×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: blackrock | fink | cash

Blackrock Chief: Policies Push CEOs to Hoard Cash

Thursday, 13 October 2011 06:55 PM

Laurence D. Fink, chief executive officer of BlackRock Inc., the world’s largest asset-management firm, said poor policy making from Washington is forcing companies to hoard cash in what he calls a “vast de-risking”.

“Our corporations have not been in this good a shape in tens and tens of years, they’re sitting with trillions of dollars of cash and they’re frightened,” Fink said Thursday at a Financial Times conference in New York. “The average CEO does not know how to plan out five years with this political uncertainty.”

Fink, 58, who co-founded BlackRock in a one-room office in Manhattan in 1988, said the behavior by politicians in August as they debated whether to raise the U.S. debt ceiling was “un- American and unbecoming.” Rising public debt and “greater policy-making uncertainty” prompted Standard & Poor’s to downgrade U.S. long-term debt to AA+ from AAA in August.

“This is a vast de-risking,” Fink said. “It is the default mechanism of a frightened outlook.”

BlackRock manages about $3.66 trillion in assets for institutions and individuals through separately managed accounts, mutual funds and exchange-traded funds.

© Copyright 2022 Bloomberg News. All rights reserved.


Economy
Laurence D. Fink, chief executive officer of BlackRock Inc., the world s largest asset-management firm, said poor policy making from Washington is forcing companies to hoard cash in what he calls a vast de-risking . Our corporations have not been in this good a shape in...
blackrock,fink,cash
180
2011-55-13
Thursday, 13 October 2011 06:55 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved