Placeholder Image

Subtitles section Play video

  • There's a good chance you've never heard of BlackRock.

  • Founded in only 1988, in less than 30 years this American financial firm would grow to become the company that owns the world, managing assets worth 6.3 trillion dollars.

  • These are assets that belong to their clients, mainly the pension funds of ordinary peopleteachers, police officers, nurses and many more.

  • And that's just the beginning.

  • BlackRock has also developed a software platform called Aladdin to perform risk analysis for its clients.

  • It receives sensitive data from banks, insurance companies and other important institutions.

  • Through Aladdin, BlackRock has insights about the management of financial assets worth another 20 trillion dollars.

  • BlackRock also has shares and voting rights in many of the biggest European companies, in sectors such as energy, oil and gas, transportation, food and of course finance.

  • The company holds public debt in the form of bonds and has real estate interests.

  • And still there's more.

  • BlackRock, you see, wears many hats.

  • Aside from being an investor, it is also an auditor and an advisor.

  • Governments and central banks invite a BlackRock subsidiary called BlackRock Solutions to audit them and to provide advice about the management and rescue of banks.

  • Yet at the same time, BlackRock is often a major shareholder in these same banks.

  • In other words, the company often sits on both sides of the table.

  • BlackRock Solutions gets privileged access to highly sensitive information.

  • Information that could be valuable to BlackRock itself.

  • Does this constitute a conflict of interest?

  • No, says BlackRock, which claims that the company has established Chinese walls between its different subsidiaries.

  • In January 2018, BlackRock's founder and chairman, Larry Fink, sent a letter to all of the CEOs of the companies BlackRock is invested in, asking them to do more than deliver financial performance and make a positive contribution to society.

  • So BlackRock not only owns the world, it also wants to save it?

  • To learn more about BlackRock Solutions, visit www.blackrocksolutions.com

There's a good chance you've never heard of BlackRock.

Subtitles and vocabulary

Click the word to look it up Click the word to find further inforamtion about it