current CEO Larry Fink was in pole position to become Secretary of the Treasury, if Hillary Clinton won the 2016 election. To push his candidacy, Fink hired a long line of former Obama administration officials. Formally the appointments decided by Biden were not pushed directly by Balckrock but many observers in Washington point out that the financial giant will have men of trust in key positions when it comes to deciding on matters such as financial regulation. Blackrock has spent years lobbying heavily against the tightening of regulations in this area.
And Janet Yellen collects 7 million from Wall Street – That of revolving doors between Wall Street and the White House is certainly not new. Just to stay in the more recent cases, the Secretary of the Treasury (our minister of the economy, ed) of the Bush administration, Henry Paulson was the CEO of Goldman Sachs. Barack Obama's Timothy Gheithner is today president of Warburg Pincus, a multinational private equity firm. The post in the Joe Biden administration will be former Federal Reserve Chairman Janet Yellen. Yellen is an esteemed Keynesian economist but upon her appointment it was discovered that in the last two years she has earned some $ 7.2 million in the form of fees for her speeches at meetings of multinationals and large banks. From the hedge fund alone, Citadel received a check for over 800 thousand dollars, with the banking giant Citi it earned a million euros. Since 2018, Yellen has also lectured for Goldman Sachs, Ubs, Credit Suisse, Barclays, Google. Biden's new secretary of state, Antony J. Blinken, earned $ 1.2 million from consulting for Facebook, Boieng as well as the US fund Blackstone and French investment bank Lazard.
Extract of an article published on Il Fatto Quotidiano, here the full version.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/tutti-gli-uomini-di-blackrock-nellamministrazione-biden/ on Sun, 17 Jan 2021 08:24:45 +0000.