Everybody or most people know or should know BlackRock. I know people who work for BlackRock.

https://en.wikipedia.org/wiki/BlackRock

Whell, if I'm not mistaken they have the most sophisticated AI computer working on stock markets.

The 2008 financial crises almost took them down.

How many people know what this is? Without Googling or Wikipedia-ing it, I'd like an honest answer. — Xtrix

Famous move w/Spencer Tracy. 7.7 on IMDB.

https://www.imdb.com/title/tt0047849/reference

"BlackRock, the world's largest investment manager, has become an increasingly influential Wall Street player in Washington, DC as a poster child of the revolving door between finance and politics.

The firm has hired notable policy-makers over the years, and two executives with the New York-based asset manager on their resumes are now set to hold prominent roles in President-elect Joe Biden's cabinet."

https://www.businessinsider.com/what-to-know-about-blackrock-larry-fink-biden-cabinet-facts-2020-12?r=US&IR=T

Somehow I'd never (to the best of my memory) seen any movie with Spencer Tracy until I caught a snippet of Inherit the Wind on TCM the other day. Wasn't super into the movie, but goddamn could that guy act. It's like method-before-method (and in some ways less pretentious.) 99% of people in old movies seem like hypnotized robots - but he's amazing. News to no-one but me, but still good news nonetheless.

I went on a 100 mile trek through the Owyhee Desert once. I passed through a region called Black Rock. When it comes to money, I let my fund managers handle the investments. I've spent as much time and money making myself an investment guru as I have in making myself an expert on Covid and the vaccines: None.

A little more than half so far. Better than I expected.

Very true -- but you'd be surprised by how few know what they are.

The point of my asking this, as I mentioned above, is that they're one of the more important players in the economy. They own significant shares of major corporations, etc.

BlackRock's chairman and CEO is Larry Fink. He's been pushing a "new" ideology called "stakeholder capitalism" -- which means emphasizing the importance of the community, employees, and world in which the business operates, rather than simply increasing shareholder value. That means more investment in ESG funds, using their proxy vote to elect directors on various boards, etc. We saw it this week with their backing of the nominees of Engine no.1 at Exxon. I think that's significant.

What do we make of this? More window-dressing? A much-needed transitional step away from Friedman/neoliberal economics?

What do we make of this? More window-dressing? A much-needed transitional step away from Friedman/neoliberal economics? — Xtrix

It's monopolism window-dressed as "socially conscious" economics. Concentration of financial, economic, and political power in the hands of self-interested elites. Power taken out of the hands of people and governments by stealth.

What do we make of this? More window-dressing? A much-needed transitional step away from Friedman/neoliberal economics? — Xtrix

I'm over my head on this, but here's my speculation: A system that imposes a fiduciary duty (look that up if you don't know what it really entails) upon anyone, which said duty shoe-horns itself into legality, ethical and moral righteousness and defense, is the concentration of power in the hands of self-interested elites. It is power taken out of the hands of the people and governments openly and brazenly. It is self-interest alone.

The scenario you set forth, if I understand it, may be a re-awakening of what used to be called "enlightened self-interest." If I remember Adam Smith, et al, these guys who first articulated free-market capitalism, had this old fashioned notion that, while "greed is good" it cannot stand alone. First, you don't want to kill the goose that lays the golden egg just because you want to eat goose. Second, you don't want that goose to rise up and cut your fucking head off with a guillotine. That's called "enlightenment." People used to be enlightened, before greed ran away with them, removing ethics and morals from the fiduciary duty, and then considering such to be moral and ethical, providing a defense to any who would invoke it in a court of law.

So, if I'm right about what you are saying, it sounds like some folks may be waking up. They see the goose dying, or the guillotine being rolled out.

I went on a 100 mile trek through the Owyhee Desert once. I passed through a region called Black Rock. When it comes to money, I let my fund managers handle the investments. I've spent as much time and money making myself an investment guru as I have in making myself an expert on Covid and the vaccines: None. — James Riley

You're blessed to be in a position where you can rely on others to manage your money while you focus on stuff more important to you. Hopefully the people (the grunts in the company) managing your money are also able to carve out time to pursue spiritual things. I can't quite grok the moral of what you've said, or why you tagged me, but your lack of time-investment in those things is predicated on others investing time in them.

I tagged you because you were the first to swim so far from the OP, and I felt in need of company as I did likewise. A movie, and the desert, are far indeed from the OP, and further still from those who choose, of their own volition, to make lots of money managing mine, even if it results in their failure to pursue the spiritual. They get latte's delivered to their cubicles, donning nice suit and tie, extending pinkies over wine and cheese, groveling before their overlords with overtime, and secretly wishing they were me. Or not. Their choice.

What would you do if they collectively stopped choosing to do this thing you find so disdainful?

What would you do if they collectively stopped choosing to do this thing you find so disdainful? — csalisbury

Quit paying them.

P.S. I don't know where you get "disdainful" from. I merely said I had not chosen to invest the time and resources to become as expert at what they do as they are. Like Covid, or a thousand other pursuits.

Right - that's why I don't get the import of the story - you were hiking, and you don't manage your money only because people you don't respect will instead. Ok - I believe you that's a fair description, but I'm not sure what to take from it. Is the post supposed to telegraph something about your character, and how you focus on what matters?

P.S. I don't know where you get "disdainful" from. I merely said I had not chosen to invest the time and resources to become as expert at what they do as they are. Like Covid, or a thousand other pursuits. — James Riley

They get latte's delivered to their cubicles, donning nice suit and tie, extending pinkies over wine and cheese, groveling before their overlords with overtime, and secretly wishing they were me. Or not. Their choice. — James Riley

Right - that's why I don't get the story - you were hiking, and you don't manage your money because people you don't respect will instead. Ok - I believe you that's a fair description, but I'm not sure what to take from it. — csalisbury

You don't get the story because you are obstructing yourself. You are reading your assumptions into it. Where the hell did I ever say I don't respect these people? Where the hell did I ever imply I was disdainful of their trade? Pump the brakes, csalisbury. My story of the Black Rock desert is no different than your story of the Black Rock movie: irrelevant to the OP.

If I didn't respect the people who manage my money then I sure as hell would not let them manage it. To the contrary, I specifically trust them with my money because they were willing to put in the time and effort to learn shit that I was not willing to learn. I'm not a brain surgeon, or a rocket scientist, or an infectious disease expert, or a thousand other things, either. I don't play an instrument but I pay for music. What does that say about me in your book?

They get latte's delivered to their cubicles, donning nice suit and tie, extending pinkies over wine and cheese, groveling before their overlords with overtime, and secretly wishing they were me. — James Riley

That was in response to your post:

Hopefully the people (the grunts in the company) managing your money are also able to carve out time to pursue spiritual things. I can't quite grok the moral of what you've said, or why you tagged me, but your lack of time-investment in those things is predicated on others investing time in them. — csalisbury

You crying over the poor wretched slaves making a metric shit ton of money on Wall Street solicited my response, above.

but your lack of time-investment in those things is predicated on others investing time in them. — csalisbury

In addition, that is not necessarily true. It makes an assumption that if they were not doing it, I would have to do it myself. Wrong. I don't have to invest my money in the markets.

@James Riley I responded to fishfry because I watched a Spencer Tracy movie recently, and he mentioned a movie with Spencer Tracy. It didn't respond to the OP because it wasn't a response to the OP - it was a straightforward response to the post it responded to. I know about blackrock. I don't think it says anything about someone to know or not know about it.

I responded to fishfry because I watched a Spencer Tracy movie recently, and he mentioned a movie with Spencer Tracy. — csalisbury

I guess I should have responded to fishfry instead of you. Maybe I could have avoided all your misunderstanding.

I don't think it says anything about someone to know or not know about it. — csalisbury

Agreed. That's why I posted about the desert, and letting others manage my money for me. Does that make me ignorant, in having never heard of the financial BlackRock? Maybe so, but I'm not losing any sleep over it.

Agreed. That's why I posted about the desert, and letting others manage my money for me. Does that make me ignorant, in having never heard of the financial BlackRock? Maybe so, but I'm not losing any sleep over it. — James Riley

I wouldn't lose sleep, no - like I said I don't think it says anything about someone to know or not know about blackrock.

I wouldn't lose sleep, no - like I said I don't think it says anything about someone to know or not know about blackrock. — csalisbury

:100:

:joke:

Agreed. That's why I posted about the desert, and letting others manage my money for me. Does that make me ignorant, in having never heard of the financial BlackRock? Maybe so, but I'm not losing any sleep over it. — James Riley

Never heard of it and I don't think this diminishes me. There are lots of things I don't care to know about.

Never heard of it and I don't think this diminishes me. There are lots of things I don't care know about. — Tom Storm

:100:

It's monopolism window-dressed as "socially conscious" economics. Concentration of financial, economic, and political power in the hands of self-interested elites. Power taken out of the hands of people and governments by stealth. — Apollodorus

I tend to agree, as much as I want to believe the opposite. Seemingly nothing will happen with the merchant value system unless people intervene -- and that means governments. Still, it's surprising to see BlackRock and others use their proxy voting to back directors, etc. That's a good thing, regardless of the fact that we need 100X more effort.

I'm over my head on this, but here's my speculation: A system that imposes a fiduciary duty (look that up if you don't know what it really entails) upon anyone, which said duty shoe-horns itself into legality, ethical and moral righteousness and defense, is the concentration of power in the hands of self-interested elites. It is power taken out of the hands of the people and governments openly and brazenly. It is self-interest alone. — James Riley

Yes. In my research, however, fiduciary duty isn't what I thought it was. I thought it was basically the law that CEO's and boards of directors have a legal obligation to make the most money for shareholders. It turns out that isn't quite true. It's more of a dogma that's been held for a long time, and we need to look no further than 50s and 60s corporate behavior to see an alternative. Shareholder theory -- what's basically the "Friedman principle" -- has dominated ever since, but only now beginning to crack.

This is being replaced by "stakeholder theory," pushed by guys like Larry Fink and others. It's really just a softer version of capitalism, in the same way as Keynesian economics was still capitalism. But maybe that's the path that needs to be taken, who knows? I'd prefer to see much quicker reaction and, ultimately, the overthrowing of corporatism (and capitalism) altogether, in favor of real democracy (i.e., extending to the workplace as well) -- but I'm also a pragmatist. If that's a pipe dream, short of a revolution, then I'll take whatever viable path there is. If we have to go push through by manipulating the game these plutocrats are playing, then we should do so and hit them where it hurts. We see glimpses in Engine No. 1's efforts, in court cases, and even in things like the Gamestop short squeeze. I say: good. We should be attacking from all angles, both within the political system and, perhaps more importantly, from within the economic system as well.

My story of the Black Rock desert is no different than your story of the Black Rock movie: irrelevant to the OP. — James Riley

Yes -- irrelevant.

Never heard of it and I don't think this diminishes me. There are lots of things I don't care to know about. — Tom Storm

No one mentioned anything about being diminished. Yet I would argue it's still worth knowing something about, given their power. In the same way as knowing something about Standard Oil in the early 20th century would have been worthwhile.

No one mentioned anything about being diminished. Yet I would argue it's still worth knowing something about, given their power. In the same was as knowing something about Standard Oil in the early 20th century would have been worthwhile. — Xtrix

I hear you. I was being flip. Sorry. I was not saying anyone else had mentioned 'diminished' I introduced this as a personal reflection on missing bits of knowledge. I am skeptical that knowing history or politics is of much use, unless you are in a direct position to influence or make substantive changes.