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The Fed Is Subsidizing the Money Market Funds Operated by Larry Fink’s BlackRock as BlackRock Manages a Big Part of Jerome Powell’s Wealth

Courtesy of Pam Martens

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Pam Martens and Russ Martens: October 21, 2021 ~

Fed Chair Jerome Powell (left); BlackRock CEO Larry Fink (right)

Fed Chair Jerome Powell (left); BlackRock CEO Larry Fink (right)

Last year, during the financial crisis, Fed Chairman Jerome Powell held five confidential phone calls with BlackRock’s Chairman and CEO Larry Fink. The first call on March 19 lasted 30 minutes; there were two calls in April, one on April 3 and one on April 9, both lasting 15 minutes. A phone call between Powell and Fink on May 13 lasted 30 minutes; and one on November 20 lasted 10 minutes.

That’s a total of 100 minutes that the Chairman of the central bank of the United States spent on the phone with the man who heads the company that is also managing a large portion of Powell’s wealth through its iShares Exchange Traded Funds. The dates and times of the phone calls come from Powell’s publicly-released daily calendars.

Powell’s phone calls with Fink continued this year. On February 5, Powell held a 30-minute phone call with Fink. On March 1 of this year, there was a bizarre hour-long virtual meeting between Fink and the Board of Governors of the Federal Reserve and Fed staff. (Powell’s daily calendars are only currently available through August of this year.)



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